Banking Quick Tip: Direct deposit payments will replace cheques

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(NC)—With an initiative aimed at better efficiency in the delivery of funds, the federal government is phasing out paper cheques. Canadian individuals and businesses are encouraged to enrol as soon as possible for the 'direct deposit' service, covering everything from tax refunds to monthly CPP payments. Enrolment forms, plus comprehensive information about this phase-out, are available online at www.directdeposit.gc.ca. Direct deposit payments (to the bank account of your choice) are viewed as fast, convenient, reliable and secure. As much as 79 % of the 275 million federal payments annually are already done by direct deposit, but this still leaves a whopping 58 million paper cheques to issue each year. By eliminating paper, printing and delivery, the taxpayer cost goes from 82 cents down to 13 cents for direct deposit – plus a significant reduction in paper consumption and greenhouse gas emissions.

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