Ottawa answers the call for direct deposit payments
(NC)—Many of us identify with at least one of these money management scenarios:
As a parent, I have a busy schedule and rely mostly on debit cards (and money in the bank) to handle my daily need for cash;
I work shifts with irregular workplace hours, so electronic cash-flow and bookkeeping is a must for me;
Building the best credit rating possible is imperative to buy my first home so I'm always concerned about sufficient funds in my bank account to pay the bills on time.
In these and many other personal circumstances, waiting for a cheque to arrive in the mail is far from ideal, let alone the inconvenience of safely moving the cheque from the mail, to your bank account. Modernization in corporate accounting has smartly triggered the switch from cheques to 'direct deposit' and the federal government is doing the same. By April 1, 2016, all the paper cheques from Ottawa will be phased out completely in favour of the fast, convenient, reliable and secure, direct deposit payment service.
What is direct deposit?
Everyone with a bank account in Canada is eligible for this electronic transfer of funds. It allows payments to be deposited directly into your account instead of processing a paper cheque. You do not need a computer or Internet access for this service and you can continue to access your bank account as usual.
How do I benefit?
• Popular features include:
• Speed: With electronic transfers the payment is immediately available in your account.
• Convenience: No more waiting for the mail, for cheque processing, or trips to the bank.
• Reliability: Payments are on time without the risk of delay due to 'unforeseen circumstances'.
• Security:Payments are safe with virtually no risk of it being lost, stolen or damaged.
• Cheaper: With fewer cheques to print, process and mail, the government is saving taxpayers' money. Once the phase-out is complete, the estimated savings will be as much as $17 million per year.
How do I sign up?
Complete and send in the enrolment form, which is available online at www.directdeposit.gc.ca. Or, contact the federal government department responsible for your payment; this information is also posted on this site. Or, consult your financial institution, as they may have information and enrolment forms as well.
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