ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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allows you quick and easy access to your money without penalties.
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is money deposited for a fixed amount of time at a fixed interest rate.
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happens when money is electronically added to your checking account.
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is a written order to a bank to pay the stated amount to the person or business named from a certain account.
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Detailed explanation-1: -Direct deposit is a fully automated method of handling transactions. When receiving a direct deposit, the payer issues an electronic payment that is automatically transferred into the payee’s checking account. There is no need for a physical check or for either party to visit the bank for the money to transfer.
Detailed explanation-2: -The term direct deposit refers to the deposit of funds electronically into a bank account rather than through a physical, paper check. Direct deposit requires the use of an electronic network that allows deposits to take place between banks.
Detailed explanation-3: -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-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.