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Demand deposit account vs. direct debit authorization Note that direct debit authorization, also commonly abbreviated as “DDA,” is a separate concept from demand deposit accounts.
Direct 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, and other government charges.
In countries where setting up authorization is easy enough, direct debits can also be used for irregular payments, such as for mail order transactions or at a point of sale. The payer can cancel the authorization for a direct debit at any time, and the banker can decline to carry out a debit if the transaction would breach the terms of the bank account out of which payment is to be made, for ...
Direct deposit is a convenient way to receive your paycheck, tax refund or Social Security benefits. Instead of waiting for the check to arrive and then waiting in line to cash or deposit it, the...
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. Funds transfers are the primary mechanism used by the business community for fast and ...
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.
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