It's your money – Get it fast

October 2012

Did you know that the Government of Canada issues close to 300 million federal payments every year? While 77 per cent of these payments are deposited directly into bank accounts, 23 per cent are still printed as cheques that Canadians and Canadian businesses must deposit at bank counters or ATMs. That translates into an astounding 62 million cheques that need to be printed, mailed and processed each year.

In addition, while a cheque costs 82 cents to produce, a direct deposit works out to only 13 cents to process. Once all costs are considered, savings to taxpayers will amount to an incredible $17 million each year beginning in 2014-2015, and it's environmentally friendly. While these are good reasons for us to adopt direct deposit, there are other compelling reasons as well.

Fast and convenient

Direct deposit is fast and convenient. There is no need to make a special trip to deposit your cheque. Your money is quickly deposited into your account and immediately available to you—no matter what you're doing or where you are. In fact, if you receive more than one type of payment, for example Canada Pension Plan payments and an income tax refund, they can be deposited into different accounts of your choosing

Safe and secure

Direct deposit is reliable and safe. Unlike cheques, there is virtually no risk of your payment being lost, stolen or damaged.

Reliable and on time

Your payment will never be delayed due to unforeseen circumstances. As soon as the payment is issued, it is deposited into the account of your choice and may immediately begin to earn interest.

The Government of Canada will be increasing the use of direct deposit and phasing out cheques by April 2016. But given the benefits, why wait?

Visit www.directdeposit.gc.ca for more information and to fill out your enrolment form.

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