BANKING AFFAIRS

Detailed explanation-1: -The electronic payment method provides a convenient way for employees to get paid immediately without visiting a bank or depositing a paper check. But ease of payment is just one of the benefits of direct deposit.

Detailed explanation-2: -Direct deposits are especially common for businesses, as they make use of the transaction to pay their employees. Direct deposit can also be used for tax refunds. Once a direct deposit is made into a payee’s account, the account is automatically credited, and clearance for the money is not necessary.

Detailed explanation-3: -Unlike paper checks, direct deposit can’t be misplaced, stolen, or lost. As a business owner, you do not have to worry about a lost or stolen paycheck getting into the wrong hands. Direct deposit is a safe and confidential option for employees and employers.

Detailed explanation-4: -When you receive direct deposit to your Online Chime Checking Account, you can access your funds up to two days early¹. No waiting for your money, and no paper check to get lost in the mail. You’ll get paid as soon as the money is available – which is often up to two days before traditional banks.