(a) A municipality may establish and operate an electronic funds transfer system to transfer the following items directly into officers' and employees' accounts in financial institutions only:
(1) the net pay of the officers and employees;
(2) payments for the travel and subsistence of the officers and employees; and
(3) all other forms of compensation, payment, or reimbursement paid to the officers and employees.
(b) The authority granted by this chapter may not be restricted by a municipal charter.