Learn the facts and the myths about direct deposit. Discover how you can make your life easier by switching to direct deposit today.
Question number one: Do I need a computer or Internet access to use direct deposit?
Fact: No! You can enrol in and use direct deposit without a computer or Internet access. Pick up an enrolment form at your bank or call 1‑800‑593‑1666 to receive one. Once you've enroled, you can continue to bank as you normally would: in person, at an ATM, online or over the phone.
Question number two: Does direct deposit allow the government to take money from my bank account?
Fact: No! When you enrol in direct deposit, you don't authorize the government (or anyone else) to withdraw money from your bank account. The information can only be used to deposit money into your account.
Question number three: Will direct deposit still allow me to go to the bank?
Fact: Yes! After you've enroled in direct deposit, you can still visit your bank to withdraw cash, check your balance, pay your bills, etc. The only thing you'll no longer need to do is deposit your Government of Canada cheque. It will already be in your bank account!
Question number four: Does using direct deposit mean the government can monitor my bank account?
Fact: No! By enroling in direct deposit, you don't give the government permission to monitor your bank account. The information you provide for direct deposit is protected under the Privacy Act and access to your account is protected by your agreement with your bank.
Question number five: Without receiving a cheque, will I know that I have received a payment?
Fact: Yes! Switching to direct deposit will not change your payment schedule. Your money will be deposited into your account on the same day that your cheque would be cashable. You can also check your account balance at any time at the bank, at an ATM, online or over the phone.
If you're part of the minority of Canadians who still receive paper cheques from the government, you're missing out on the chance to make your life a lot easier in only a few steps.
Enrol in direct deposit now!
FAQs
Some employers require you to fill out a paper or electronic form with your direct deposit information. Here's what you may need to provide: Your account info (bank name, transit number, institution number, and account number). A void cheque or deposit information page.
Why did I get a direct deposit from Canada? ›
In the case of Government of Canada payments, you can receive payments such as your income tax refund, benefits and credits such as the Canada child benefit (CCB), the goods and services tax/harmonized sales tax (GST/HST) credit, Canada workers benefit (CWB), and provincial and territorial payments such as the Ontario ...
How do I fill out direct deposit information? ›
Your employer (or other payer) will ask you to complete a direct deposit form that will ask for several personal details, including your name, address, Social Security number and signature for authorization of the direct deposit. Include your account information.
What is Canada Fed direct deposit? ›
What is DN Canada Fed/Fed deposit? If the Canada fed deposit you receive says DN Canada fed/fed on your bank statement then you're likely receiving a payment for one of three things - Canada Child Benefit, a GST/HST payment, or the Canada Workers Benefit.
What is acceptable proof of direct deposit? ›
Example of Direct Deposit 1- from a full service payroll company such as ADP, Paycheck, etc. For personnel where the individual is paid through direct deposit the easiest way to show the correct documentation is through a paystub. The paystub shows the routing and bank account number to prove the individual as paid.
What is important direct deposit information? ›
If you use your bank's direct deposit form, you'll likely need your employer's address. Bank's routing number. This is the nine-digit number, also known as the American Bankers Association — or ABA — number, printed on your bank statement or along the bottom left of your checks. Your account number.
Why did I get $600 from deposit Canada? ›
This non-taxable, non-reportable, one-time payment provides up to $600 in recognition of the extraordinary expenses incurred by persons with disabilities during the COVID-19 pandemic.
What is the $300 federal payment in Canada? ›
The Canadian Federal Government has launched a program called the $300 Federal Payment 2024. This program is designed to provide financial assistance to citizens who are regular taxpayers and belong to the lower income groups as per $300 Federal Payment Eligibility 2024.
How do I set up direct deposit for employees in Canada? ›
To set up direct deposit, you'll need your employee's banking information, like bank account number, routing number, bank name and address and the name of the account holder. You can find this information on a voided cheque or direct deposit form that employees can access through online banking or a teller.
Can I direct deposit myself? ›
As for how you want to pay yourself, it's up to you. You can write yourself a physical check and then deposit it into your personal bank account or set up a recurring payment via direct deposit.
Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit.
What is 2 days early direct deposit? ›
How early direct deposit works. Early direct deposit is generally a free and automatic feature at a bank. Automatic, in this case, means there's no sign-up required if you're eligible. And early means one to two days ahead of payday, so if you normally get a paycheck on Friday, it would arrive on Wednesday.
How do I find out who deposited money into my account? ›
To know who deposits the amount into your account, get a bank statement. Bank statement will show the name or account from which the funds are being transferred.
How long does it take for a direct deposit to transfer? ›
It normally takes 1-3 days for direct deposits to clear. The actual transfer of funds is almost instantaneous, but it can take a few days for your bank to verify the funds and make them available to you. Weekends and public holidays can slow this process down, as can a range of other factors.
Can a direct deposit be reversed? ›
A reversal request may be made by the paying agency for an erroneous direct deposit payment that has been transmitted to the automated clearing house (ACH) network. A reversal is an attempt to retrieve the funds; it is not a guarantee the funds will be recovered.
What information is needed for direct deposit CIBC? ›
How to set up direct deposits
- Sign on to the CIBC Mobile Banking® App.
- Select the account you want to deposit your money into.
- Select “Account Info” to get your institution number, transit number and account number.
Transit Number, Institution Number and Account Number. CIBC.
Can I direct deposit to an account that does not have my name on it? ›
Also, the bank will likely not authorize a deposit if the name on the deposit does not match the account owner's name, as this could be an error or fraud. If you want direct deposit, but don't have a bank account, you may be able to get a prepaid debit card and have the money deposited onto it.
