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Direct deposit is an electronic transfer of funds from a payer to a payee’s account. You can set up direct deposits with the following types of accounts: Traditional deposit...
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 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 convenient way to receive your paycheck without requiring a paper check or a bank trip. Most banks offer direct deposit as a standard feature in their checking accounts.
You can (or may have to) sign up for direct deposit of other payments, such as your Social Security benefits, pension payouts, military retirement pay and unemployment benefits.
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.
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