Direct deposit means the direct online transfer of salary to the respective employee’s bank account on the date of salary payment. This is the method of Payroll against paying employees by cash or cheques.
Direct deposit can help to save time and cost as it is conducted online within a minute. Also, this can help to maintain the mess-free payroll as the employee doesn’t have to carry a physical cheque and wait to be enchased. Direct deposit requires an electronic network ( Automated Clearing House – ACH) that allows deposits to take place in banks.
Also, See: Basic Salary | Gross Salary
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