Banks Facilitate Access to Relief Funds Through CRA Direct Deposit

TORONTO, April 3, 2020 /CNW/ - Banks in Canada are working collaboratively with the Government of Canada to offer online enrollment of Canada Revenue Agency's (CRA) direct deposit, a convenient and secure way to receive SIN-based government benefit payments, including the new Canada Emergency Response Benefit (CERB) for people experiencing financial hardship due to COVID-19.

Effective today, Canadians should visit their bank's website for information on how to enroll for CRA direct deposit or, for those already registered for the service with the CRA, update their account information. Once enrolled, individuals will receive CRA payments such as benefits, credits and refunds deposited directly to their bank account, and will no longer receive cheques in the mail.

Starting April 6, individuals signed up for direct deposit with the CRA will be able to receive government benefit payments, including CERB, quickly, securely and directly to an account at a Canadian financial institution. Individuals must first determine their eligibility for CERB and enroll directly with CRA. Payments can be verified by checking your bank statement or by logging into CRA's My Account.

"Banks in Canada are working closely with government to get emergency benefits flowing to Canadians in their time of need," said Neil Parmenter, President and CEO, Canadian Bankers Association. "People that are experiencing financial hardship due to COVID-19 are encouraged to use CRA's direct deposit solution to access funds faster and more directly."

Remember: neither your bank nor the CRA will ever send you an email, text or a link directing you to a page asking for your personal information to receive your benefit payment. These are scams and people should never respond to these fraudulent communications or click on any of the links provided. The direct deposit enrolment link is only available to customers through your financial institution's secured online or mobile banking channels.

For more information, visit the CRA's webpages on direct deposit and COVID-19. Canadians are also encouraged to visit their bank's website:

BMO Financial Group

CIBC

National Bank of Canada

RBC

Scotiabank and Tangerine

TD Bank Group

About the Canadian Bankers Association

The Canadian Bankers Association is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals. www.cba.ca.

SOURCE Canadian Bankers Association

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