Set up direct deposit and get your paycheque faster
We get it. Going to school and working a part-time job (or three) is really hard, but you’re taking the responsible route and working to pay for the things you need. Tuition payments, all those books and rent can add up and up and up. So when payday arrives, you can’t wait to use your hard-earned paycheque towards your schooling costs. But there’s a snag. Most banks will “hold” your money for around 5 business days. Annoying, right?
5 days without money?
When the bank “holds” your paycheque, it means they need to verify a couple things before they can give you access to your hard earned money. When you need the money, 5 days can seem like a lifetime, especially if your roommate is waiting for your half of the rent. So there’s a simple way to get access to money as soon as payday hits. It’s called direct deposit. And it’s a game changer.
No more trips
With direct deposit you won’t have to worry about rushing to the bank with your precious paycheque in hand. Instead, your paycheque is deposited directly into your bank account - hence, the name. What this all means is as soon as you’re paid by your job, you can get access to your money, immediately. Right now. Wherever you are. So the day you’re paid, you can get see the money appear in your account online or on your banking app.
Signing up is simple
First, find out if your employer offers direct deposit. They will usually give you a form to complete. From here you have a few options for getting the info you need from your bank:
- If you’re a TD customer, you can sign into EasyWeb to find the direct deposit information
- On your cheque book for the account you’d like to deposit your paycheque
- Call your bank or visit a branch