direct-deposit

Vocabulary Word

Definition

'Direct deposit' is a way of receiving money where it's automatically put into your bank account. Like when your employer puts your paycheck right into your bank account, instead of giving you a check to cash.

Examples in Different Contexts

In banking, 'direct deposit' refers to the electronic payment from one bank account to another, commonly used for payroll, benefits, and tax refunds. A bank manager might explain, 'Our customers appreciate the convenience and security of receiving payments through direct deposit.'

Practice Scenarios

Tech

Scenario:

Our new banking app needs to reflect the evolving needs of our modern customers. Let's brainstorm some additional features to offer.

Response:

Incorporating a direct deposit option can simplify bill payments for our users, and thus, sounds like a valuable addition to the app.

Business

Scenario:

We're looking to improve our payroll system to make it as convenient as possible for the team. Which payment methods do you think we should consider?

Response:

We should definitely implement a direct deposit system. It allows for swift, reliable, and secure salary payments.