Money deposit
A direct deposit is the automatic deposit of money into the account, as opposed to the physical paper check. It requires the
use of an electronic network that allows deposits between banks called automated cleaning house. Money paid directly allows immediate use without waiting for the
money to clear. The use of direct deposit can be traced 1974, it was initially known as check to vank. In 1977, it was renamed to check to financial organization after the extension to credit unions. Essentially, one of the reasons many employers and employees prefer direct deposit is that it is easy, fa
sr, and more concenient than checks. The methods minimizes the risk of stolen or lost checks because te monay is directly paid into the recipient’s bank account. Besides, it also gives the owner more access and co
ntrol over their money. Nevertheless, the method together with other form of electronic banking have a high risk of online security hacks.