Get your money faster from Ottawa
(NC)—If you sign up now for 'direct deposit' from the federal government the immediate benefits will be numerous for you, your business, and the environment. By April 1, 2016, all printed cheques will be phased out anyway, so why not enrol now for direct deposit and see how this speedy convenience works for you.
Did you know that the Government of Canada issues close to 275 million payments every year? While 79 % of these are deposited directly into bank accounts, 23 % are not. This translates into 58 million cheques that still need to be printed, mailed and processed each year.
Benefits for you
The electronic transfer of funds is fast, convenient, reliable, and secure. It means no more trips to the bank to deposit your cheque; the money is immediately available to you. If you receive more than one type of payment (such as a pension benefit and an income tax refund) they can even be deposited into different accounts which can help you plan your finances.
Unlike cheques, there is no risk of your payment being lost, stolen, damaged or delayed 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.
Switching to direct deposit also contributes to the efficient use of taxpayer dollars. While a cheque costs 82 cents to produce, direct deposit payments 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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