Overview
To set up pre-authorized debit, you need three numbers from your bank account: your institution, transit and account numbers. You can find all three numbers on a void cheque or a direct deposit form. Most banks let you download either one from online or mobile banking.
This applies if you're buying your first policy with YouSet, or updating the bank account you pay from.
What each number means
- Institution number: 3 digits. It identifies your bank
- Transit number: 5 digits. It identifies your bank branch
- Account number: usually 7 to 12 digits. It identifies your own account
How to get a void cheque online
- Sign in to your online or mobile banking
- Open the account you want to pay from
- Look for an option like Void cheque or Specimen cheque
- Download or print the document
How to get a direct deposit form
- Sign in to your online or mobile banking
- Open the account you want to pay from
- Look for an option like Direct deposit form or Pre-authorized debit form
- Download or print the form