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: 

1. Log in to your Wealthsimple mobile app
2. Tap the Home tab  at the bottom of the screen
3. Select your Cash account
4. Tap More
5. Tap Direct deposit info 
6. Here, you will see your institution number, transit number, and account number
7. 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: 

1. Log in to your Wealthsimple mobile app
2. Tap the Home tab  at the bottom of the screen
3. Select your Cash account
4. Tap More
5. Tap Direct deposit info 
6. Select the Download Void Cheque option
7. 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.

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:

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