Which term refers to an electronic transfer of a payment directly into a bank account?

Which term refers to an electronic transfer of a payment directly into a bank account?

• A. Wire Transfer
• B. Mobile Deposit
• C. Direct Deposit
• D. Debit Card

Answer: (C)

Direct Deposit is the electronic transfer of funds directly into a bank account. It’s commonly used for payroll and government benefits and typically moves money through the ACH network, posting on a predictable schedule without you needing to initiate a transfer each time. This differs from a wire transfer, which is a bank-to-bank transfer that can be faster or international and often involves fees. Mobile deposit is depositing a check via a mobile app, not a payment sent electronically into the account, and a debit card is a payment card used to spend funds from the account, not a method to transfer funds into it.

Direct Deposit is the electronic transfer of funds directly into a bank account. It’s commonly used for payroll and government benefits and typically moves money through the ACH network, posting on a predictable schedule without you needing to initiate a transfer each time. This differs from a wire transfer, which is a bank-to-bank transfer that can be faster or international and often involves fees. Mobile deposit is depositing a check via a mobile app, not a payment sent electronically into the account, and a debit card is a payment card used to spend funds from the account, not a method to transfer funds into it.