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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.
Direct Deposit is the safest, fastest and most cost efficient method to receive your payment. In addition, you no longer. have to worry about your check being late, lost, or stolen. NOTE: The Debt Collection Improvement Act of 1996 which. was signed into law on April 26, 1996 required all Federal payments to be made by Electronic Fund Transfer (EFT or. Direct Deposit) beginning January 1, 1999.