How to Enroll in Direct Deposit
Send a copy of void cheque and Payroll Bank Authorization Form for Direct Deposit to your divisional business or payroll officer for processing.
To learn more on how to take advantage of direct deposit, please contact:
What is Direct Deposit?
The direct deposit service is a means of depositing funds to accounts at chartered banks and other financial institutions across Canada. The payroll department supplies a magnetic tape to the bank and your pay is deposited into your bank account via data transmission. There is no manual posting at your bank branch.
Updating Your Bank Information
As a new employee (casuals, as well as appointed staff), you must update your bank information using Employee Self-Service (ESS) (if you are within an eligible staff group to access ESS) or you must provide your department with your banking information to ensure payment is made within the appropriate time period. This must be completed as soon as possible for processing to ensure that you receive your direct deposit payment.
Updating ESS or completing the Payroll Bank Authorization Form for Direct Deposit will authorize the University of Toronto’s (U of T) payroll department to deposit your pay directly into your bank account.
Please note: You must return the completed form to your business officer for processing and check with your department regarding payroll deadlines. Do not return this form to the payroll department.
This system of payment reduces payment risks such as lost or stolen cheques and ensures timely receipt of payment. This system does not rely on the postal system, so your payment will not be affected by a disruption in postal service.
If you are changing your bank account information you should not close your current account with your banking institution to which the payroll department is depositing your pay until you have had one successful deposit to your new account.
Still Not Using the Direct Deposit Option for Your Pay?
Here’s Why You Should Reconsider
Recently, one of our U of T colleagues lost his pay cheque only to have it cashed by a stranger. While it was eventually resolved, this situation underscores the security issues with traditional pay cheques and reminds us of the benefits of using the direct deposit option.
Top 10 Benefits of Direct Deposit
Direct deposit is a great way to get paid electronically. Many organizations are choosing this eco-friendly option and going green by completely eliminating the use of paper checks. Direct deposit is a safe, convenient and reliable way for you to receive payroll payments.
Here are just a few of the many benefits for you to consider:
- No more trips to the bank to cash or deposit cheques
- No need to come into the workplace to pick up your cheque
- Direct deposit funds are available immediately on payday
- No delays or waiting for cheques to clear
- Switching to direct deposit is free
- Direct deposit is more secure than a cheque
- Reduced risk of identity theft with electronic payroll
- Less chance of people seeing your personal and confidential information
- You still receive a pay statement that shows all of your deductions, taxes and the amount that was deposited into your bank account
- Still provided the option to print a paper statement via ESS