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

Checks and direct deposits are scheduled to go out beginning in mid-July. Ron Hurtibise, Sun-Sentinel.com, "Parkland victims' fund distribution ranges from $400,000 to $1,000 each," 2 July 2018 Every American, every business, every institution would have the option of a FedAccount, with all the functionality of a normal bank account, like debit cards, direct deposit, online bill pay, and mobile banking, and no chance of default. David Dayen, The New Republic, "Give Everyone Government Bank Accounts," 13 June 2018 In late 2017, an audit discoveredMonaghan had direct deposited nearly $500,000 into her personal bank account since 2015, the affidavit said. Maria Elena Vizcaino, OrlandoSentinel.com, "Daytona woman accused of embezzling more than $600,000 from employer," 7 June 2018 While she was reimbursed via unauthorized direct deposits, the company also paid her every week with a check signed by the owners. Maria Elena Vizcaino, OrlandoSentinel.com, "Daytona woman accused of embezzling more than $600,000 from employer," 7 June 2018 Con artists who file fake tax returns to steal refund cash now are giving the IRS the bank account information of everyday consumers in order to get direct deposit of fraudulent refunds. Susan Tompor, USA TODAY, "Con artists take their IRS scam to the tax preparers as data theft rises 60%," 1 Apr. 2018 Last weekend, SunTrust unfroze her account, restoring her access to her own money, direct deposits of her paychecks, etc. Teresa Dixon Murray, cleveland.com, "Huntington customer's ATM card blocked while traveling internationally: Money Matters," 18 Feb. 2018 For direct deposit a check or savings account number with routing number is required. Courant Community, "Community News For The Windham Edition," 10 Apr. 2018 Most prepaid debit cards carry monthly fees or require direct deposit or minimum balances. Teresa Dixon Murray, cleveland.com, "Here's an alternative to letting a company keep your credit, debit card information on file: Money Matters," 8 Apr. 2018

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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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

: 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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