The Government of Canada is phasing out cheques by April 2016 and switching to direct deposit for all government payments. If you are currently receiving benefit payments via cheque, you must enrol. With direct deposit, the Government of Canada deposits payments automatically into your bank account. It’s a way to receive your payments without any postal delay. Not only will you be able to access your payments more quickly, you can also be sure they will never be lost, stolen, or damaged.
Here are some benefits to enrol in Direct Deposit:
1. Of the 275 million federal government payments processed annually in Canada, 80 per cent are currently issued by direct deposit. Take comfort in the experience of this process.
2. The federal government will save over $17 million annually in printing and delivery costs.
3. It costs you absolutely nothing to enrol.
4. It puts money into your bank account quickly, safely and conveniently. You won’t have to wait for the post to receive your cheque.
5. It saves you a trip to the bank!
6. Your money cannot be lost or stolen like a cheque can.
7. Direct deposit saves trees and reduces harmful emissions from delivery services.
8. Direct deposit simply means your federal payments go directly into your bank account instead of coming as cheques in the mail. It does not mean you need to bank online.
9. You can visit your financial institution any time to verify the deposit or check online if you are worried.
10. You can download the new simplified enrolment form at www.directdeposit.gc.ca, by calling 1-800-593-1666 for more information or have one mailed to you. You can also ask your financial institution to assist you in filling one in.
Be in control of your money and get it faster and safer with direct deposit! You’ll be glad you did.
For more information on how to manage your personal finances and debt management, check out our finance blog at www.occa.ca/blog.
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