Direct Deposit
What It Is:
Direct deposit refers to the electronic transfer of a cash payment into the recipient's bank account.
How It Works/Example:
Direct deposit is a method of payment where a paying party, such as an employer or government agency, electronically transfers a payment in cash from its bank account into the bank account of the payee. Salaries and tax refunds are examples of payments commonly made through direct deposit.
Why It Matters:
Directly deposited money "clears" automatically, that is, it is immediately available for withdrawal, and does away with the need for and inconvenience of a paper check.
YOY is short for year over year, which refers to the mathematical process of comparing one year of data to the previous year of data. In business, note that a fiscal year does not always go from January 1 to December 31; many companies have fiscal years beginning at other times.
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Cached on May 25, 2013, 2:55 pm