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How do I set up direct deposit?
How do I set up direct deposit?

Learn more about how to set up direct deposit with Shakepay

Updated over a week ago

You can receive your pay directly to your Shakepay account with direct deposit!

How to set up direct deposit:

  • Head over to the Shakepay app.

  • Click on "Add funds".

  • Select "Direct deposit".

  • Your institution number, transit number and account number will be shown. You can copy this information and share it with your employer or payroll provider.

  • You can also click on the share icon in the top right of the page to share this information directly with your employer.

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  • If you would like to access your void cheque and download it, you can click on "view void cheque". Your void cheque will be shown in the next page.

  • You can then click on the download icon in the top right to download your void cheque or to share it directly with your employer.

That's it! Once you have shared this information with your employer, you will now receive your paycheque directly in your Shakepay account.

To complete a direct deposit, the name on your deposit must match the name on your Shakepay account.

I did not receive my paycheque on payday.

You will be notified by email if we receive your direct deposit and reject it. If you do not receive an email from Shakepay, we suggest that you contact your employer.

What is the usual timeframe between when payroll is paid by my employer and deposited in my Shakepay account?

You should receive your paycheque in your Shakepay account within 24 hours.

Can I receive payments from my Etsy/eBay/Shopify store?

We accept all direct deposits including those coming from e-Commerce stores and CRA.

Can I use direct deposit for pre-authorized debit transactions?

We accept all direct deposits. However, we do not support any automated or recurring debit transactions.

How to auto-buy bitcoin with your paycheque.

You can now setup an auto-buy so that when your payroll direct deposit arrives, you automatically convert a portion of it into bitcoin or ethereum.

Please note: only payroll transactions are currently eligible for direct deposit auto-buy. Direct deposits that are not payroll transactions from an employer are not eligible for auto-buy at this time. An auto-buy can not be for an amount greater than your paycheque.

To setup auto-buy:

  1. From your account home screen, click "Set up direct deposit"

  2. Select "Direct deposit"

  3. Select "Auto-buy"

4. Enter the amount you would like to purchase, select "Review order"

5. Review the details and then select "Confirm"

6 Great, it's done! (Ensure you have shared your Direct deposit account details with your employer, when your payroll payment arrives, the auto-buy will occur)

How to setup auto-buy if you already have direct deposits enabled from your employer:

  1. Select "Cash balance" from your Shakepay home screen

  2. Select a completed direct deposit transaction from your employer in your transaction history

  3. Select "Auto-buy"

  4. Enter the amount you'd like to purchase and confirm the auto-buy!

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