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A direct debit instruction differs from a direct deposit and standing order instruction, which are initiated by the payer. A standing order involves fixed payment amounts paid periodically, while a direct debit can be of any amount and can be casual or periodic.
Direct deposit is a payment option where your funds are electronically transferred to your checking or savings account, eliminating a need for physical checks.
Note that direct debit authorization, also commonly abbreviated as “DDA,” is a separate concept from demand deposit accounts.
A direct deposit (or direct credit ), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' accounts, but the facility can be used for payments for any purpose, such as payment of bills, taxes ...
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account or bank account held at a bank or other financial institution.
With direct deposit of your paychecks and automatic payment of your bills, you don’t need to worry about mail delays and shuttered bank branches. You can access the money faster, avoid missing ...
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