Be a savvy senior: Sign up for direct deposit
Seniors are among the many Canadians who could benefit greatly from having their pension cheques and other federal payments deposited directly into their bank accounts. After all, there are no trips to the mail box on blustery, cold winter days and certainly no trips to the bank if they happen to be feeling unwell or are confined to their home.
The federal government is phasing out cheques by April 2016 so it makes a lot of sense to enrol now rather than leave it to the last minute.
“Direct deposit was one of the first things I did the last time I moved,” says Mary Machina, a senior from Ontario. “It was just one less thing I had to think about. Now I don’t have to worry about whether my pension cheque has gone in and I can have my bills paid out. If the weather is bad or I’m not feeling well, I don’t need to go out to pick up the mail or deal with long line ups at the bank.”
Most of Canada’s seniors already receive payments such as the Canada Pension Plan, Old Age Security and Guaranteed Income Supplement through direct deposits to their bank accounts. To date, 90 per cent of CPP recipients and 93 per cent of OAS beneficiaries receive their payments electronically.
The remaining few who may be concerned about switching from paper cheques to direct deposit can feel confident knowing their funds are safe, secure and much less vulnerable to becoming lost or stolen.
Seniors who sign up for direct deposit do not have to use a computer or the Internet to keep track of their payments. They can still visit their local bank branch and make the necessary inquiries in person. The bank will even help them fill in the direct deposit enrolment form, which has recently been simplified, to encourage more Canadians to sign up.
Once completed, payments from that point on will be deposited directly into the bank account of their choice at the same time every month.
Why wait until the last minute when you can start to receive your funds electronically now? To find out more about enrolling for direct deposit, visit www.directdeposit.gc.ca, call 1-800-593-1666 for more information or to have an enrolment form mailed to you or ask your financial institution to help you fill one in. Direct deposit is the fastest, most convenient and reliable way of getting your payments – enrol today.