Direct deposit(redirected from Automatic Deposit)
Also found in: Dictionary.
Related to Automatic Deposit: direct deposit
Direct deposit is the electronic transfer of money from a payer, such as your employer or a government agency, directly into a bank account you designate.
Direct deposit is faster and cheaper than sending a check and also more secure, which is why both payers and banks prefer this system. In fact, banks often provide free checking or other benefits if your paychecks are deposited directly.