4 Things You Should Know Before Making a Direct Deposit
Banking transactions have improved and many services have become simple and easy in a way that suits a lot of users, regardless of their knowledge with banking transactions and among those is direct deposit.
What is the direct deposit?
It is an electronic, financial payment that is sent or deposited in a specific account directly and in real time, instead of traditional transactions with checks that take more time and go through routine steps and complications.
But now payments can be sent directly and in a few steps to the account, thanks to automation and banking technologies.
When the deposit reaches your account or the account of the person to whom the funds were sent, you don't need to take any procedure like accepting the process or signing on papers or anything else, but the funds will appear in the account automatically.
There are some banks that allow deposits from ATMs that are now everywhere without a bank card, only by writing the account number on the machine. However, other banks don't accept deposits without a card which makes it necessary to visit the bank branch where you want to deposit funds.
What Are the Advantages?
There are several advantages that you can benefit from when setting up a direct deposit including:
- You don't need to wait for official working hours
- Staying away from routine, checks and office steps
- Receiving or transferring funds immediately in less than a minute
- Getting an electronic record of all your transactions immediately
- There is no cost or fees applied for this process
When to Use Direct Deposit?
There are many situations where you can use direct deposit including:
Transferring or receiving funds from one person's account to another
Transferring or receiving funds from one company's account to another.
Transferring salaries from an institution to its employees, but it requires prior procedures from this institution with the bank or exchange house in order to deposit the funds automatically in their accounts.
Deposit can be used through ATMs or a bank branch where the funds are required to be deposited, but in this case you may need to pay deposit fees.
What is the Required Data?
There are some necessary data you need to prepare in order to complete deposit process:
- IBAN of the beneficiary account
- Beneficiary bank name
- Name of account holder
- In some cases, you will need a number or code of the branch
Abu Sheikha Exchange: Your Easy Way to Transfer Money
If you wish to send a money transfer directly to a bank account, all you have to do is visit Abu Sheikha exchange branches, and we will take care of all the procedures.