Search results
Results from the WOW.Com Content Network
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account.Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' accounts, but the facility can be used for payments for any purpose, such as payment of bills, taxes, and other government charges.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account. [1] Formally, the organisation that calls for the funds ("the payee") instructs their bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the ...
The description column on deposit slips has been used for over 100 years in the U.S. to notate where the bank should send the check to reclaim the money; this was done at first by notating in words the name of bank or its location. [9] The bank's transit number, also called bank number, began to be used instead of words.
The fundamental difference is that standing orders send payments arranged by the payer, while direct debits are specified and collected by the payee. [ 4 ] A standing order can be set up and modified only by the payer, and is for amounts specified by the payer to be paid at specified times (usually a fixed amount at a specified interval examples).
Modern payment systems use cash-substitutes as compared to traditional payment systems. This includes debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Payment systems may be physical or electronic and each has its own procedures and protocols.
Sign in to your AOL account.
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]