A direct deposit is a payment that goes right into the recipient's bank account. Instead of depositing a check, the payment could be sent electronically from one account to another.
What are the Advantages of Direct Deposits?
Direct deposits are automated
It saves resources
Direct deposits require less paperwork
It is more secured
It is fast and convenient
What Do You Need To Set Up Direct Deposit Payments?
To set up direct deposit payments, you need to provide the following:
Bank account details
Routing number of your bank branch
How Long Do Direct Deposits Take?
Direct deposits are automated processes, so they are relatively fast. However, the first few instances of transactions take time, but once it is set up, it is smooth sailing from there on.
