If You Have Direct Deposit – Make deposits Save money. Drop the checks. Deposits are received quickly, easily and securely.
We’ve got your back with encryption technology and security guarantees. In addition, there is no risk of checks being lost or stolen.
If You Have Direct Deposit
From the drop-down menu on your account details page, select the “Manage My Account” link and the “Check Payment/Deposit Information” link. This will open your pre-filled Registration Information form.
Cra Direct Deposit
Print or save the registration information form, sign and date it, and give it to your employer or provider.
To provide this information to your employer or provider, you will need to download and complete a payroll, direct deposit or pre-authorized payment form (PDF, 180 KB) Opens in a new window. .
Recurring transactions: Most recurring direct deposits and pre-authorized loans are eligible. Examples of traditional recurring direct deposits are government contributions such as wages, CPP/QPP, disability payments, dividends and employment insurance and the Provincial Parental Insurance Plan (PPIP). Examples of common recurring prepayments include preauthorized settlement payments and loan or mortgage payments, where you set up preauthorized instructions directly from your Smart Account with a mortgage, loan, credit card, and/or other provider. Prepaid transfers initiated for other deposit, credit card or checking accounts or accounts with other financial institutions (ie, if you use telephone banking, ATM and/or online banking services) are non-recurring. has the right to refuse to pay. For more information, check with your advisor or phone banking representative to determine whether pre-paid loans or direct deposits can be waived.
Please note: Multilingual sites do not provide full access to all content. The full website is available in English and French.
How To Read Your Check Or Direct Deposit Statement
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The truth is: No! You can register and use direct deposits without accessing a computer or the Internet. Pick up an application form at your bank or call 1‑800‑593‑1666. Once registered, you can continue banking as usual: in person, at an ATM, online or by phone.
The truth is: No! When you sign up for a direct deposit, you don’t allow the government (or anyone else) to withdraw money from your bank account. The information can only be used to deposit money into your account.
Truth: Yes! Once you sign up for Direct Deposit, you can withdraw cash, check your balance, pay your bills, and more. You can still go to your bank All you have to do is deposit a Canadian government cheque. It will already be in your bank account!
What Are Eft Payments?
The truth is: No! By signing up for direct deposit, you are not allowing the government to monitor your bank account. The information you provide for direct deposit is protected as follows
Truth: Yes! Switching to direct deposit does not change your payment schedule. Your money will be deposited into your account the day your check is cashed. You can also check your account balance anytime at your bank, ATM, online or over the phone.
If you’re part of the minority of Canadians who receive paper checks from the government, you’re missing out on an opportunity to make your life a few steps easier. XCEL offers its employees a choice – how they get paid is one of them! One of those options is direct deposit, which offers many advantages over traditional paper checks. We also understand that some employees don’t have or don’t want a bank account. For them, we offer Payment Cards that offer all the benefits of direct deposit without a bank account. If you’re wondering if direct deposit is right for you, check out these 5 reasons to choose direct deposit.
Deposit Free Service – No Additional Fees. In fact, direct deposit can save you money in some cases. Some banks offer to defer recurring service charges if you sign up for direct deposit. Employees using XCEL Pay cards can cash out their cards once a week free of charge.
How To Set Up Direct Deposit In 5 Steps
Deposits are made every week before 7am. Some banks process deposits early! With any bank, you can know you’ll get your money on time, every time.
Losing your paycheck can be a nightmare! A lost check may take 2-3 weeks or longer to be re-shipped, as banks must verify that the check has not been cashed. If the check is cashed, the problems increase and your chances of getting your money are greatly reduced. However, direct deposit eliminates this risk because there is no margin for loss.
With an in-person deposit, you don’t have to spend valuable time or drive gas at our offices to check your paper. Save time, skip the line, and get on with your day. At Obodo, if you can’t make it to our office—perhaps due to illness or vacation—you can be sure your money will be there when you need it most.
With direct deposit, you can check your salary (via your employee portal) a day before you receive it. That way, there will be no surprises when the deposit arrives.
Draft Of Direct Deposit
Direct deposit has many advantages, but the biggest one is direct control of your hard earned money. Contact us for more information on XCEL Direct Deposit!
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