What Time Does Direct Deposit Go Through TD, and How Can You Benefit from It
New TD bank clients ask, “what time does direct deposit hit TD bank Canada?” Although direct deposits are a safer and faster way to get paid, some employees may have safety concerns.
Note that the payroll software your employer uses will determine the delivery time of the direct deposits. Here, you will learn how long direct deposits take, how to fasten them, and how to check the availability of the funds in your account.
At What Time Does Direct Deposit Go Through TD?
While most banks update their accounts at midnight, you can expect your TD bank direct deposits to reflect by 6 a.m. Some banks offer an early direct deposit for employees to get their cash before payday, but TD does not have the service.
According to the law, banks and other financial institutions must make direct deposit funds available no later than the next business day after the deposit. The time can, however, be affected by federal and bank holidays.
Transactions also delay due to weekends. Most financial institutions are closed over the weekend, so deposits made on Saturdays and Sundays are processed on Mondays. These transactions will get processed on the next business day if Monday is a federal or bank holiday. To avoid such delays, employers can wait for weekdays to make direct deposits.
You Can Speed Up the Process for Direct Deposits
Sometimes you need the directly deposited cash to reflect in your account quickly. For example, if you are an employer and are late to make payment to your employees, you can fasten the process of having the cash reflected in your employees’ accounts in various ways;
Whether paying an employee or gifting someone, you can avoid waiting until the next day for them to access the funds by depositing cash. That’s because banks process cash payments faster than an app.
Funds deposited in cash will reflect in the employee’s account almost immediately. Also, if you are stuck in traffic and won’t get to the bank during business hours, deposit at the bank’s ATM. The cash will reflect sooner.
TD bank reduces the processing time for emergency expenses with their Fast Funds. When you deposit your money using this service, it will be available in the receiver’s account sooner than depositing with other means.
Fast Funds also allows users to deposit and receive money during bank holidays, weekends, and business hours. It is also not picky with the type of deposits because you can get instant access to your cash with eligible cheque deposits.
Fast Fund users get priority processing of their payments, regardless of when they made the transaction. So it doesn’t matter if there are thousands or millions of transactions before yours.
Another benefit you will get from Fast Fund service is cheque insurance. If you issue a cheque and it bounces, you will not pay a returned item fee. Instead, users pay a three percent service fee to get the TD Fast Fund premium service.
How To Check If the Directly Deposited Funds Are Available
Checking if the deposited amount is reflected in your account is easy. First, download and install the mobile app. You can then log in to your account and check the current balance.
If you cannot access the mobile banking app, walk to the nearest ATM. Then, insert your ATM card and check your bank’s balance.
Another way to know if you got paid is by contacting the bank directly. Research the bank’s correct contact details and speak to an agent. Bank agents and customer care do not ask for confidential information like your passwords, so be careful not to disclose those.
Factors That Affect The Time Your Deposits Reflect In The Account
The federal government gives banks guidelines on how long it should take to process deposits. Banks then make their policies around the guidelines, and you should always ask questions when opening the accounts.
However, some factors can cause a delay in the deposited amounts reflected in the recipient’s account. For example;
Failure to adhere to business hours
Banks process deposits and payments made during business hours. TD bank business hours start at 8.30 a.m. when the bank opens and closes at 5 p.m. or 6 p.m. However, the opening and closing hours vary with branches.
Transactions done past these hours are processed the following business day. You can contact your bank to know their operating times or visit them online.
While small amounts deposited to your account can reflect within a few hours, huge amounts take longer. For example, you will take more time to receive a deposit of over $5000.
Banks take longer to clear the transactions because they go through screening to ensure they are not through fraud. However, some banks divide the amount, and you could get some portion of the cash sooner.
Type of deposits you make
Direct deposits and cash payments reflect in the recipient’s account almost immediately. Other modes of payments, like cheques, take some days to mature, depending on how fast your bank processes them.
Most banks hold first-customer deposits longer than those done by older customers. It is a security measure to ensure the transactions were rightful and not through fraud. You can ask your bank if you have questions concerning a delayed transaction.
Charges Of TD Direct Deposits
TD customers pay a $0 fee when they set up direct deposits of more than $5000 within a statement cycle. You will also not pay fees if you maintain a minimum daily balance of $2500 or a total balance of $25000 in your TD accounts.
If opening a direct deposit account with other banks, check their policies to know about any charges. Most charge a set-up fee for the direct deposit. You could also pay monthly fees for direct deposits and other transaction fees.
It is also essential to check if the bank charges a deposit fee every time you make employee payments with your payroll. The amounts vary depending on the bank’s size, your business, and the amounts you transact.
However, note that the bank does not cover your foreign currency conversion fees. Therefore, if you pay using a different currency and want the payment to reach the employee in their currency, you will incur a currency conversion fee.
The best way to avoid hefty foreign exchange fees is by exchanging the cash at Knightsbridge FX. The site is easy and fast to use, and the rates are affordable. You will save more than exchanging your currency using bank or agency rates.
So, what time does direct deposit hit TD bank Canada? Direct deposits will be available for withdrawal for TD customers by 6 a.m. of the next day. However, the deposits could delay due to public and bank holidays or depositing cash past working hours. In addition, you can fasten transactions by depositing money in cash.