ECONOMICS
BUDGETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Withdrawal
|
|
|
Deposit
|
|
|
Loan
|
|
|
None of the above
|
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: -What is direct deposit? As it applies to employment, direct deposit is the electronic transfer of net pay from an employer’s financial institution to an employee’s personal bank account. This exchange takes place across a network called the Automated Clearing House (ACH).
Detailed explanation-3: -When banks say direct deposit, they mean either your paycheck, benefit payments, or pension. Think of direct deposit as your monthly source of income that you receive electronically directly into your bank account.
Detailed explanation-4: -Cash it at your financial institution. You’ve probably got a checking or savings account (and if not, this is the time to set up both). Cash it at the issuing financial institution. Cash it at an ATM Machine. Sign up for direct deposit. Deposit it remotely. 25-Jan-2023