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Direct deposit is a payment option where your funds are electronically transferred to your checking or savings account, eliminating a need for physical checks.
Direct deposit lets you receive recurring payments, such as paychecks and government benefits, directly to your bank account. You can enroll online to receive government benefits this way.
Early direct deposit allows you to access your money before your actual payday. Here are the 20 top banks and credit unions offering early direct deposit.
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.
Making direct deposits into a savings account is possible, providing the payer offers the option. Keep in mind that most savings accounts have transaction limitations.
A deposit slip or a pay-in-slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction when physically depositing at a bank.