Basically, on a bi-weekly basis or weekly basis, an employer would release funds to the employee's bank account as opposed to the employee receiving an actual paper check. This was a remarkable system because it saved time and money in the long run. Direct deposits are all done electronically through a specialised computer system.Aside from employee wages, Social Security and or retirement checks can also be directly deposited into a saving or checking account. Bank transfers are along the same line as direct deposit. However, banking transfers can be done by transferring or moving funds from one account to another.If a person has a checking and savings account at the same bank they can move money from one account to the other if one account is low on funds. Transfers can be done fairly quickly usually within 24-48 hours. Bank transfers are also done electronically. Bank transfers can also be done with accounts in more than one bank or financial institution.Money can easily be transferred from one account to a named bank to different account at another financial institution. This can all be done from the convenience of your home computer. There is usually no fee involved for bank transfers. However, fees are determined according to the rules and regulations of the financial institution.Paying bills online is a type of bank transfer. Basically, a person is taking money from a bank account and transferring the money to a company or corporation to satisfy a monthly or outstanding debt. This can be done automatically each month without having to schedule repeat transactions. When you register for paying bills online with your bank, you must specify if you wish the bank to automatically pay a certain bill every month without authorization each time.Computer technology has advanced a great deal over they years. Computers and a sophisticated banking system have made the consumer's life so much easier and less stressful. Bank transfers have so many advantages, and they are quite easy to do.