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| *Ostroff, Fair and Company>>>Personal Finance |
What is a direct deposit? |
What is a direct deposit? and how is it different from receiving a paycheck? Money straight to your bank account! It just shows up in your account every friday or whenever you get paid! Your paycheck is never handed or mailed to you but appears as a deposit in the bank account you specify, usually checking. The employer may give you a record of the deposit date, amount, withholding, etc. which you'll need for tax purposes, but you no longer have to physically go to a bank or ATM on payday. Cool, huh? When you have your employer send your paycheck directly to your account (wired). The difference is you don't have to to go the bank and sometimes you get it the night before in your account http://www.fixthisloan.com your money goes straight from your check to the bank instead of you taking your check to the bank and cashing/depositing it. A direct deposit is when you physically put money in your bank account. Money is deposited directly into your bank account by your employer on pay day. You do not have the hassle of depositing the check personally into your bank account. To set up a direct deposit account you would need to provide your employer the bank account details where you want the money to be deposited. Remember it is safest to have a Direct Deposit and no risk of losing checks or any other check frauds. |
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