BANKING AFFAIRS

Detailed explanation-1: -Direct deposit involves sending money from the payer’s account to the payee’s account digitally, without using paper checks. Companies commonly use it to transfer salaries into their employees’ accounts or other accounts.

Detailed explanation-2: -With direct deposit or electronic funds transfer (EFT), the general public, government agencies, and business and institutions can pay and collect money electronically, without having to use paper checks. Direct deposit (EFT) is safe, secure, efficient, and less expensive than paper check payments and collections.

Detailed explanation-3: -With Direct Deposit, electronic payments are made directly into your bank account-there’s no check, and no trip to the bank. It’s just a predictable way of receiving money, and a more convenient way of benefiting from digital tools and money management apps that can help you budget.

Detailed explanation-4: -Direct Deposit (Electronic Funds Transfer) is the electronic transfer of your paycheck, benefit check or other payment into your checking, share draft or savings account, or other low-cost account offered by your bank.

Detailed explanation-5: -Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.