Direct deposit

(redirected from Automatic Deposit)
Also found in: Dictionary.
Related to Automatic Deposit: direct deposit

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 ?
Divide all customers with IRAs into two groups: those who make lump sum deposits and those who use automatic deposit. Contact the former and remind them that they need to make their contribution by mid-April.
The credit union said its salary-advance program charges an annual interest rate of 15 percent, with automatic deposit and no application fee.
Survey research by the Federal Reserve published in 2002, for example, indicates that the use of debit and credit cards and automatic deposit and withdrawal (via the automated clearinghouse) grew fivefold from 1979 to 2000 and that the use of paper checks for payments probably peaked in the mid-1990s.
Norges Bank's Executive Board sets the interest rates on the Bank's automatic deposit and lending facilities, which normally form a corridor for the shortest money-market rates.
Martin-Oguike helped Djeri set up a bank account with a debit card to facilitate the automatic deposit of his paycheck.
And with automatic deposit, you won't ever miss it.
The first key to helping the funds grow is going to be maintaining your discipline in adding to your account--whether it's through an automatic deposit or just a matter of stowing away what you can, whenever you can.
First, we set up an automatic deposit into an account marked as her "emergency fund," so she could handle unexpected expenses without turning to credit.

Full browser ?