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Definition Edit

Direct deposit refers to

[e]lectronic deposits or credit, usually through ACH, to an individual’s deposit account. Common uses of direct deposit include payroll payments, Social Security benefits, and income from investments such as CDs, annuities, and mutual funds.[1]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

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