Direct Fund Transfer

Definition

  • A means of authorizing payment made by governments or companies to be deposited directly into a recipient's bank account. It is used mainly for deposits of a recurring nature such as salary, pensions and interest payments.

Synonyms
transfer into account, directly transfer funds

Alternate Spellings
Direct Deposit

Related Terms and Acronyms

  • Direct Deposit (DD) Acronym, Important,
    • An automatic deposit of wages or benefits to a customer's bank account.
  • Settlement Points Definition,
    • Regional collection points in the clearing and settlement system operated by the Canadian Payments Association. Settlement points forward each bank's regional balance to the Bank of Canada in Ottawa at the end of each day to allow the central bank to adjust the banks' balances with the central bank.
  • Transaction Definition,
    • Action in a bank account. It may be a deposit, withdrawal, debit card payment, service charge or interest payment.
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