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Disbursement Services

Electronic Funds Transfer (EFT) – Credits

Electronic Funds Transfer (EFT) Credit Service is an electronic payment distribution service that saves you time and money when making payments (credits). You can distribute funds to any individual or business account at any financial institution in Canada, quickly, automatically, electronically and economically.

What Electronic Funds Transfer (EFT) – Credits Offers You

  • Payments are disbursed to your receivers’ accounts on the selected due date at any financial institution in Canada.
  • Funds are withdrawn from your business account at the end of business on the same due date
  • Details regarding returned items (i.e. account closed) can be sent to your mainframe or personal computer and can be quickly printed or downloaded for further analysis
  • Reports are provided on all items accepted for payment, as well as on those items which cannot be processed, to complement your own internal reporting procedures
  • Reports can be provided 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) – Credits

  • Eliminates the cost associated with cheque production and reconciliation
  • Reduces postage and/or distribution expenses
  • Decreases staff time spent on administration
  • Increases accuracy through electronic banking
  • Enhances cash flow forecasting
  • 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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