Direct Deposit
Most employers will deposit your paycheques right into your account. It's automatic, safe, and convenient, and usually done overnight, so once you wake up, you have your money!
Plus, direct deposit can be used for more than just payroll, including online buying and selling, government payments, or education assistance, to name a few.
Finding Your Information
In order to use direct deposit, you need to provide, for example, your employer with the right banking information, including the Route #, the Bank ID #, and your Account #. You can find this information:
In-Branch: Our Receptionists or Member Service Representatives can provide you with a print-out of your account information, including the above details, and stamped for approval.
With a Void Cheque: You can give your employer a void cheque for the account that you want them to use for direct deposit. A cheque includes the details along the bottom- see the example below.
*Please note, the Route # is unique to the branch where you have your account. You can always give us a call if you are unsure or to double check which branch your account is from.
There are a handful of ways that you can use direct deposit, including:
Payment from Employers:
Most places of employment will ask their employees for their account information. Once payday rolls around, the employer will deposit your pay right into your account; this is usually done overnight. Can also be used for benefits reimbursement or any other type of payments from employer to employee. Ask your employer for details if you are unsure whether they support direct deposit.
Online Buying & Selling:
If you shop online, either buying or even selling, you can use the same account information that's required for direct deposit.
For example: If you use an online payments service like Paypal, you can connect your Stride Credit Union account to your Paypal account. That way, if you sell online and receive payment to your Paypal account, you can withdraw those funds from Paypal and deposit them to your Stride Credit Union account. Purchasing items online works the same way, except it's the exact opposite. You can withdraw funds from your Stride Credit Union account to your Paypal account, and then use those funds to purchase items online. Please refer to the respective service's policies regarding this feature.
Government Payments:
The Canadian Government supports direct deposit for its various payments services. Please contact them for more information about the services and programs they offer.
Education Assistance:
If you are pursuing further education, and are applying for assistance through programs including, but not limited to, a Canada Student Loan or a Manitoba Student Loan, you can use direct deposit to receive your assistance directly to your account. That way, your money is there when you need it, which, as a student, can get you those extra couple cups of coffee for when you really need it!