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.