direct deposit

(redirected from Direct deposit service)
Also found in: Financial.

direct deposit

n.
The electronic transfer of a payment directly from the account of the payer to that of the party being paid.

direct′ depos′it


n.
the electronic transfer of funds directly from the payer into the bank account of the recipient.
References in periodicals archive ?
However, the value of payroll direct deposit service is not just isolated to employers.
Online direct deposit service also is completely integrated into the payroll feature.
Waving Flags does provide direct deposit services to its employees that provide it with their personal checking account number and bank routing number.
Other ONPAY services include payroll tax and deduction calculations and payments, direct deposit services, time off accrual calculations and a pay-as-you-owe workers' compensation plan.
In San Francisco, Mayor Edwin Lee and Treasurer Cisneros are gearing up for the launch of CurrenC SF, a new electronic payroll initiative that will encourage every business in the city to pay their employees electronically through direct deposit services as a first step in enhancing the financial security of all San Franciscans.
Payroll processing and direct deposit services are also popular within the small business sector.
As Federal Reserve Chairman (formerly Fed Governor) Ben Bernanke said in 2004, mainstream financial institutions that provide remittance services have a potentially effective method of attracting unbanked immigrants to other services, such as direct deposit services, savings accounts and consumer loans.