THE 360 NEWSLETTER

Client Banking Information – Reminders and Clarification

Best practices June 1, 2023
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In order to avoid trade rejections and processing delays, we would like to provide the following reminders regarding the entry of client banking information in Univeris.

  • As mentioned in the March 30, 2023 communication, effective June 1, 2023 it will be mandatory for banking information to be entered in the system either by the client via the Client Portal or by Representatives in Univeris. Representatives are responsible for ensuring that valid client banking information is properly recorded in the system.

  • Clarification from the May 25 memo: Note that effective June 5, we will start rejecting banking information addition requests sent to Head Office, not client transactions. Banking information addition requests will be rejected and returned to the Representative so that they can enter it to the system as per our new processes.

  • All banking documents, including personalized void cheques, must be sent to Imaging on the day of entry in Univeris.

  • The client number must be clearly indicated on all documents, especially on void cheques, to ensure that they are indexed to the right client file

  • If the void cheque is intended for the client’s personal, joint and spousal accounts, please ensure that it is imaged to each of the 3 accounts.

  • The name in the “Holder Name” field in Univeris must always match the full name on the personalized void cheque

  • It is important never to put spaces or dashes (–) in the bank account number.

  • The banking institution number entered into the system must match the number that appears on the void cheque and not the name of the banking institution, more specifically in the case of President's Choice Bank.

  • It is important to always indicate a start date in the system.

  • Only banking information corresponding to an authorized scenario as described in Administrative Procedure # 63 should be entered into the system.

  • No bank account in $US can be added to the system.

  • We remind you that transactions involving non-compliant banking information or documents not submitted to Imaging within the prescribed deadlines could be reversed via a letter of indemnity (“LOI”) at the Representative’s cost and be subject to further action in the case of repeated non-compliance.

Useful References:

Should you have any questions, please contact our Client Services Team, by email at investia@investia.ca, by phone at 1-888-684-5548, or use the chatbot feature available on the Advisor Centre.

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