NEW: Direct deposit with Wave

This article applies to Payroll by Wave in Canada.

We’re bringing the direct deposit process in-house to give you more control and deeper insights into the payroll process. Read on for what’s changed.

Does this affect how I pay my employees or payment timelines?

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

For example, if you want your employees to be paid on Friday, you must approve the payroll on Tuesday before 3:00 PM EST.

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

If you do want to change your funding bank account (where the payroll withdrawal comes from), you can do so now or at any time, with one exception: the days payroll withdrawal is scheduled. On these days, your funding account information is locked to ensure payroll is processed correctly.

Will everything still work?

We’ve been working on this feature for quite some time – and in fact, it’s the system new Payroll by Wave customers have been working with for several months! It’s worked wonderfully, so we’re excited to be rolling it out to all our Canadian Payroll by Wave customers.

So what else has changed?

Bringing direct deposit in-house to Wave means that you have greater visibility of where you are in the payroll process. You can now view the status of each payroll and see when the funds are withdrawn from your account, or if the payroll is refunded or cancelled.

You’ll also be able to see the payment status for each employee’s direct deposit, so you’ll be in the loop if there are any issues.

If a deposit fails, you’ll be guided through how to resolve the issue, and you now have the option to resubmit transactions.

If there are any errors during the payment process, you’ll see an alert next to the payment, along with a detailed explanation of what went wrong and steps to resolve it.

Is my information secure?

Your information is protected by our security policy. Wave is not collecting or storing any more information than we did before.

How long will the update take?

The update will only take a moment. Make sure you come back to the Payroll hub afterwards to update your account – we promise it won’t take long!

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.

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