Direct deposit with Wave

This article applies to Wave Payroll in Canada and the United States

Learn more about the direct deposit process, including the deadline for approving a payday with direct deposit

When do I have to approve payroll if I am using direct deposit?

Wave Payroll’s funding timeline is three business days from the date you approve the payroll, if you approve it before 3:00 PM ET.

For example, if you want your employees to be paid on Friday, you must approve the payroll on Tuesday before 3:00 PM ET as long as Tuesday, Wednesday, Thursday, and Friday are not bank holidays.

When can I change my funding account?

If you want to change your funding account (the bank account where the payroll withdrawal is made), you can do as long as all the paydays you have approved have passed. On these days between approving a payday with direct deposit and payday, your funding account information is locked to ensure payroll is processed correctly.

Is my information secure?

The security of your information is important to us. Rest assured that your direct deposit information is protected by our security policy

I'm trying to add my funding account, but I can't find my bank. What's going on?

If the bank you are trying to add is not available, select the “Other Bank” option. Verify your bank, transit, and account numbers using a void cheque or a direct deposit form to make sure you're entering the right details.

If you bank with TD:

TD business accounts are generally added to the same TD credentials you use to log in to your online personal account.

This means you may not be able to see your TD business bank account when you're connecting to Wave. Instead, you'll see the primary accounts associated with the login, which are usually personal chequing and savings accounts.

To accurately connect to your TD business account, select “Other Bank” and manually enter your institution, transit, and account number, referring to a void cheque or pre-authorized debit form.

Your five digit TD transit number is derived from your branch number, and the last digit is based on the province of the main branch. Visit TD’s website for more information on determining your transit number. For further clarification, you can also call your main branch and retrieve the transit number.

 

What if I’m using a credit union to fund my payroll?

Credit union account details like the institution, transit, and account number length can vary based on the credit union and range from 9 digits to 12 digits.

To ensure an accurate connection to your business account, select “Other Bank” and manually enter your institution, transit and account number, using a void cheque or pre-authorized debit form.

Not all account statements from credit unions show the full account number for the purpose of direct deposit/electronic funds transfers.

If you don't have a void cheque or pre-authorized debit form readily available, reach out to your credit union directly for the correct details.

I received an email titled New: Fund and deposit payroll faster. What does it mean?

We recognize that cash flow is important. To help, in response to COVID-19 we’ve temporarily reduced the direct deposit window for eligible payroll customers to two business days. We’re automatically reviewing accounts for eligibility. You’ll receive an email and a notification in Wave if your funding timeline is reduced to two days.

How will I know when the funding window is returning to three days?

Wave will notify you again before returning to the three day funding window.

So what else has changed?

While the funding timeline has changed from three days to two days, how you approve and process your payrolls hasn't. We've sped up the process that moves the money from your account to your employees' accounts so you can pay your employees faster.

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