Asked by Jordan Hidayat on Jun 15, 2024
Verified
Michael just started a new job at Sheridan Hospital, Inc. Michael's bi-weekly paycheck is deposited into his bank account for him electronically by Sheridan Hospital payroll services. This is known as ________
A) a point-of-sale deposit.
B) an authorized deposit.
C) a transferred deposit.
D) an approved deposit.
E) a direct deposit.
Direct Deposit
An electronic process, preauthorized by a customer, that allows funds to be deposited directly into the customer’s bank account.
- Gain insight into the workings of electronic fund transfers and the underlying technologies that make these transactions possible.
Verified Answer
KO
Karina OverholtJun 15, 2024
Final Answer :
E
Explanation :
Direct deposit is a method where paychecks are electronically deposited into an employee's bank account by their employer, which is the case with Michael's arrangement with Sheridan Hospital, Inc.
Learning Objectives
- Gain insight into the workings of electronic fund transfers and the underlying technologies that make these transactions possible.
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