BANKING AFFAIRS

Detailed explanation-1: -Payroll payments are an example of direct deposits. Employers can send funds to their employees’ bank accounts on payday without delay or the risk of losing checks in the mail. Recipients also benefit from direct deposits, as the money is automatically added to their account balance with no action required.

Detailed explanation-2: -Direct deposit allows your employer to make deposits straight into your bank account instead of giving you a paper check to deposit yourself. This allows you to access your money more quickly and easily.

Detailed explanation-3: -no. To set up direct deposit, you need to give your employer your bank account and routing number-and typically, you don’t have the right to give out somebody else’s bank account information.

Detailed explanation-4: -You need the recipient’s name and address as it appears on the account to which you are sending money. You also need the name of the bank, the bank routing number and the bank account number. The routing number identifies the bank, while the account number is a unique identifier of your recipient’s account.