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.
What happens if I change bank accounts?
You should inform each of your payors immediately if your banking information changes. Some financial institutions offer a service where they do this for you. If the changes are the result of a merger or closure, your financial institution might also contact your payors to inform them.
Once the funds are in my account, can a direct deposit be reversed?
Yes. Any errors in direct deposits can be corrected up to 3 days after the funds are available to you.
Of course, our rules take into account the needs of consumers, businesses and financial institutions. You can refuse an error correction made to a direct deposit within 90 days, as set out in section 28 of Rule F1.
If you notice a suspicious reversal in your account, you should contact your payor for information. If you can't resolve the situation with the payor, and you believe that you are legally entitled to the funds, you can contact your financial institution. Your financial institution may be able to assist you by refusing the error correction. The funds will be withdrawn from the payor's account and returned to your account.
You can open yourself to legal action if you keep funds that don't belong to you.
I received a direct deposit in my account and I don't know what it's for, or who it's from. How can I find out?
Contact your financial institution so they can investigate.