TD Bank has rolled out a new feature in its mobile app that lets Canadians set up or move their payroll direct deposit in about a minute, says the bank.
TD says it’s the first bank in Canada to build payroll switching into its app. To pull it off, the bank teamed up with Atomic, a Utah-based fintech that makes deposit and payment switching tools for big banks. TD says it has exclusive Canadian rights to Atomic’s tech through the end of 2026.
Inside the app, you pick where your paycheque lands, whether that’s an eligible TD chequing account, savings account, or unsecured line of credit. From there the app connects with supported employer payroll systems and updates the records for you. If your employer or payroll provider isn’t hooked up yet, the app spits out a pre-filled form you can submit manually instead. You don’t need to print, scan or email any sensitive documents to get your direct deposit set up.
“At TD, we’re focused on making everyday banking simpler by removing friction from the tasks clients do most often,” said Aaron Clark, Senior Vice President, Everyday Banking, Saving & Investing, Canadian Personal Banking, in a statement on Monday. “Updating payroll direct deposit has traditionally been a manual, time-consuming process that can create unnecessary barriers when opening a new account or switching banks. With Digital Direct Deposit, we’re transforming that experience through a secure, integrated solution that simplifies a critical step in establishing your everyday banking relationship.”
The feature is live now for TD mobile app users across Canada.
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
Big deal; typical garbage Canadian oligopoly pretending like we have any kind of choices in this country for financial products. There are two banks and you will enjoy them both. 90% of the market goes to two banks. Everything is about paranoid security and locking you out of your money so they can collect on the interest at the holding computers. They own Interac, which is like 40 years old. Nobody’s been held to account over there ever in its history and all around you have absolutely useless oppositional customer antagonism and JavaScript garbage little apps that look like they were made like 35 years ago. Cough BMO cough. I absolutely cannot stand this way of thinking in the politics that has been the case since John A. MacDrunkard’s party was called “liberal-conservative”. Let’s just go ahead and hold your cheques for seven days; even though they’re government cheques; and we won’t tell you anything of the truth; and then we will threaten to arrest you if you have an adult conversation with us, as to why you’re hearing disparate information. Cough BMO I’m looking at you cough. Just be like me; and sue them in to the ground; or go to the ombudsman, for damages. $13K, for my case, sounds about right. OH! THANK YOU! WE HAVE A REWARDS SYSTEM THAT TAKES THREE WEEKS TO APPLY THE POINTS! AND, ANOTHER PREPAID CREDIT CARD! OH MY STARS! And then, you go to these banks’ American iterations; and they are like, “oh, you would like your check immediately? Just give us $10, and you can have immediate access to your full check; no need to hold anything”. Canada has been trying to get an instant payment rail like Botswana has for 17 years of consultations; and nobody still wants it; because it’s too expensive; these banks don’t care about you they’re not your friend. They all raise prices in tandem which is blatantly logically illegal collusion. And they all need an antitrust suit. Rather than EQ merging with PC and having more fronting off of the market. I love their schizophrenic actors, too that they hire in their ad’s, that look like they’re having life altering services provided; just by opening a chequings account; smiling from ear to ear like an absolute madman. There’s not one foreign financial service that wants to do legitimate business here, because they made the fines 40 times higher; it’s now 3% of revenue. All hail fractional reserve lending. Where they don’t have to have anything in their reserve, in order to just make up money; and print it out of thin air; and then they wonder where all this inflation is coming from. Elon Musk makes 1 trillion of it alone every year. Just fake worthless money, printed out of nothing; out of air; on a computer screen. BUT WOW I GET A SUBSTITUTE SYSTEM, FOR TELLING MY HR DEPARTMENT THAT I HAVE A NEW BANK! WITH A PRINTABLE-FORM, WHICH, I CAN BRING TO MY HR DEPARTMENT, TO TELL THEM, I HAVE A NEW BANK! SO MUCH “FRICTION,” HAS BEEN REMOVED FROM MY LIFESTYLE; WHICH, IS THE NUMBER ONE BUZZWORD RIGHT NOW! FRICTION! FRICTION! AND, YEAH! CANADA, YEAH! BANKS IN CANADA; WAHOO! YEAH!
That is my kind of rant, keep it up Chris, love your work. Now do one on fines for rich people vs poor people, or real estate agents policing themselves.