Wednesday, October 02, 2013

Direct deposit of federal cheques is ideal for seniors

(NC)—More than 90 percent of Canadian seniors currently receive their federal government payments by direct deposit so why are the remaining 10 percent holding out? Perhaps because of fear of the unknown, misconceptions about how the process works or they may simply be unaware the service even exists.
The federal government is phasing out cheques for all of its payments, including Old Age Security (OAS), Canada Pension Plan (CPP), and the Guaranteed Income Supplement to name a few so any seniors who have not enrolled yet should do so as soon as possible.
Here are some reasons to sign up:
• There is virtually no risk of a payment being lost, stolen or damaged due to a postal strike, for example.
• For those who like to travel, there is no need to stay home in order to be able to pick up the mail when cheques come in each month.
• For people on fixed incomes, automatic deposits provide assurance that their money will always be there when they need it, on the day that it is due.
• Eighty percent of payments are already made to Canadians by direct deposit.
If seniors find it uncomfortable doing their business on the Internet, they can still visit their local bank branch and make the necessary arrangements in person. All they have to do is fill out a form, which the bank can help them do. Once the form is processed, payments from that point on will be deposited directly into their bank account.
Direct deposit will help save you time and puts money in your pocket faster and more reliably. For seniors, you don't need to have a computer and you can still go to the bank and pay your bills in person and update your bank book; the only thing that changes is that your money is deposited electronically directly into the bank account of your choice.
For those who are online, or who have a trusted advisor or caregiver, the direct deposit enrolment form can be found at

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