Federal government payments switch to 'direct deposit'
(NC)—By April 2016, the federal government will use only direct deposit to make payments to you. With very few exceptions, there will be no more printed cheques, so considering the immediate benefits, they say, why wait? Here are a few sound reasons to adopt direct deposit before the last-minute rush:
• Fast and convenient: No more trips to deposit your cheque. The money is immediately available to you. If you expect to receive more than one type of payment (such as your pension benefit and your income tax refund) they can even be deposited into different accounts which can help you plan your finances.
• Reliable and on time: Your payment doesn't risk delay due to 'unforeseen circumstances'. As soon as the payment is issued, it is deposited into the account of your choice and may immediately begin to earn interest.
• Safe and secure: Unlike cheques, there is virtually no risk of your payment being lost, stolen or damaged.
Enroling sooner rather than later will also curb the use of paper and lower the cost to taxpayers. While a cheque costs 82 cents to produce, payments by direct deposit work out to only 13 cents to process. Once all costs are considered, by 2014 the savings to taxpayers are estimated at $17 million annually.
More information, including enrolment forms, is available online at www.directdeposit.gc.ca.
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