It asks for the routing #, account #, and the type of account. I know all of that, i am just not sure what the flat dollar amount means. Can someone help?
And it is a pay amount, so what if i want all of it? it doesn’t stay the same every time..
When you set up a direct deposit with a “flat dollar amount” it is the same amount every time. In this case they use the term “flat” because it you were to graph the amount deposited over time the graph would be flat, doesn’t change.
You didn’t give much information about what the situation is. If the deposit is from your pay as you indicated you might also be able to deposit a percentage instead of a flat amount.
Most 401(k)s are a percent of pay. For instance if you are depositing 20% and make $100 the deposit would be $20, if you make $200 it is $40 and so on.
The question may be there to offer you a choice between depositing a flat amount OR a percentage. If you are choosing to deposit a percentage ignore the question about the flat dollar amount.
It means the dollar amount rounded to the nearest dollar.
What does flat amount mean
a dollar amount that does not include change– like $50 not $50.10