direct deposit

noun

Definition of direct deposit

: a method of payment in which money is transferred to the payee's account without the use of checks or cash

Examples of direct deposit in a Sentence

Our employees are paid by direct deposit.

Recent Examples on the Web

About 4,000 businesses that used MyPayrollHR were left frantic after being unable to pay employees their regular direct deposit paychecks at the end of August. NBC News, "FBI agents raid home of CEO connected with payroll processing fraud," 17 Sep. 2019 Don’t opt out of using direct deposit to receive your pay from your employer. Ron Hurtibise, sun-sentinel.com, "Despite debacle, direct deposit is still the best way to get paid," 14 Sep. 2019 The person accessed her account, bypassed her password and reset her direct deposit data. cleveland.com, "Post office refuses fake money orders: Middleburg Heights Police Blotter," 16 Aug. 2019 In some cases that meant small business employees did not receive their regular direct deposit paychecks at the end of August. Barnini Chakraborty, Fox News, "FBI investigates payroll company accused of stiffing $35M from small businesses," 13 Sep. 2019 Several Florida cities in June paid hundreds of thousands of dollars to hackers who encrypted records, disabled their email systems and blocked their ability to pay employees and vendors via direct deposit. Washington Post, "Ransomware attack hits more than 20 Texas local governments," 20 Aug. 2019 Earning and cash-back value: Earn an unlimited 1.5 miles per dollar on all purchases, which can be redeemed for one cent apiece for travel or for cash as a direct deposit to your bank account. Eric Rosen, Condé Nast Traveler, "The Best Cash-Back Travel Rewards Cards," 26 July 2019 In combination with direct deposit, the need for bank visits dwindled. Jim Riccioli, Milwaukee Journal Sentinel, "Banking has changed in the last 75 years. And Waukesha State Bank has changed with it.," 27 June 2019 Along with the encrypted records, the city had numerous problems including a disabled email system, employees and vendors being paid by check rather than direct deposit and 911 dispatchers being unable to enter calls into the computer. Terry Spencer, baltimoresun.com, "This Florida town decided to pay hackers $600,000 to save computer records," 20 June 2019

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'direct deposit.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of direct deposit

1974, in the meaning defined above

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Statistics for direct deposit

Last Updated

16 Oct 2019

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Time Traveler for direct deposit

The first known use of direct deposit was in 1974

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More Definitions for direct deposit

direct deposit

noun

Financial Definition of direct deposit

What It Is

Direct deposit refers to the electronic transfer of a cash payment into the recipient's bank account.

How It Works

Direct deposit is a method of payment where a paying party, such as an employer or government agency, electronically transfers a payment in cash from its bank account into the bank account of the payee. Salaries and tax refunds are examples of payments commonly made through direct deposit.

Why It Matters

Directly deposited money "clears" automatically, that is, it is immediately available for withdrawal, and does away with the need for and inconvenience of a paper check.

Source: Investing Answers

direct deposit

noun

English Language Learners Definition of direct deposit

US : a way of paying someone so that the money is sent directly into the person's bank account without the use of checks or cash

Comments on direct deposit

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