THE 360 NEWSLETTER

With RRSP season underway, we thought we would provide you with a reminder of all the client payment options available at Investia, both for nominee and client-name accounts.

These options not only eliminate the manual handling of cheques, they also ensure timelier payment to your clients while ensuring their personal information remains fully protected.

Nominee Accounts

Electronic Funds Transfer (EFT):

We invite you to encourage your clients to use the electronic funds transfer option to send funds to their nominee cash accounts. To do so, the client can use the bill payment option within his/her banking portal, and enter his/her nominee account number. Once the client has completed the payment, a confirmation will be sent to Investia Head Office within 24-48 hours, at which time the deposit will be made in the applicable nominee account, and then a deposit notification will be sent to the Representative.

For more information:

• Administrative Procedure #47 – Electronic Funds Transfer – Nominee Accounts;
• Electronic Funds Transfer Step-by-Step Procedure (client handout).

One-time PAC:

Clients who do not want to use the bill payment option also have the possibility to set up a one-time PAC. This option allows the client to invest in mutual funds by allowing the amount to be withdrawn directly from their bank account. Note that banking information must be on file prior to selecting this option.

Banking Information and EFT:

Payment by EFT ensures the direct deposit of money to the client’s account upon redemption without the need to send a physical cheque, thereby eliminating potential postal service disruptions or bank branch closures which would delay the deposit of sums to the client’s account. We are taking this opportunity to remind you that banking information must be provided for all client payment requests, including cash distributions, systematic AWD payments and ad hoc redemptions. As a reminder, the client’s signature is required to add or modify client banking information in Univeris.

Client-Name Accounts

Electronic Funds Transfer (EFT):

Since client-name accounts do not have cash accounts, Investia offers the possibility to open a non-registered nominee account for cash account purposes only, without any annual administrative fees, in order to allow clients to make electronic funds transfers. This method allows the client to use the bill payment option within his/her banking portal, and enter his/her nominee account number. Once the client has completed the payment, a confirmation will be sent to Investia Head Office within 24-48 hours, at which time the deposit will be made in the applicable nominee account, and then a deposit notification will be sent to the Representative. The money deposited in the nominee cash non-registered will enable purchases in a client-name account held with Investia.

For more information:

Administrative Procedure #47A – Electronic Funds Transfer (EFT) – Purchase in a Client-Name Account).

Payment by EFT from the Client’s Bank Account:

This option enables the withdrawal of money from your client’s bank accounts by the fund company(ies) upon transaction settlement. When selecting EFT as the payment option, the client’s banking information will automatically be added to the wire order sent via Fundserv and the fund company receiving the wire order will withdraw the trade settlement amount directly from the client’s bank account. Note that banking information must be on file prior to selecting this option.

EFT and Fund Company:

Similar to point what is mentioned above, any payments to the client from the fund company should be completed via EFT (for cash distributions, systematic AWD payments and ad hoc redemptions). Please ensure a pre-populated void cheque is provided to the fund company for all payments.

Transfers Between Fund Companies: Finally, the in-cash transfer (ICT) option allows you to process a client-name account transfer from one fund company to another directly in Univeris. Using ICT allows the funds to flow electronically without the need of a cheque being mailed between financial institutions. There are specific rules that must be followed to ensure successful completion of this process.

For more information:

Administrative Procedure #39 – In-Cash Transfers (ICT).