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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
Available Balance
The amount of money that is currently accessible in an account and can be used for transactions.
Disbursement
The release of funds from an account for the purpose of making a payment or meeting a financial obligation.
Auto Payment
A payment that is made on a recurring basis without the need for the payer to manually authorize each transaction.