You can set up direct deposit or pre-authorized debit with your Wealthsimple Cash account so that you can get paid straight into your Cash account and use the funds to instantly pay bills automatically, spend funds with Cash, or invest funds in either a managed or self-directed trading account.
Direct deposit
Direct deposits allow employers and other entities to deposit funds directly into your account in place of sending you a physical cheque. As funds from a direct deposit enter your account directly from the sender, they are available to send, spend or invest instantly.
Looking for more reasons to switch your direct deposit to your Cash account? For eligible clients, gain an additional 0.5% interest on your Cash account when you direct deposit.
Set up direct deposit
To deposit your paycheque directly into Wealthsimple, you first need to enable direct deposit on your Cash account and then communicate this new account information to your employer.
To update your direct deposit account information with your employer, you will need to give them your Wealthsimple institution number, transit number, and account number to your employer’s payroll team.
To find your direct deposit information, follow these steps:
- Log in to your Wealthsimple mobile app
- Tap the Home tab
at the bottom of the screen
- Select your Cash account
- Tap More
- Tap Direct deposit info
- Here, you will see your institution number, transit number, and account number
- Tap the copy icon to copy the information directly to your clipboard
Some HR teams ask for a PDF of a void check. If you need this, follow these steps:
- Log in to your Wealthsimple mobile app
- Tap the Home tab
at the bottom of the screen
- Select your Cash account
- Tap More
- Tap Direct deposit info
- Select the Download Void Cheque option
- Download and/or email the PDF void cheque to yourself
Usually, you can change it right in the system you use to check your payroll information. However, in some cases, you may have to email your payroll team to make the switch.
If you aren’t sure how to change your payroll information with your employer, we’ve drafted an email you can send to your payroll team that you can view below.
Click here to view the email template
Hi [name],
I would like to update my direct deposit information. Please update my direct deposit information to the following:
Institution Number: 703
Branch / Transit Number: [your branch number]
Account Number: [your account number]
Branch Address: 201 - 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Please note this account is a checking account.
If you have any questions about this change, please let me know.
Thanks very much,
[Your name]
Once your direct deposit is set up and your employer has confirmed your new direct deposit information, you can expect to receive your first deposit the following pay period. If you have notifications turned on, you will receive a notification every time funds are directly deposited into your Wealthsimple account. These funds will be immediately available to use in the Wealthsimple app.
Pre-authorized debit
A pre-authorized debit is a way of paying bills directly from your Cash account. A pre-authorized debit allows a biller to automatically withdraw an authorized amount of money from your bank account when a payment is due. This type of bill payment is useful for recurring bills like credit cards, phone bills, utilities, and mortgage payments when you don’t want to miss a payment.
You will not have to wait 1-2 business days to move your funds back to your bank account to pay your bills if you set up pre-authorized debit.
Set up a pre-authorized debit
When you set up a pre-authorized debit, you will need to provide your direct-deposit information to the payee, generally through the payee’s payment portal.
To view your direct deposit information, follow the steps above.
Once you have set up a pre-authorized debit, you will receive notifications any time a payment goes through. You can also view your payments in the Wealthsimple app by following the steps below:
- Log in to your Wealthsimple mobile app
- Tap the Activity tab
at the bottom of your screen
- Select the payment with the name of the payee
- Here, you will see the payment details of the pre-authorized debit
Frequently asked questions
What is my Branch number or ID?
The Branch number or ID would be the five-digit Transit number. The terms Branch number and Transit number are used interchangeably.
What’s my branch address?
If you are required to enter a branch address when submitting your Direct Deposit/PAD you can use the following address: 201 - 80 Spadina Ave, Toronto, ON M5V 2J4, Canada
Can pre-authorized debit transactions be processed using newly deposited funds?
You can use funds from an instant deposit or direct deposit immediately for a pre-authorized debit. However, if your deposit was not instant, the funds will need to settle in your Cash account for 5 business days before you can use them.
Are there NSF fees for failed pre-authorized debit transactions?
No, there aren’t any NSF fees for failed pre-authorized debit transactions.
What happens if my pre-authorized debit fails or gets rejected?
If your pre-authorized debit fails due to insufficient funds, we will send you a notification (you may not receive the notification if you’ve opted out of these). To have the pre-authorized debit resent, you will need to request that the pre-authorized debit initiator (the recipient of the funds) processes the request again. Before requesting to have the transaction retried we strongly encourage you to double-check that you used the correct account information.
What happens if I don’t see a direct deposit in my Cash account on payday?
Make sure to double-check that your account information has been inputted correctly into your employer’s system.
After verifying that your account information is correct, you can reach out to our support team for further assistance in understanding why you’re not seeing your direct deposit.
Can I receive a direct deposit from a US payroll?
No, we can't support direct deposits from a US payroll. Please contact your employer if you have attempted to set this up, as we will not have any visibility into a direct deposit from a US payroll.
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