Direct deposit

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Direct deposit

A method of payment which electronically credits your checking or savings account.

Direct Deposit

An electronic service in which a payment, especially but not limited to a paycheck, pension, or tax refund, is transferred immediately into the recipient's bank account. The direct deposit replaces a check for which the recipient would otherwise have to wait to arrive in the mail. A direct deposit service also allows the recipient to have access to his/her funds immediately without waiting on the holding period, which is required for many check deposits.

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.

References in periodicals archive ?
The QuickBooks Online Payroll Service is specifically designed to manage the hassle and responsibility of all payroll tax filings, tax payments, W2 processing and direct deposits for the QuickBooks 6.
NACHA said those 83% of employees who do not split their direct deposits into multiple accounts are missing out on a simple way to save.
RushCard and Baby Phat RushCard members who direct deposit their federal or state tax refunds will automatically be entered to win a trip for two to New York to have an exclusive lunch meeting with Simmons and get a private shopping spree at a selected store in New York City.
The IRS unveiled a draft version of Form 8888, Direct Deposit of Refund; see IR-2006-134.
The problem surfaced Monday evening and extended through Tuesday afternoon causing delays in direct deposits, including Social Security payments.
Soon, all employees will be required to use direct deposit.
0 users with the added benefits of traditional payroll services including payroll tax, direct deposit services, and payroll data backup.
Micro Information Products (MIP), maker of fund accounting software for nonprofit organizations, today announced the availability of the Direct Deposit module for NonProfit Series (NPS).
The QuickBooks Online Payroll Service is designed to manage the hassle and responsibility of all payroll tax filings, tax payments, W2 processing, payroll data backup and direct deposits for users of QuickBooks and QuickBooks Pro.
EZPayManager is a universal payment platform that allows users to perform disbursements by MICR laser check and by direct deposit using the banking industry's ACH network, with both checks and direct deposits executed during the same payment run.
If the problem surfaced a day or two earlier when most direct deposits are made from paychecks, it would have been a lot more difficult.