Borrow Now

Direct Deposit

Direct deposit is a way to receive money electronically, sent straight into your bank account. Instead of a physical cheque, funds are sent automatically by your employer, the government, or another source. Direct deposit is one of the fastest and most secure ways to receive your pay, government benefits, and tax refunds. No trip to the bank needed.

How Does Direct Deposit Work?

When you set up direct deposit, you give your account details to the organization sending you money. They use your banking information to send funds directly into your chequing account on a set schedule.

To set up direct deposit, you will need:

  • Your bank transit number
  • Your institution number
  • Your chequing account number

You can find these on a cheque or through your online banking. Your employer or the relevant government agency will provide a form for you to complete.

Common Uses of Direct Deposit in Canada

Direct deposit is used for many types of payments:

  • Paycheques from your employer
  • Canada Revenue Agency (CRA) tax refunds
  • Canada Child Benefit (CCB) payments
  • Employment Insurance (EI) benefits
  •  Canada Pension Plan (CPP) and Old Age Security (OAS) payments

Setting up direct deposit with the CRA is free and ensures government payments reach you as quickly as possible. Visit canada.ca for more information.

Benefits of Direct Deposit

Direct deposit has several advantages over paper cheques:

  • Faster access to funds — no waiting for a cheque to clear
  • More secure — no risk of a cheque being lost or stolen
  • Reliable — funds arrive on the same schedule each time
  • Convenient — no trip to the bank required

Direct Deposit and Payday Loan Applications

When you apply for a Speedy Cash payday loan, having direct deposit set up with your employer makes the process more straightforward.

To apply, you will need:

  • One piece of Government Picture ID
  • Pre-Authorized Debit Form (PAD)
  • 30-60 Day Bank Statement
  • Proof of Address
  • Your most recent Pay Stub (if your income is not Direct Deposit)

Repayment is a single lump sum due on your next paycheque, except in Alberta, where a multi-pay option is available. Eligibility and loan amounts vary by province.

Direct Deposit and Speedy Cash Funding Options

Speedy Cash offers several ways to receive your funds in Canada, including e-transfer and instant debit card funding (IDCF). Funding is processed during business hours after approval.

For faster access, turn on auto deposit in your banking app. Your e-transfer funds will arrive in your account without any extra steps.

Summary

Direct deposit sends money into your bank account automatically. No cheque required. It is widely used in Canada for paycheques, government benefits, and tax refunds. Direct deposit also helps simplify the Speedy Cash payday loan application process. Eligibility and amounts vary by province.

Thinking about applying for a payday loan? Apply online at Speedy Cash or visit a store near you to get started.