direct deposit

n.
The electronic transfer of a payment directly from the account of the payer to that of the party being paid.

1. When the tax authorities deposit your tax refund directly into your bank account rather than mailing you a check.

2. When your employer deposits your paycheck directly into your bank account rather than issuing you a physical check.

Investopedia Says:
1. It's the fastest way to get your refund back.

2. Direct deposit is often preferable to employees as their pay is immediately available in their accounts. In contrast, salaries paid via check can take a week or more to clear within their account. With the advent of direct deposit and online banking, the need to physically go to your bank has diminished.

Related Links:
This owner's manual will show you what to expect from your bank. Your First Checking Account

Automatic deposit of wages or benefits (such as Social Security payments) into a consumer's bank account. Direct deposit payments are processed through the Federal Reserve's Automated Clearing House. Since January 1, 1999, all federal payments, including Social Security payments to newly enrolled beneficiaries, are made by electronic direct deposit to the recipient's bank account, as required by the Debt Collection Improvement Act of 1996. Direct deposit payment remains optional for previously enrolled beneficiaries.