Direct deposit service


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Direct deposit service

A service that electronically transfers all or part of any recurring payment—including dividends, paychecks, pensions, and Social Security payments—directly to a shareholder's 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.
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References in periodicals archive ?
Many banks in Alaska offer direct deposit services that can help business owners lessen the cost of producing, distributing, and reconciling checks for each payroll.
He relies on Denali Alaskan Federal Credit Union for ACH and remote direct deposit services.
s Incent and Analytics[TM] software, and Intuit's Online Payroll, E-File and Direct Deposit services as well as TurboTax Online.