EFT & RBC Express ACH Direct Deposit

I have never worked with Direct Deposit so I'm a little unsure as to how this will work out.  I searched the history of the forums and tried to read what I could but I still don't have a good understanding.  I hope someone can help to clarify this for me.  I recently enrolled with EFT Direct with Simply.  I want to go through RBC.  When I first tried to tell them about EFT they had no idea what I was talking about.  Eventually they sent me to RBC Express ACH Direct Deposit.  I have not yet signed up for this service.  I was reading their material and it almost sounds like I don't need the EFT if I sign up for this service?  Does anyone have any experience with using EFT with RBC?  I would really appreciate a break down of how this works.

Parents
  • 0

    I have a great deal of experience working with RBC Express. I did use Simply Beanstream prior to that. For either RBC Express or Beanstream you will need EFT Simply as that is the 'portal' that all direct deposit will go thru.. There is slightly more work involved with RBC but the period of time between processing the DDs (Direct Deposit) is far shorter for RBC than Beanstream. With RBC one can process DDs by 11:00AM (in BC as dependent on time zones) for DD to vendor/employees account the next day. If vendor/employee also deals with RBC then one could do a DD in morning and it will show in in their account same day. There are other things you can do with RBC Express that involves more than just DDs. The RBC cost is greater than Beanstream but for me with payroll of 60 plus employees and not receiving timesheets till Mon AM to still verify hours etc it was worth it - especially considering stat holidays on Mondays or Fridays which shortens the period for submitting for both RBC and Beanstream. Beanstream requires 3 days lead time so Tuesday AM processing date for DD'ing by Fri AM.

    If you are ok with the 3 days lead time then I would suggest Beanstream or look at their Sage Payment Solutions as well to see if that works for you.

    Some RBC branches are not as familiar with this. If you are not dealing with a 'main' branch then try calling the main branch and see if they know what you are talking about - make sure to let them know you will be using beanstream and not RBC Express. (I'm guessing you have already read the EFT Simply Guide on how to set this up and what to ask for from your bank?)  If they seem to know then ask for details on how to ask for what you need from your branch. Hope this helps somewhat.

Reply
  • 0

    I have a great deal of experience working with RBC Express. I did use Simply Beanstream prior to that. For either RBC Express or Beanstream you will need EFT Simply as that is the 'portal' that all direct deposit will go thru.. There is slightly more work involved with RBC but the period of time between processing the DDs (Direct Deposit) is far shorter for RBC than Beanstream. With RBC one can process DDs by 11:00AM (in BC as dependent on time zones) for DD to vendor/employees account the next day. If vendor/employee also deals with RBC then one could do a DD in morning and it will show in in their account same day. There are other things you can do with RBC Express that involves more than just DDs. The RBC cost is greater than Beanstream but for me with payroll of 60 plus employees and not receiving timesheets till Mon AM to still verify hours etc it was worth it - especially considering stat holidays on Mondays or Fridays which shortens the period for submitting for both RBC and Beanstream. Beanstream requires 3 days lead time so Tuesday AM processing date for DD'ing by Fri AM.

    If you are ok with the 3 days lead time then I would suggest Beanstream or look at their Sage Payment Solutions as well to see if that works for you.

    Some RBC branches are not as familiar with this. If you are not dealing with a 'main' branch then try calling the main branch and see if they know what you are talking about - make sure to let them know you will be using beanstream and not RBC Express. (I'm guessing you have already read the EFT Simply Guide on how to set this up and what to ask for from your bank?)  If they seem to know then ask for details on how to ask for what you need from your branch. Hope this helps somewhat.

Children
No Data