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Direct deposit means that your employer is depositing your paycheck into your bank account every payday and the money is ready for use as soon as it arrives. Wire Transfer means that you are sending money from your bank account to somebody else and that money will be deposited directly into the person's bank account.
This individual is separate from the initiator, processor or approver of the wire. Other Payment Methods. EFTâs or âelectronic funds transfersâ (also known as âDirect Deposits) are always a preferred method of. payment as it avoids the fees incurred with manually transmitted wires.