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.
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