Direct Deposit is one of those things that’s easy to take for granted. Yet, like clockwork, it delivers employees’ pay as well as Social Security and veterans’ benefits. To help consumers better understand how it’s used every day, Nacha recently launched directdeposit.org.
Direct Deposit is one of those things that’s easy to take for granted. Yet, like clockwork, it delivers employees’ pay as well as Social Security and veterans’ benefits. To help consumers better understand how it’s used every day, Nacha recently launched directdeposit.org.
The site is designed to educate consumers about ACH payments, which are often called Direct Deposit, Direct Payment, direct debit, electronic funds transfer (EFT), or electronic check (eCheck). No matter the name, consumers benefit from its speed, security and ease of use.
With Direct Deposit, electronic payments are made directly into a bank account — there’s no paper check or trip to the bank – which is especially beneficial during this coronavirus pandemic or other emergencies. It’s a predictable way of receiving money, and a more convenient way of benefiting from digital tools and money management apps.
Another benefit to using Direct Deposit is that many employers offer Split Deposit, which allows users to direct a fixed amount or percentage of their pay into a savings or investment account.
Consumers also can use Direct Payment as a convenient way to ‘set and forget’ recurring payments for things like student loans or mortgage payments, while avoiding the worry of whether a paper check will arrive on time.
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