Direct deposit is an electronic payment method where funds are transferred directly from the payer's bank account to the recipient's bank account. It is a convenient and secure way to receive payments, such as paychecks, government benefits, and tax refunds.
To set up direct deposit, you will need to provide your employer or payer with your bank account information, including your account number and routing number. Once the information is verified, your payments will be automatically deposited into your account on the designated payment date.
Direct deposit offers several benefits, including:
Yes, many employers and financial institutions allow you to split your direct deposit between multiple accounts. This can be a useful tool for budgeting and saving.