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You know you need life insurance, but how much and what kind? Get personalized answers from Nelsonomics creator Danny Nelson with a Life Insurance Blueprint.
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** This lesson is generated with AI assistance and approved by Danny Nelson. This lesson will communicate the essence of the topic for now until Danny can create a full lesson. **
A direct deposit is an electronic transfer of funds from one bank account to another, typically used for recurring payments like salaries or benefits.
It eliminates the need for physical checks by automatically depositing money into the recipient's account on a scheduled date.
To set up direct deposit, individuals usually provide their employer or payer with bank account details, such as the routing and account numbers.
This method is secure, convenient, and often faster than traditional payment options, reducing the risk of lost or stolen checks.