Direct Deposit

A better way to pay your employees.

Overview

Consider the hours you spend issuing cheques to your employees and the special trips they make to the bank to deposit them. With Scotiabank’s Direct Deposit service, you both save time.

Your payroll is electronically deposited into each employee’s designated account. The risk of cheques being lost or stolen is eliminated, and the money is instantly available – no waiting for funds to clear! Direct Deposit also saves your business money. You avoid the costs of cheque handling, printing and storage, and reduce or eliminate cheque reconciliation expenses and cheque fraud. Plus, you know exactly when your payroll has been processed so you can better manage your cash flow.

Right for your organization if:

Regularly issue employee payments (e.g. payroll or pension)
Currently issue cheques or cash payments to employees
Use an accounting or payroll system to generate payment files

Benefits you can bank on

  • Maximise cash flow

  • Minimise stamp tax costs (where applicable)

  • Maintain an up-to-date cash position of your business accounts

  • Improve cash forecasts with more predictable cash flows

  • Eliminate lost and stolen payments

  • Respond faster to employee enquiries

  • Track payment statuses electronically

  • Import payment files from your accounting or payroll system

  • Reduce cheque preparation, storage, handling and related bank service charges

  • Create easy-to-use templates for recurring use

  • Prepare future-dated payments

  • Maintain financial control with a full audit trail

  • Create users with customised entitlements

  • Find out how our Cash Management Services
    can work for you. 

    Speak with a Scotiabank Business Banking Representative today.