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A direct deposit is an Electronic Funds Transfer (EFT) directly into a person’s bank account. No need to deposit a cheque or wait!
This method is often used by employers to pay wages and by governments to distribute social benefits.
This electronic payment method can also help you earn valuable welcome bonuses when you open a chequing account with a bank. For example, the TD All-Inclusive Banking Plan allows you to receive, under certain conditions, a cash bonus of several hundred dollars, deposited directly into your bank account. One of the conditions is to set up a direct deposit.
Therefore, here are the types of direct deposits accepted by financial institutions.
This is the easiest way! When you were hired, you had to provide a void cheque to your employer. Then, every two weeks, you receive your salary deposited into your bank account. This counts as a direct deposit.
It also includes your retirement benefits from your private pension plan.
The Government of Canada offers many benefits that can be paid by direct deposit. This includes:
Here is an example of direct deposits from provincial governments in Canada that count as a direct deposit:
Many financial institutions in Canada offer great incentives when opening a new bank account. They vary and can include cash bonuses, reward points, gift cards, electronic products, enhanced interest rates, or rebates on banking fees.
To take advantage of these offers:
Read our article on the best checking account opening offers right now!
After opening your checking account, the institution asks you to set up one or two simple operations such as:
These few minutes and a little patience can earn you several hundred dollars in bonuses!
With the BMO Performance Chequing Account, you can earn up to a $700 welcome bonus and receive a Walmart Delivery Pass for up to 12 months.
Get a promotional interest rate when you add a Savings Amplifier Account*
Other Benefits:
All for $17.95 a month, or free if you maintain a minimum balance of $4,000.
Right now, when you open a new Scotiabank Ultimate Package, you can earn up to $700 in bonuses!
To get a $500 bonus, you must set up two of the following operations:
Then you can earn a $100 bonus by also opening a new RRSP, TFSA or FHSA and making a minimum contribution of $5,000.
Finally, you’ll earn another $100 bonus when you open a Money Master savings account and maintain your Smart Savings Tool registration for 90 consecutive days.
Scotiabank’s Ultimate Package includes a number of attractive benefits:
The Personal Account from EQ Bank (formerly known as Savings Plus Account) is a no-fee account that offers a generous interest rate of up to 2.75%* to all customers on everyday banking services:
This account also offers several free features, such as:
Finally, there is no minimum balance required for this type of account.
Whether you receive your salary, pension, or government benefits, these incomes already exist. Take advantage of them to make them work harder by directing them to an account that rewards you generously!
To sign up for direct deposit, you generally need to provide your banking information, such as your bank account number, transit number (5 digits), and financial institution number (3 digits). Here are the steps to sign up:
Savings are here (if you don’t see the sign-up form, please click here):
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