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Depositing money into another person’s bank account is a convenient way to pay back a friend, send an allowance to a college student or give some birthday money to a relative.
The steps involved to deposit someone else’s check into your account will depend largely on where you bank. Keep in mind that not all banks may allow you to deposit checks written out to someone ...
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account.Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' accounts, but the facility can be used for payments for any purpose, such as payment of bills, taxes, and other government charges.
Sometimes, you may need to deposit someone else’s check into your account. Generally speaking, most banks and credit unions will not give you a hard time when you want to make such a deposit.
Genuine cashier's checks deposited into a bank account are usually cleared the next day. The customer can request "next-day availability" when depositing a cashier's check in person, with a special deposit slip. When cashier's checks took weeks to clear the banks, they were often forged in fraud schemes.
Depositing a check with a smartphone: You can deposit a check into your account through mobile check deposit. Many banks’ mobile apps allow you to do this by endorsing the check and submitting ...
The description column on deposit slips has been used for over 100 years in the U.S. to notate where the bank should send the check to reclaim the money; this was done at first by notating in words the name of bank or its location. [9] The bank's transit number, also called bank number, began to be used instead of words.
If you’re depositing money into your account by transferring it from another account, be sure to gather the other bank account number and nine-digit routing number.