Access money faster with direct deposit
Life is busy enough. The last thing you should be worrying about is the logistics of getting your paycheque, then depositing that paycheque so you can access all that hard-earned money.
The answer is simple: Direct Deposit. To help you get started, we'll break down what direct deposit is, the benefits, and how it works.
How does direct deposit work?
Direct deposit allows you to get your employer and government payments such as tax returns, Canada child benefits, pension benefits deposited directly into your account (hence the name). It's fast, reliable and secure.
Convenient? Yes. Faster access to your money. Your payments will never be held up by postal delays or other postal delivery issues.
Reliable? You bet. Your payments will always be on time, so you’ll be able to access your money as soon as you need it.
What are some other benefits of direct deposit?
Saves You Time
No more physical cheques in the mail means no more trips to the bank to deposit your cheques. It'll free up time for you to do things you want to do.
There’s no chance of losing your paycheque if it’s automatically deposited into your account come pay day.
When you know exactly how much you'll be paid and when, it'll reduce your anxiety of waiting for when your payment would come in. Even when you set up direct deposit for your insurance benefits, you'll know when your payments would come in based on their estimated payment timelines. When you get to worry less about how your money is getting into your bank account, you can focus your energy on what you want to do with that money.
It’s the green thing to do
Another direct deposit advantage is that it’s a simple green step in the right direction, as it’s all done electronically. By eliminating paper consumption and the need to get in a car and drive yourself to the bank and back, you’re reducing your carbon footprint.
How can I get started with direct deposit?
People usually use their chequing account to deposit their paycheques or payments, since it typically includes a higher number of transactions than a savings account. You’ll need to find out if your employer offers direct deposit. If so, they will usually give you a form to complete.
If you're already a TD customer, you can get a pre-filled direct deposit form using the TD App or by signing onto EasyWeb Online Banking.
- To acces the direct deposit information on the TD App, sign in and view your Account Details under the Summary tab.
- To access it from EasyWeb, you simply need to click on the account you want your direct deposit to go into and click the ‘Direct deposit form (PDF)’ in the top right of the page.
Direct deposit for Government of Canada payments
Use direct deposit to avoid postal delays and access your funds as soon as they are deposited.
Canada Revenue Agency (CRA) Payments: TD can help you enroll easily for direct deposit with the CRA. Simply provide your consent and we work with the CRA to handle the rest.
CRA payment types:
- Income tax refund
- Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit
- Canada Child Benefit (CCB)
- Canada Workers Benefit (CWB)
- Ontario Trillium Benefit
To start your enrollment, you can do this online – you must be registered for EasyWeb first. Or you can call EasyLine 1-866-222-3456 (24hrs). If you already have direct deposit with the CRA, you don't need to re-enroll again.
All other Government of Canada Payments: To set up direct deposit for other government payment types, fill out the Canada direct deposit enrolment form and mail the completed form to the government address provided.
You can access EasyWeb to find helpful direct deposit account information.
Other government payment types:
- Canada Pension Plan
- Old Age Security
- Employment Insurance Payments
Have questions about your direct deposit? Call 1-800-593-1666
Direct deposit in a nutshell
Between work, your social life and everything in between – you have enough on your plate.
The last thing you should be concerned about is when to access your hard-earned money – and with direct deposit – you don’t need to.
Setting up direct deposit on your account is not only easy to do, it also saves you time, is more reliable, secure and better for the environment.
Simplify your life with direct deposit so you can focus on what you feel is most essential to you.
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