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What time does direct deposit hit major banks in the U.S.? Here's what you need to know about direct deposit times and what you can expect.
ACH credit transfers include direct deposit for payroll, Social Security and other benefit payments, tax refunds, and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills.
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.
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.