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Graduate Studies

Banking

Setting up your bank account

When you arrive in Canada, setting up your bank account should be a priority. You are required to have an account at a Canadian banking institution.

If you would like more information on banking in Canada, visit Educanada.

Canada has five major banks. Each has student rates that you can ask about.

To open a bank account, you will need

  • passport
  • study permit
  • address verification (lease, bill, mail, etc.)

Your payments for scholarship and employment will be deposited directly into your bank account. This method of payment is mandatory. Depending on the type of payment(s) you receive you may have to update the information in 2 places:

  1. Student Center (in Mosaic) – Scholarship Funds (Graduate Scholarship, Entrance Scholarship, Department Scholarship, External Scholarship, Tuition Bursaries) and
  2. Human Resources – Research Scholarship, TA, and/or RA in lieu of TA.

Before enrolling in Direct Deposit: The most important thing you need in order to begin is your correct banking information.

NOTE: DO NOT enter the number on your bank card. Your correct banking information can be found at the bottom of any cheque belonging to the account you want your payment deposited. Example below (from the bottom of the cheque).

Direct deposit information

  1. The first three numbers are the cheque number (not required for this enrolment).
  2. The next five numbers are the transit number (branch number) – REQUIRED.
  3. The next three numbers are the financial institution number (bank code) – REQUIRED.
  4. The remaining numbers are your bank account number – REQUIRED.

If you don’t have cheques, this information is available by contacting your bank directly. Many banks provide this information online, under the secured account information section.

Once you have your correct banking information you can enrol in Direct Deposit.

If you are paid the following monies: Scholarship Funds (Graduate Scholarship, Entrance Scholarship, External Scholarship, Tuition Bursaries), you must set up banking information in MOSAICIf you don’t provide banking information, a cheque will be mailed to the mailing address that is listed in the Personal Information section on MOSAIC.

  1. Navigate to the Mosaic Portal.
  2. Type your Mac ID into the Mac ID field.
  3. Type your password into the Password field.
  4. Click the Sign In button.

Mosaic Login Screen

1. Click the Student Center Tab. In the Finances section, click Other Finances.

Mosaic Student Centre Finances Dashboard

2. Select Enroll in Direct Deposit list item.

Mosaic Dashboard with select open

3. Click the Go button (blue double arrows).

Mosaic Dashboard With Go Button Selected

4. In the Direct Deposit tab, click Enrol in Direct Deposit button.

Mosaic Dashboard Direct Deposit Enrolling Screen

5. Enter needed Bank Details and click Next to finish setting up the direct deposit.

Mosaic Screen for entering direct deposit information

6. You should receive a green check-mark once the banking information is added.

The Enrolment Process for setting up your banking information IS NOT COMPLETE – THERE ARE 5 MORE STEPS. Follow the prompts to complete this process.

7. You will need to agree to the Terms and Conditions.

8. Lastly, you must click the Submit button so that your information will be successfully added.

If you are paid the following monies – Research Scholarship, TA, and/or RA in lieu of TA, you must complete the Employee Deposit form.

You will need to download and fill out the Employee Contact and Deposit form from the Human Resources website and email the completed form to hr.mcmaster@mcmaster.ca.