There is a cost for money orders. If you use them frequently, shop around for the lowest cost. EFT systems move funds into and out of accounts electronically. The most common uses are direct deposit and preauthorized payments. Direct deposit of funds and preauthorized bill payment.
Many employers give employees the option of receiving their salaries by direct deposit.
Recurring payments such as Social Security, Treasury security interest and redemptions, pensions, annuities, and stock dividends are often deposited directly into checking, savings, or money market accounts. The advantages of direct deposit are convenience, the elimination of lost or stolen checks, and access to the funds on the day of deposit. Many financial institutions offer their customers the option of authorizing the transfer of funds from a checking or savings account to pay recurring bills. The advantages of this are convenience and the avoidance of late charges, because bills are paid automatically on the predesignated date. With either direct deposit of funds or preauthorized bill payment, always note in your checkbook or account ledgers the transactions being made.