Personal Finance

Methods to do Direct Deposit

  • Last Updated:
  • Jul 7th, 2016 2:16 am
Deal Addict
Oct 12, 2006
1451 posts
302 upvotes
Markham

Methods to do Direct Deposit

So, I'm just wondering....

... what are all the ways to perform a direct-deposit for a bank account? I ask, because there are so many bank account promos nowadays, with the requirement that a direct-deposit be set up.

The most obvious way is to set your payroll from your employer as the direct-deposit to said-bank account. But what other "direct deposit" methods are there aside from payroll?
3 replies
Deal Fanatic
User avatar
Jan 31, 2006
8541 posts
2655 upvotes
Toronto
Government deposits such as Trillium, GST/HST, child benefit, pension, insurance payout
Deal Addict
Feb 24, 2008
2331 posts
826 upvotes
enigma0t2 wrote: So, I'm just wondering....

... what are all the ways to perform a direct-deposit for a bank account? I ask, because there are so many bank account promos nowadays, with the requirement that a direct-deposit be set up.

The most obvious way is to set your payroll from your employer as the direct-deposit to said-bank account. But what other "direct deposit" methods are there aside from payroll?
The easiest ones to do are Canada Child Benefit (CCB), GST/HST rebate, income tax refund, EI/CPP deposits as you can add your banking information on CRA My Account or My Service Canada Account (MSCA) for these types of payments.
Member
Oct 22, 2012
452 posts
836 upvotes
The government deposits mentioned above come through as "Electronic Funds Transfers."
Payroll deposits are encoded differently.
If a promo specifies a payroll deposit, then that's what you have to do.
If it specifies a direct deposit, then often any EFT deposit (even one you initiate by doing a transfer in from another financial institution or PayPal) will do the trick, but YMMV.

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