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Collection Services

Electronic Funds Transfer (EFT) – Debits

Electronic Funds Transfer Debit Service is an electronic pre-authorized collection service that reduces the time and cost involved in collecting and processing your recurring receivables (debits). Payments are collected from your customers’ account and deposited to your TD business account on the due dates.

The service functions as an automated collection facility for a wide range of organizations, including condominium corporations, insurance, cable television, health clubs, property managers, rental and leasing companies, magazine and newspaper companies, utilities, churches and charities.

What Electronic Funds Transfer (EFT) – Debits Offers You

  • Transmits debit payments through Web Business Banking, a mainframe connection or personal computer
  • Accepts recurring payments in varied amounts with various due dates
  • Delivers reports on all items accepted for payment, as well as on those items which cannot be processed, to complement your own internal reporting procedures
  • Provides reports electronically or via fax
  • EFT Exception Processing to request payment deletes, reversals and traces may be completed on-line through Web Business Banking File Transfer

The Benefits of Electronic Funds Transfer (EFT) – Debits

  • Eliminates the time and cost of mailing and preparing invoices
  • Eliminates the collecting and depositing of received cheques
  • Removes cash flow uncertainty
  • Reduces clerical work and errors
  • On-line access to facilitate Exception processing of deletes, reversals and traces through Web Business Banking File Transfer

For more information, contact a Relationship Manager at the Commercial Banking Centre nearest you.

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