Direct deposit set up
Background
If you do not set up direct deposit, your cheque will be sent by Canada Post to your Canadian mailing address. Cheques take 2–3 weeks to arrive by Canada Post and may be lost and need to be cancelled and replaced, which will result in further delay of your payment. Set up direct deposit to receive payments without delay. After direct deposit set up, submit your annual Supervisor–Student Agreement to the BME Graduate Office to activate pay instalments. The financial account for some investigators may be managed by organizations external to the University. For example, some research grants are held and disbursed by university-affiliated hospitals and such funds are not managed by BME through the university payment system (i.e., HRIS). Instead, these funds are typically managed by the office of human resources at the hospital. Students should consult their supervisor to learn more about other administrative systems where direct deposit set up may be relevant.
Procedures
1.0 Follow both instructions below:
1.1 Set up direct deposit to receive BME funds
- Review https://help.acorn.utoronto.ca/blog/ufaqs/direct-deposit/
- Log on to ACORN and complete the following tasks
- Go to the “Finances” section for instructions on how to set up direct deposit (i.e., add your banking information)
- Double check to verify that the banking information you entered is still valid
- Review https://help.acorn.utoronto.ca/blog/ufaqs/add-change-address/
- Go to the “Profile & Settings” section for instructions on how to add/update your Canadian mailing address, and follow the instructions listed
- Double check to verify that your Canadian mailing address is still valid (i.e., has not reached its expiry date)
- Ensure that you are registered for your degree program to receive funds. Confirm your registration by reviewing your status in the “Academics” section of your ACORN dashboard.
AND
1.2 Set up direct deposit to receive supervisor funds (managed by BME)
- Complete and return the U of T Payroll Bank Authorization Form for Direct Deposit to the BME HR Office (RS407) or email the completed form to hr.bme@utoronto.ca
- If the supervisor holds their research funds outside of BME (e.g., at an affiliated hospital), the student needs to make direct deposit arrangements with their hospital/on-site HR department (consult your supervisor for details if applicable)
2.0 Activate payment:
- At the beginning of every academic year, students must complete and return a BME Supervisor–Student Agreement Form to the Graduate Office to activate pay instalments. Email the completed form to grad.bme@utoronto.ca and copy hr.bme@utoronto.ca
Note(s):
- Registration is required to receive payments. If your degree registration status is “Invited”, your pay instalments will not be processed.
- Direct deposit will ensure that you receive your payment(s) quickly in 3–6 business days (if there are no arrears) from the processing date.
- Cheques to students with international mailing addresses will be held by the Office of Student Accounts and not mailed.