Direct deposit

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Direct deposit

A method of payment which electronically credits your checking or savings account.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Traditional banks typically offer teens access to accounts on a conditional basis -- only if they have recurring direct deposit from an employer.
Those members can sign up for a special program and receive coverage of their direct deposit of net pay if they're affected, the credit union said.
The system covers a variety of payroll needs for businesses, including collecting time and attendance, making direct deposits into employee accounts, paying state and federal taxes, and other ancillary payroll services.
The latter form should also reference the original direct deposit agreement and the current request to make payment of the total price on an earlier date subject to a discounted price, while factoring in early payment, and calculate a reduction in the profit amount owed to the Bank.
This flexible electronic direct deposit software is easy and less expensive than most on the market at this time.
Direct deposits from the IRS were placed into several phony business accounts.
* Easy reloading of the card at any of more than 8,100 Walgreens or Duane Reade stores, as well as free card reloads with direct deposit. By enrolling their Balance Financial account in direct deposit, cardholders can have their payroll, tax refund or government benefit checks deposited to their Balance Financial account.
Under the law, when a direct deposit exceeds the federal limit, it is returned to the issuer, such as the VA.
The form is intended to help taxpayers implement new choices and gain flexibility for direct deposits of their 2006 Federal income tax refunds.
The Bureau of Labor and Industries interprets this to mean that it is unlawful to require the direct deposit of paychecks, and that employers must obtain each employee's voluntary consent in order to use direct deposits or electronic transfers for pay purposes.