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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.
You can follow this simple three-step process if you’d like to set up direct deposit into savings instead of your checking account: Obtain a direct deposit form from the payer
A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates.
If you selected direct deposit but wish to have a paper check instead, or need to change direct deposit information, fill out this form.