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 payroll management, 'direct deposit' is a method of electronically transferring employees' salaries into their bank accounts, streamlining the payment process. An HR manager might say, 'Direct deposit has made our payroll process more efficient, ensuring timely and secure salary payments to employees.'

Practice Scenarios

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.

Sustainability

Scenario:

We need to explore ways to make our donation process more sustainable and efficient. How do you think we can achieve this?

Response:

Encouraging donors to utilize direct deposit when making contributions can reduce our reliance on physical checks and make the donation process more sustainable.