BANKING AFFAIRS

Detailed explanation-1: -Process payroll If everything is set up correctly, employees will automatically receive their wages in their bank account every time payroll is processed. However, those who choose not to enroll in direct deposit will still have to be paid via a printed paycheck or some other method.

Detailed explanation-2: -What time of day does direct deposit hit? Usually, you’ll have access to your direct deposit at the opening of business on your payday-by 9 a.m. In many cases, direct deposits hit accounts even earlier, often between midnight and 6 a.m. on payday morning.

Detailed explanation-3: -What is direct deposit? Direct deposit is the electronic form of a paycheck. It’s an electronic transfer of funds from an employer’s business bank account to an employee’s account at a bank or credit union. It’s also known as an automated clearinghouse (ACH) transaction.

Detailed explanation-4: -Automatic Payroll Deposit is a system whereby your employer arranges for the deposit of your monthly pay directly to checking or savings accounts at the financial institution of your choice. The transfer of funds is done through the Automated Clearing House.