Direct Deposits

The Easy Way to Get Paid Electronically

Direct deposits are a safe, secure and easy way to receive payments, like having your pay cheque deposited directly into your bank account.

 

How to sign up for direct deposits

To sign up for direct deposits, you'll need to give the payor your banking information. This information is like a GPS on the Canadian payments highway, and will guide each payment from the payor's account to yours.

Your banking information is usually found in the line of numbers printed across the bottom of your cheques.

If you don't have a cheque or if you need help, contact your financial institution. Let them know you're signing up for direct deposits and they'll give you the information you need.

The payor might also ask you for a void cheque. They do this to verify the accuracy of the information you provide to them. It's safe to give your payor a blank cheque for this purpose. But to protect against fraud, be sure you write "VOID" across the front of the cheque in ink, and don't sign it.

To learn more about direct deposits, check out Module 02 (Automated Funds Transfers) of our educational video series – the Learning Exchange.