Standardbred Canada (SC) and Woodbine Entertainment (WE) are pleased to offer Direct Deposit (Electronic Fund Transfer) for purse payments for Woodbine Mohawk Park and all other Ontario Racing Member tracks.
SC will be handling the collection of all banking information and approvals, while Woodbine Entertainment will be completing the actual transfer of purse funds directly to the SC member’s Canadian-based bank account. Direct Deposit payments can only be made to Canadian banks.
In the future, SC will be looking to roll out Direct Deposit payments in other Canadian jurisdictions, as well as for staking programs, but for the initial roll-out, the service is only available for those racing in Ontario.
Important information for SC members racing in Ontario:
- Starting on Monday, November 21, 2022, SC will be accepting applications and supporting documentation. While efforts will be made to process applications quickly, because of the volume of requests, it may take up to four to six (4-6) weeks to process the initial approvals.
- On horses owned or leased by more than one person or by more than one stable, the first owner/lessee of record will be the ONLY party to receive Direct Deposit (EFT) payments. It is required that ALL owners of record complete all Direct Deposit (EFT) forms (six pages), including providing proof of identification.
- Completion of these forms will enable funds to be released by Direct Deposit (EFT) to the first owner/lessee of record on any horses that person or stable owns/leases.
- As ONLY the first owner of record will receive payment, if you wish to change the order of ownership, or leases, on any horses for the purposes of Direct Deposit payments, Standardbred Canada will offer a grace period for those changes until May 1, 2023.
- As long as the owners of record do not change, there will be no charge for change to the official order of ownership. After that date, there will be a fee for all transfers, including changes in the order of ownership.
- To sign up for Direct Deposit (EFT), please provide the complete information required on all of the Direct Deposit (EFT) forms (six pages), including a void cheque or Direct Deposit (EFT) letter from your bank.
- Please ensure all documents are signed and dated, as well as providing one piece of government identification to Standardbred Canada. (For information on what is considered acceptable valid identification, click here.)
- Please send the completed information to [email protected] or call Standardbred Canada Member Services at 905-858-3060 x254. Standardbred Canada does not take any responsibility for the security of information. It is solely a member’s responsibility to ensure any information is sent via a secure and safe method to Standardbred Canada.
- If you have any changes to the information you have provided, or want to make changes to the approvals provided, contact Standardbred Canada Member Services at 905-858-3060 x254 or email [email protected].
- Changes will not take place until you have filed all required forms including valid identification, until Standardbred Canada has confirmed receipt of those changes and approved the changes, and until Woodbine Entertainment has received and verified the information. This change process will take approximately 10 business days, but processing time is not guaranteed.
- Processing speeds may differ between Ontario Racing tracks, and Woodbine Mohawk Park, and processing could take as long as four to six (4-6) weeks from the time applications are completed and first submitted.
- For a period of time, during the processing period, it is possible that payments may still arrive via cheque for Woodbine Mohawk Park but will still arrive via Direct Deposit for Ontario Racing tracks, or vice versa, as the tracks may have different processing times.
- If you have any questions regarding Direct Deposit, contact Standardbred Canada Member Services at 905-858-3060 x254 or email [email protected].
Direct Deposit - Frequently Asked Questions
- What is a Direct Deposit payment?
A direct deposit payment is an electronic transfer of funds that are deposited directly into your bank account rather than by cheque.
- What is an EFT Payment?
EFT stands for Electronic Funds Transfer, and they are an electronic payment type that allows you to debit from or deposit payments straight into another bank account (another way of saying Direct Deposit).
- What are the advantages of Direct Deposit?
Reliable — If you are sick, on vacation or travelling, you will still receive your payment on time.
Convenient — You will have faster access to your money
Secure — Direct Deposit may reduce risk that payments will be lost, stolen or damaged.
- If I enroll for Direct Deposit, how can I be sure that my banking information will be protected?
Standardbred Canada (SC) considers privacy and security of utmost importance when issuing payments. Access to your account is governed by your account agreement with your financial institution. Please consult with your financial institution for more information regarding security measures for accessing your bank account.
- How do I enroll for Direct Deposit?
You will need to complete the Authorization to Disclose Information form and the Authorization and Payment Direction form and provide a copy of front and back of government issued photo identification and return to Standardbred Canada, with a bank issued Direct Deposit form or a void cheque with your bank account number.
Send via email ([email protected]) or if you prefer you may send via registered mail to Standardbred Canada, 2150 Meadowvale Blvd, Mississauga, ON, L5N 6R6
- On my personal cheque, how do I determine my bank account number?
The Institution Number, the transit Number, and the account number can be found at the bottom of the cheque. You can also take the Authorization to Disclose Information form to your bank branch and a bank employee will assist you in determining your bank account information.
- I do not have a chequing account. How do I determine my bank account number?
You can take the Authorization to Disclose Information form to your bank branch where a bank employee will help you determine your bank account information and help you complete the form.
- Can I ask to deposit a payment into different accounts?
No. SC cannot split your payment between two accounts.
- Will I receive a notice of deposit?
Yes. You will receive an email from the purse administrator notifying you that there will be a deposit to your bank account within 72 hours. Since this is a direct deposit, you will not receive a cheque stub. The information that is usually found on a cheque stub will be included in the email.
- What should I do if I don't receive my payment?
If you do not receive your payment, please contact your financial institution. If your financial institution is unable to assist you, contact the bookkeeper at Woodbine Mohawk Park at [email protected] or 416-675-3993 x4315
- I currently receive my payments by direct deposit and plan to change my bank account. How do I make sure my payments will be deposited into my new bank account?
To change your bank information, please complete a new Authorization to Disclose Information form. In addition, make sure you do not close the old bank account before the next payment is deposited in the new bank account.
- Who can sign up for Direct Deposit?
Owners, trainers and drivers who have a Canadian Bank account and that race in Ontario can sign up for Direct Deposit. The bank MUST be a Canadian Bank.
- Are all tracks in Canada offering purse payments via Direct Deposit?
For the short term, SC is working with Woodbine Entertainment to offer direct deposit payment of purse monies for participants who race at Ontario racetracks and have a Canadian bank account (excluding Ontario Sires Stakes purses). In the future, SC hopes to pursue similar arrangements for other racing jurisdictions in Canada.
- How long does it take to process my application?
Depending on the volume it can take up to four (4) weeks to process this information – SC will try and process as quickly as we can. Until the information is entered and approved, you will still receive cheques.
- Who do I contact for any problems regarding this process?
For entering bank account information or filling in forms – please contact Standardbred Canada via email ([email protected]) or call Member Services 905 858 3060, x254.
For anything to do with the money itself – be it cheque or Direct Deposit please contact the bookkeeper at Woodbine Mohawk Park at [email protected] or 416-675-3993 x4315
- I have horses with multiple owners – what do I do to convert to Direct Deposit?
Initially just single owners will be allowed Direct Deposit. In preparation for multiple owners we ask that each owner fill in the Authorization and Payment Direction form - this gives permission to the administrator to send any purse monies to the first owner of record for all horses you share ownership in. All owners of the horse must agree to this. If one of the owners is a STABLE then the corresponding officer of that stable is signing on behalf of ALL owners in that stable. SO – you must encourage all of your owners to fill this form in and send to Standardbred Canada.
- Can I change back to cheques?
Yes. You can change back to cheques. Just complete the Standardbred Canada Direct Deposit Cancellation form.
- For certain horses the money should go to the 2nd owner – how do I do that?
Initially you may change the ownership of the horse to have any owner of the horse be moved to the 1st owner of record by completing the Ownership Order Change Form. As of May 1, 2023, an administration charge will apply for any future changes to ownership order.
- Is Direct Deposit applicable for Drivers and Trainers?
Yes – Once you fill in the form for Direct Deposit – any purse monies will be sent for owners, drivers and Trainers
- Can I have Direct Deposit just for my Owner purse money and not for money I earn as a Driver/Trainer?
No. This is all encompassing – it will be for all purses earned by you as an Owner, Driver or Trainer
- What if I don’t want to fill in those complicated forms?
The forms MUST be completed and processed for the Direct Deposit to be activated
Direct deposits will be made according to the current purse payment schedule for each racetrack / organization that distributes purse monies.