Do you receive your paycheck via direct deposit? Have you ever wondered what time it actually hits your bank account? It’s important information to know, especially if you have automatic deductions coming out of your account around the same time. Here’s a closer look at how direct deposit works, when it hits your bank account, and more. Table of Contents What Is Direct Deposit? What Days Can You Receive Direct Deposit? What Is Early Direct Deposit? How Much Does Direct Deposit Cost? What Time Does Direct Deposit Hit? What are the Benefits of Direct Deposit Which Banks Offer Early Direct Deposit? Axos Bank Chime Current Dave Fifth Third Bank How Do I Sign Up for Direct Deposit? Final Thoughts What Is Direct Deposit? Direct deposit, also known as an Electronic Funds Transfer or EFT, transfers money from the payor’s account to the recipient. The Automated Clearing House (ACH) is used to send direct deposit payments. The highest levels of encryption are used to...
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