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.

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References in periodicals archive

"We continue to see growth in the use of ACH for direct deposit of payroll, vendor payments, and taxes as more businesses in Alaska take advantage of the convenience, security, and cost savings of these services," Dablemont says.

Direct deposit vs. checks: payment platforms evolve with technology

* Of small businesses with revenue between $ 10 million and $20 million, 18 percent still do not use direct deposit.

Many small businesses still do not use direct deposit, survey reveals

This puts the annual cost of issuing paper checks over direct deposit transfers at approximately $100 million.

Go direct, go farther

Note, however, that even if you agree to direct deposit, your employer must provide you an itemized wage statement at each payday.

Direct deposit can't be mandatory

Taxpayers with outstanding Federal debts (such as delinquent child support and education loans) are ineligible for direct deposit of their refunds, as any refund is first applied against debt.

Electronic filing and refund anticipation loans

What does Social Security need to make your direct deposit change?

UNDERSTANDING Social Security Create a 'My Social Security' account to make things easier

Employers previously spending too much money for outside companies to process direct deposits for them are excited when they switch to ezACH direct deposit software from Halfpricesoft.com.

Updated EzACH Software by Halfpricesoft.com Accommodates Employers Processing Deposits, in House

They typically charge no monthly fees, have low penalties or none at all and offer FDIC insurance, direct deposit, electronic bill payment, debit cards, photo check deposit and national networks of fee-free ATMs.

Moving away from the big banks

The survey, called"Getting Paid In America," showed that ninety-seven percent of employees are paid by either direct deposit, payroll card or prepaid reloadable cards.

-US employees shun paychecks

Increasingly, our customers are becoming strong users of online and mobile banking, online bill payment and direct deposit. Many of them seldom write paper cheques and choose to receive their statements electronically instead of in the mail.

-Webster Bank launches new account for tech-oriented customers