The Website Direct Deposit

Direct Deposit Direct deposit is a banking term used to refer to certain systems used to transfer money, namely: * In Europe, the giro system * In the United States, the Automated Clearing House * In Australia, the Bulk Electronic Clearing System, whose transactions are often referred to as direct debit, direct credit or third party transfer. A giro or giro transfer is a method of payment. It is the opposite of a cheque, which is given to a payee who deposits it in a bank. A giro is given by the payer to his bank, which transfers funds into the payee's bank account. Giro is often used by post offices as well. The US term Direct deposit is an electronic version of the giro transfer. The term entered English from German, and it is sometimes capitalized as ' Giro ' in common usage. It ultimately traces back to the Italian word for "circulation", in this case referring to the circulation of money. Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions, which are originated in batches. Rules and regulations governing the ACH network are established by NACHA-The Electronic Payments Association (formerly the National Automated Clearing House Association) and the Federal Reserve (Fed). In 2002, this network processed an estimated 8.05 billion ACH transactions with a total value of $21.7 trillion. (Credit card payments are handled by separate networks.)