Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Direct Credit
Direct credit is a payment system that transfers funds electronically from one account to another. Many companies use direct credit to pay their employers, so that their wages are deposited directly into their bank accounts. It can also be used for other regular payments such as pensions, dividends, and insurance settlements. Its main advantage is convenience-there's no need to deposit paychecks or go to the bank to receive your payouts. The receiving party is usually a savings account, but direct credit usually works on credit, cheque, and other account types.
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