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GLOSSARY: Enter search term:
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Glossary Term: DIRECT DEPOSIT

Definition(s) for DIRECT DEPOSIT:


1. ) The automatic deposit of payments to a checking or savings account at a financial institution. Direct deposit of interest payments on Series HH/H bonds is required on all bonds purchased October 1989 and later. HH/H bonds with issue dates prior to that date may be directly deposited.

2. ) An automatic deposit of wages or benefits (such as payroll payments) into a consumer's bank account. Direct Deposit payments are processed through the Federal Reserve's Automated Clearing House. See Also Automated Clearing House, Automatic Deposit.

3. ) A method of payment which electronically credits your checking or savings account

4. ) The standard way to receive Social Security benefits and Supplemental Security Income payments. Your money is sent electronically to an account in an accredited financial institution (a bank, trust company, savings and loan association, brokerage agency or credit union). For more information read Social Security Direct Deposit.



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