Direct Deposit is an electronic payment method where an employer transfers an employee’s wages directly into their bank account, eliminating the need for physical checks.
- What is direct deposit?
Answer: It is an electronic method transferring wages directly to an employee’s bank account. - What are the benefits for employees?
Answer: It provides convenience, faster access to funds, and security. - What are the employer advantages?
Answer: It reduces paperwork, lowers costs, and ensures timely payments. - How is direct deposit set up?
Answer: Employees provide bank details, which HR or payroll processes. - What happens if there’s an error in direct deposit?
Answer: Errors can be corrected with a reversal or manual payment.
