having a word appear for an excel formula

I am currently trying to use a formula to simplify my life a little. The problem is that I have 160 names that I have to go thru every time I put a name on a sheet. This sheet is being used to pay people, and out of 400 some names, the 160 of them are direct deposit, and I would like to have a formula that would look in the list of names that I created that are direct deposit, and if it is in that list, that it would populate a cell in a special column that would put the text of DD or direct deposit in that cell automatically without me having to go back and check and manually type that it is a direct deposit. I am also working in Office 2007 which is seeming to be a lot more complicated than office 2003. Any suggestions.