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Direct Deposit

What is a Direct Deposit?

Direct Deposit means, sending money online from one bank account to the other. It's commonly used for recurring payments including salaries, pensions, and government assistance. Money flows from the payer (sender) to the payee (receiver) in a fast, safe, and easy manner. Direct deposit is attractive because of this, as well as the reason that it is usually faster than a physical paper.
In certain situations, direct deposit indicates that your paychecks are transferred into your account directly. This form of direct deposit is set by your workplace. It can be used for tax rebates and other forms of transactions as well.

Related: ACH, Electronic Funds Transfer (EFT)