Read information from a void cheque

To set up a direct deposit for an employee, it is a best practice to obtain a blank, voided cheque from the employee .

Alternatively, the employee may ask the bank for a letter that states the institution's name, transit (branch) number, and the employee's account number.

Do not accept other forms of account information.

Note: Be sure to record bank account information accurately. Banking institutions DO NOT verify employee's names and will deposit the amount of payment to the account you specify.
If the combination of transit and account numbers belongs to someone other than the employee, and that account is credited with the employee's pay, contact the financial institution directly to try to recover the funds. If the combination does NOT belong to anyone, the financial institution refunds Dayforce, and Dayforce credits your account. The credit and the corresponding details appear on your Funds Summary report.

Cheques have a standard numbering system from which you can obtain all the necessary banking information for direct deposits.

The three pieces of information you require from a void cheque are:

• Transit Number: The first 5 digits of the sequence. Do not forget to include any leading zeros.

• Financial Institution Number: The 3 digits following the transit number.

  In Powerpay, the Financial Institution list includes both the numbers and names of financial institutions. Use both of these items of information to verify that you are choosing the correct place to deposit your employee's payment.

• Account Number: All numbers that follow the bank number

  Enter the complete account number WITHOUT any dashes or special characters.

Ignore the serial number, usually printed in the bottom left corner of the cheque.