Has an overdraft protection feature: Some banks offering the direct deposit option have an automatic overdraft rewind feature, which reevaluates transactions, reverses overdrafts and non-sufficient funds occurrences, and refunds the associated fees.Ensures safety: Direct deposit ensures that your money is transferred safely and without delay.You can also access the funds the same day they are deposited. Direct deposit is a fast and convenient process: With direct deposit, you will have your money automatically deposited to your account without the hassles of going to the bank.
This guide gives a detailed look at how to set up direct deposits, how you can benefit from direct deposits, and how to send one to yourself. Since it’s an electronic process, it is faster and safer than going to the bank for paper deposits. With this option, you won’t have to worry about going to the bank every month to cash your checks.ĭirect deposits enable you to automatically process your paychecks and Social Security payments. What is direct deposit? In a nutshell, direct deposit is an effective way of transferring money electronically.
