Direct Deposit Authorization

[dɪˈrekt dɪˈpɒzɪt ˌɔːθəraɪˈzeɪʃn̩]

A direct deposit authorization is referred to funds paid through a bank transfer into a bank account rather than cash; this requires an electronic network in order which allows access to deposits to go through between banks.

The name that this network is referred to as is Automated Clearing House; this is due to the fact that funds are transferred electrically, the recipient’s account is automatically credited, therefore there is not a need for the money to clear. With the recent developments many organisations are adapting to using this as the way they pay their employees, suppliers, taxes and clients.

Part of speech:
Use in a sentence:
Using a direct deposit authorisation is the way forward.
Direct Deposit Authorization