Payroll Direct 💳
If you know you want to track your spending and save regularly, then setting up direct deposit with KOHO is the move.
- In-app go to Home > Add Funds > Payroll Direct and download the Payroll Direct information form. Then ask your payroll department to have all or a portion of your paycheque go directly to your KOHO account.
Pre-Authorized Debit (PAD) 💵
We now support pre-authorized debits from your KOHO account!
You can schedule pre-authorized and recurring payments for things like your car insurance, Wealthsimple contributions, property tax, or your hydro bill.
- You can find all the information you'll need (like institution and branch number) in your KOHO app under Home > Add Funds > Payroll Direct
- Then update your payment information with your different service providers so that your next internet bill or RRSP contribution comes right from your Spendable
- Want to fund your Wealthsimple account from KOHO? Check out this article for more
- You can have a merchant pull funds from your account 3 times in a 30 day rolling period, full details here
- If you don’t have enough funds in your account, the PAD will be rejected.
Note: We do not support payments to credit cards or non-financial institution loans at the moment. If you're unsure about what payments we support, please reach out.
Any lingering questions? Contact our super friendly support team through the in-app chat function!