Direct deposit, a method by which someone can send money directly into your bank account, is a very common method of money transfer in Canada. It is often used by employers and government officials to provide money without using a cheque or other method.
Direct deposit is a safe, secure, and quick form of sending and receiving money. But in order to make a direct deposit, you will first need to fill out a direct deposit form. Here’s how to get one:
Ways to Get a Direct Deposit Form
- Online Banking
The first, and probably quickest and easiest way, to get a direct deposit form is through your online banking. Most Canadian banks will already have all of your account information filled out for you on your direct deposit form. This makes filling it out a lot easier for you.
Simply login to your online banking, click on the account that you wish to have your money deposited into, and select the print payroll direct deposit form. These instructions may vary slightly from bank-to-bank, but should remain relatively similar regardless of Institution.
Once printed, all you need to do is sign your direct deposit form and submit it to whoever is looking to send you the transfer.
Here are some sample instructions on how to fill out a direct deposit form from Royal Bank.
- From Your Employer
If you aren’t familiar with online banking and you require a direct deposit form for a new job, you can ask your employer for one directly.
Most employers will have direct deposit forms readily on hand. Once given, simply fill out all of the relevant information and return it back to your employer.
In order to fill out your direct deposit form you will need the mailing address of your home financial institution, the transit number for your bank, your bank account number, and the name of the account that you wish for your direct deposit to go into (chequing or savings).
In some cases, you may also be asked to provide information regarding things like your mailing address and your SIN.
You can use this information as a guide on how to find all of your banking information (transit number, account number, etc.).
- From Your Bank
If all else fails, you can also get a direct deposit form from your bank directly. Just go into your local branch and ask for a direct deposit form.
Forms from your banking institution should already have most of your account information on them. All you will need to do is sign the form and turn it into the appropriate party for painting.
What are the Benefits of Direct Deposit?
There are two main benefits to using direct deposit over cheques. Firstly, direct deposit is extremely convenient for both you and the employer.
You can set up a direct deposit so that your employer can send money directly to your account for each payment. This ensures that you always receive your money on time each month.
Secondly, direct deposit can save your employer a great deal of time and money. When using cheques, they can go missing and things can go wrong. But with direct deposit, the money goes directly into your bank account and no one can dispute when the payment arrived.
If you’re looking for a safe and secure way to receive money from an employer or a government institution, direct deposit is your safest bet. You can get a direct deposit form from your online banking account, from your employer, or from your branch.