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Direct Deposit
A method of electronically transferring funds from an organization, such as an employer or government agency, into an individual's bank account.
More Details
A direct deposit is a way to electronically transfer money from an organization, such as an employer or government agency, into an individual's bank account. Direct deposit is a convenient and secure way to receive payments, as it eliminates the need to receive a physical check or cash and deposit it into your account.
Example
You just started a new job, and instead of receiving a physical paycheck, you opt into direct deposit, meaning your paycheck is automatically transferred to your bank account electronically.
Related Terms
Automatic Transfer
A process in which funds are automatically moved between accounts. In personal banking, it can be used to transfer money or make payments.
Equity
The value of an asset or liability minus any outstanding debt associated with it. Equity is the ownership interest that a person has in an asset.
Stop Payment
A request made by a financial institution to cancel a check or payment that has not completed processing, typically prompted by the account holder.