What Does Direct Deposit Mean?
Direct deposit is the electronic payment transfer of paid salaries, hourly wages and other payments from a company’s payroll to its employees’ online bank accounts. Direct deposit eliminates the need to cash checks and funds can be used immediately. Direct deposit is used by most large companies, many of which do not issue paper checks at all.Direct deposit is also known as electronic deposit.
Techopedia Explains Direct Deposit
Direct deposit is used for a number of financial payment transactions, including:
