Overview

Setting up direct deposit into your Wealthsimple chequing account with Workday involves a few steps. These steps might vary slightly depending on your organization's setup. This guide provides general instructions to help you through the process.

Setting up direct deposit with Workday

1. Log in: Start by logging into your Workday account using your credentials.
2. Go to Pay: On the Workday homepage, look for the Pay worklet or search for “Pay” in the search bar.
3. Open Payment Elections: In the Pay section, find and click on Payment Elections. This is where you can manage your direct deposit information.
4. Add an account: To add a new bank account, choose an option to Add Account or Add Payment Method.
5. Enter bank details: You will be prompted to enter your Wealthsimple chequing account details. This typically includes:
   • Account type: Chequing
   • Institution number: 703
   • Account number: 8 digits
   • Bank name: Wealthsimple Investments Inc.
   • Branch ID / Transit Number: 00001
   • Account nickname (optional): You can nickname this account for easier identification.
6. Choose distribution elections: Decide how to distribute your paycheque. You can deposit all of it into one account or split it between multiple accounts. Allocate the correct percentages or amounts to your new bank account.
7. Confirm changes: Check that all the information you've entered is correct. Then, save or submit your changes.
8. Verify account: Some organizations or banks might require you to verify the new account with small test deposits. If required, follow the instructions provided to complete the verification.
9. Complete setup: After confirming and verifying everything, your direct deposit should be set up for your new bank account.

Where to go for help

If you have any issues or your Workday interface looks different, contact your HR department or Workday administrator for help with your organization's specific setup.