Direct deposit overview

If you set up employees for direct deposit, we automatically deposit their net payroll amounts into their bank accounts. Your employees don't have to cash paper cheques to get paid.

There is no extra charge for direct deposit.

How is the money transferred to my employees' accounts?

If you choose direct deposit, we automatically deposit your approved pay cheques into your employees' bank accounts on the pay date. Money is transferred by the Canadian Payments Association, using a long-established electronic funds transfer system used by banks. No money is ever transmitted over the Internet.

When do you transfer the money?

We process your direct deposit transactions at 5 pm PT, two banking days before the pay date. Make sure that the funds to pay your employees are available in your account before the processing begins.

When do I need to run and approve payroll that includes direct deposit?

Submit your payroll by 5 pm PT at least two banking days before the pay date. Pay cheques submitted after the cutoff time will be processed on the next banking day and paid two banking days after that.

For example, if your pay date is on Friday, submit payroll by 5 pm PT on Wednesday. If you pay your employee on Monday, submit payroll by 5 pm PT on the previous Thursday.

How long does it take to set up direct deposit?

After you enter your company's direct deposit info, it takes about seven business days to verify the account info and test deposit.

Until direct deposit setup is complete, pay your employees by paper cheque.

How do I set up direct deposit?

See the steps for setting up direct deposit.

See also

 


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