Overview

You can set up direct deposit or pre-authorized debit with any of your individual and joint Cash accounts. Direct deposit allows you to get paid straight into your account. Then, you can use your funds to pay bills automatically (including mortgage payments), spend with Cash, or invest funds in either a managed or self-directed investing 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. 

Step 1: Find your direct deposit information

To deposit your paycheque directly into Wealthsimple, you need to copy your direct deposit information in your Cash account and then update your payroll information yourself, or share this information with your employer. Each Cash account has its own direct deposit information.

To find your direct deposit information, follow these steps: 

Some HR teams ask for a PDF of a void check. If you need this, follow these steps: 

Step 2: Update your payroll information

Usually, you can change your direct deposit information 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.

Option 1: Update your direct deposit information yourself

Here are the instructions for some of the most common payroll systems:

• ADP
• Ceridian/Dayforce
• Workday (see instructions below)

Add a new account in Workday

1. Select Pay from the main Menu
2. Select Payment Elections from the options
3. Under Accounts, select Add
4. Enter the following account information
   • Account Type (Wealthsimple Cash is Chequing)
   • Institution Number
   • Account Number
   • Bank Name: Wealthsimple Investments Inc.
   • Branch ID
5. Select OK when you're done

Option 2: Share your direct deposit information with your employer

You’ll need to give your Wealthsimple institution number, transit number, and account number to your employer’s payroll team.

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.

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.

Troubleshooting direct deposit setup issues

There are a few reasons why your employer can’t set up your direct deposit to you Wealthsimple Cash account:

• You shared incorrect direct deposit information. Double-check that the direct deposit information you shared with your employer matches the information for your desired Cash account.
• The payroll system can’t accept Wealthsimple’s institution number. If the payroll system can’t accept our institution number (703). In some cases, the payroll system can be updated. Please send the email template below if this is the error you’re encountering.

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 when you don't want to miss a payment, like

• credit cards
• phone bills
• utilities
• mortgage payments

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:

1. Log in to your Wealthsimple mobile app
2. Tap the Activity tab at the bottom of your screen
3. Select the payment with the name of the payee
4. Here, you will see the payment details of the pre-authorized debit

Frequently asked questions