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di·rect de·pos·it
noun
- 1. the electronic transfer of a payment directly from the account of the payer to the recipient's account. North American
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First, what is the meaning of direct deposit? Direct deposit is an electronic transfer of funds from a payer to a payee’s account. You can set up direct deposits with the...
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 ...
SoFi is a personal finance company and online bank with products that include checking and savings accounts. Like Axos Bank, SoFi allows its customers to deposit cash at retail locations that ...
Is ACH deposit a direct deposit? Yes, an ACH deposit is an electronically transferred fund that is directly deposited into your checking or savings account.
A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those ...
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts , current accounts or any of several other types of accounts explained below.