Update on EFT Payments

It’s official : our customers like having the option to pay via Electronic Funds Transfer (EFT) either online or by walking into a participating bank. New systems are not without glitches – we just had a BMO branch post a walk in customer’s payment as a credit memo instead of an EFT payment which meant we were never notified of the payment but such issues are not the norm. By and large, the option to use EFT is well accepted and being used by those who don’t want to wait the period of time it normally takes a cheque to arrive and be cleared.

We’re pleased to welcome the Federation des caisses Desjardins du Quebec (FCDQ) to the list of banks our customers can now use for EFT payments. Here’s a complete updated list of financial institutions:

Bank of Montreal (BMO) beginning July 31, 2012
CIBC beginning September 8, 2012
Credit Union beginning August 15, 2012
Canadian Western Bank beginning August 15, 2012
Federation des caisses Desjardins du Quebec (FCDQ) – Montreal beginning August 20, 2012

Customers of the banks listed above can settle invoices to us using their online and telephone banking tools or they can go to the counter and pay the bill there. If the bank you do business with is not on the above list, you can still take your invoice to the counter of any of the banks listed above and, for a nominal fee, pay the bill. Each bank sets their own fee structure, but we’re told the fee is in the neighbourhood of $1.50.

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