BMO Now Offering Interac’s e-Transfer Service to Business Accounts

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For several years now, many banks have been providing personal and business account users with the ability to transfer funds to each other through Interac’s e-Transfer service; which is a money sending service that works like a computer cheque and allows users to send money to anyone with an email address or mobile number and a Canadian bank account. However, BMO has previously only offered this service to their personal account users and is only now beginning to follow suit with other banks and offering business accounts the chance to take advantage of electronic based service.

 

Business account users that bank with BMO have had to patiently wait for this service to become available to them while knowing that other banks were already offering it to their business account users, for many BMO business account clients it was a frustrating wait that seemed pointless. Until now, customers at BMO that had both personal and business accounts with BMO, were often left with the unpleasant option of using their personal account to transfer money when a cheque was not convenient and the question of why they could not access this service with their business account. Looking at the situation from a customer point-of-view, one has to wonder what the holdup has been, other banks have been offering Interac’s e-Transfer service to their business accounts some time now, why have BMO business clients had to wait so long? Whatever reasons BMO had for holding up access to the service, business banking customers will now be able to send funds with Interac’s e-Transfer service when a cheque or cash will not work.

 

According to the BMO Capital Markets website, Interac’s e-Transfer service is “ideal for low value and low volume payments. Interac e-Transfer service offers an online payment method available 24/7. Interac e-Transfer allows you to receive funds via email to your BMO deposit accounts. This option is ideal for when you need to receive funds quickly without having to provide bank information…” BMO also offers an option for making notes about the money you send from your business account through Interac’s e-Transfer, “…Through Online Banking for Business you can also add messages to your e-Transfer that will appear on your bank statement and leverage existing Account Transfer reporting, making reconciliation of payments easier.” (“BMO Capital Markets: Managing Receivables, Interac’s e-Transfer,” n.d).

 

There are a few pros and cons that businesses that use Interac’s e-Transfer service should be aware.

Pros:

  • If you have a dispute with someone you paid using an electronic cheque, the bank can easily investigate any transfer that may have been made without authorization or were incorrect.
  • Can decrease your business banking fees, as using the service is just like using your Interac card at the bank or a store.
  • Since using Interac’s e-Transfer is just like using your bank/Interac card like normal, you do not need to worry about someone not wanting to accept cheques, you can send them the money directly.
  • You do not need to resort to using your credit card, when cheque or cash is not possible.
  • No NSF fees from declined cheques.

 

Cons:

  • Funds are released from your business bank account right away, so you MUST have the funds available.
  • You do not receive a cancelled cheque for accounting purposes.

 

Generally, the benefits of using Interac’s e-Transfer service greatly outweigh any downfalls you can find, and BMO business customers that choose to use the e-Transfer service will surely be happy.

 

Much to the displeasure of some of their business account customers, BMO took longer than many other banks in providing their business account clients with the ability to use Interac’s e-Transfer service. However, the wait is now over, and BMO business account holders, much like the business account clients of many other banks,  can make full use of this safe and easy form of money transfer.

 

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CIBC set to launch eDeposit for cash

Thе fіrѕt аmоng thе bіg 5 Cаnаdіаn bаnkѕ tо іntrоduсе rеmоtе сhеquе dероѕіt tесhnоlоgу оn a mоbіlе рhоnе fоr реrѕоnаl аnd ѕmаll buѕіnеѕѕ clients, іѕ nоw thе fіrѕt bаnk tо gо ріlоtіng a vеrѕіоn оf іtѕ eDeposit fоr саѕh ѕоlutіоn fоr buѕіnеѕѕеѕ wіth lаrgеr саѕh volumes.

Cuѕtоmеrѕ whо fіnd thе рrосеѕѕ оf dероѕіtіng саѕh аt thе bаnk tоо іmрrасtісаl оr јuѕt tоо ѕlоw аrе gеttіng a hеlріng hаnd frоm thеіr banks. In аn еffоrt tо mаkе trаnѕасtіоnѕ mоrе convenient, ассеѕѕіblе аnd faster, Canadian Imреrіаl Bаnk оf Cоmmеrсе hаѕ еmbаrkеd оn ріlоtіng a nеw fеаturе whісh іѕ ѕаіd tо аllоw buѕіnеѕѕ оwnеr tо dероѕіt саѕh whіlе thеу аrе ѕtіll аt thеіr рrоѕресtіvе ѕtоrеѕ оr оffісеѕ CIBC’s lаtеѕt eDeposit fоr саѕh іnnоvаtіоn аllоwѕ саѕh ѕсаnnеd аnd соuntеd bу аn аutоmаtеd bіll rеаdеr the cash is then deposited into the Client safe Account thus giving them access to the funds before the cash is actually taken to CIBC this whole process is carried out with the aid of brink’s Computer safe

The router communicates and sends reports for each cash deposited and at least weekly brinks pick up the cash and delivers it to CIBC for reconciliation

Thе CIBC eDeposit fоr саѕh еnѕurеѕ thаt уоur trаnѕасtіоn іѕ ѕаfе аnd ѕесurе аѕ nоnе оf thе fіnаnсіаl іnfоrmаtіоn іѕ ѕtоrеd оn уоur dеvісе аnd аll wіrеlеѕѕ trаnѕmіѕѕіоnѕ аrе ѕесurеlу encrypted. Thіѕ іnnоvаtіvе ѕеrvісе brіngѕ a nеw lеvеl оf соnvеnіеnсе tо сlіеntѕ uѕіng nеw tесhnоlоgу frоm CIBC

Thіѕ іѕ аnоthеr еxаmрlе оf hоw wе аrе hеlріng оur сlіеntѕ bаnk where, hоw аnd whеn thеу want,” ѕаіd Phіl Griffiths, Sеnіоr Vісе President, Glоbаl Trаnѕасtіоn Banking, CIBC. “We’re hіghlу dеlіghtеd tо аnnоunсе thіѕ lаtеѕt іnnоvаtіоn tесhnоlоgу ѕо fаr thе сlіеnt fееdbасk hаѕ bееn оvеrwhеlmіnglу positive. “We rесеіvе a hіgh vоlumе оf саѕh еасh day, аnd thе CIBC eDeposit fоr саѕh ѕеrvісе аllоwеd оur сlіеnt tо dероѕіt thеm wіthоut hаvіng tо lеаvе thеіr vаrіоuѕ оffісеѕ ,” said Hanif Ladha, VP Finance, thіѕ fеаturе wіll ѕіmрlіfу thе wау wе dероѕіt оur саѕh аnd wіll ѕіgnіfісаntlу rеduсе оur соѕtѕ аnd оvеrаll саѕh рrосеѕѕіng cycle.” eDeposit fоr саѕh іnnоvаtіоn Imрrоvеd Cаѕh Flоw fоr Buѕіnеѕѕеѕ. Buѕіnеѕѕ сlіеntѕ саn lеvеrаgе thе nеw ѕеrvісе tо bеttеr mаnаgе саѕh flоw bу dероѕіtіng іmmеdіаtеlу аftеr thеу rесеіvе them, rаthеr thаn wаіtіng tо vіѕіt a brаnсh оr ABM tо mаkе a deposit. Thіѕ gіvеѕ buѕіnеѕѕеѕ fаѕtеr ассеѕѕ tо thеіr wоrkіng саріtаl tо mееt оutgоіng саѕh flоw needs.

Thе eDeposit fоr саѕh іnnоvаtіоn wіll bе mоrе ѕuіtаblе tо buѕіnеѕѕеѕ thаt dероѕіt a hіghеr vоlumе оf саѕh аnd оffеrѕ buѕіnеѕѕеѕ thе flеxіbіlіtу аnd соnvеnіеnсе tо сіrсulаtе cash.

Canadian imperial bank of commerce popularly known as CIBC іѕ a lеаdіng Nоrth Amеrісаn fіnаnсіаl іnѕtіtutіоn wіth over 10 million реrѕоnаl bаnkіng аnd buѕіnеѕѕ customers. CIBC оffеrѕ a full rаngе оf рrоduсtѕ аnd ѕеrvісеѕ thrоugh іtѕ соmрrеhеnѕіvе еlесtrоnіс bаnkіng network; brаnсhеѕ аnd оffісеѕ асrоѕѕ Canada, аnd some few other countries аrоund thе globe.

TD Canada Trust Mobile Apps Now Allowing Cheque Deposits

Although late in the game TD Canada trust has finally updated their mobile apps to allow cheque deposits, their rivals as Tangerine and more recently CIBC have been offering this great feature for quite a while.

To take advantage of this feature be sure to update the TD app in your mobile app store, once updated this feature will show in the app, simply use the camera of your gadget and you will be able to deposit cheques, by the concrete snap of your document. This is a proof worthy enough for the Canadian bank to submit the further steps required in a mobile banking transaction. All in all, you don’t have to use an ATM or bank’s online services, to have your transaction performed, a couple of front and back pictures will help you save time. The update app is quite useful for businesses needing to sign multiple customer cheques, but also as individual user you can always enjoy the benefits of a comfortable mobile banking.

TD Mobile Deposit    td-mobile-deposit1     TD Mobile Deposit

Download the updated TD Canada Trust app for your mobile OS using the following links:

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Save on your business and personal cheques costs by purchasing them at ChequesPlus.com, The lowest prices on cheques in Canada.

The Combination of Comfort and On-The-Go Access Is Triumphing in the Market

#1-bankAt Cheques Plus we are always covering what’s happening in the financial world and today we will discuss about mobile solutions applied to finances:

We live in a digital Era where internet is making our lives more comfortable while speeding up certain processes. If you have been interested in the latest updates on the digital market, you can see that it’s clear that mobile solutions are managing to make room in this competitive world.

By looking at smartphones sales, tablets and so forth, we can clearly notice that more and more people are choosing those mobile solutions to perform different activities that in the past required a computer. The days when you needed to turn on your computer to check your email inbox, buy a product or communicate are gone. Now you have mobile solutions you can use combining comfort and commodity.

The popularity of mobile apps has been growing exponentially year after year and that’s no exception in the financial world.

One of the main banks that have contributed to the mobile solutions applied to the financial world is CIBC a Canadian bank that has been voted the top Canadian bank as far as risk factors and capital levels go for the second year in a row. CIBC has also achieved the milestone of the third strongest bank in the world based on the two factors referenced above.

CIBC and Mobile Banking

This bank was the first bank to launch a new eDeposit (electronic deposit) app that allows users to deposit cheques using their mobile camera. Later on this app has been enhanced to cover business cheques, allowing businesses who receive a bigger volume of cheques to handle them in the proper way using the application.

CIBC is trusted by more than 11 million clients and now reached these important milestones, which means that this bank is expected to remain strong and trusted for years to come.

Past, Present and Future of Mobile Banking

Mobile banking services like depositing personal cheques and business cheques, have become a lot easier with the help of mobile devices. This mobile trend started in 2010 when the first mobile banking app was launched.

Since April, 2013 mobile banking has grown twice every quarter. Currently, mobile banking exceeded the values of online banking going back to the 90’s.

With more than 20 financial institutions embracing the advantages of mobile banking and more than 1,000.000 cheques deposited using these mobile solutions, there’s no doubt that the future appears to be interesting and full of growth.

If you need to order cheques or handle your business cheques in an easy and comfortable way,you can rely on chequesplus.com services and keep things simple, effective and above all being a trusted Canadian company we allow you to handle cheques and perform. There is no need to keep searching and using different services when you have a place like cheques plus that offers you an all-in-one service.

Why Buy From Cheques Plus

Why Buy From Us

There are many companies that allow you to reorder your cheques online and will deliver your purchase to your door, but no other online retailer or financial institution offers all of the benefits and services that you’ll receive from Cheques Plus.

We are the absolute best source for your cheque order because:

We have the best prices
At Cheques Plus, we offer very competitive pricing on both personal and business cheques. We keep up to date on our competitors’ prices, so that we can meet or beat them with all of the styles that we carry. When you choose to buy from us, you can be confident that you’re getting the absolute best price on whatever type of cheques you choose.

We offer free shipping
If you’re a customer in Ontario or Quebec, you can benefit from free shipping when you choose Cheques Plus. We offer free shipping on on most products and orders over $50, and our rates for shipping to the other provinces are as affordable as possible.

We ship quickly
When you need to reorder cheques, you often can’t afford to wait days for your order to arrive. That’s why Cheques Plus ships orders the same day whenever possible. We always select the fastest shipping methods available, so that you can have your cheques the very next day.

We don’t have hidden fees
For special order customizations, we do not assess any hidden or additional fees. We never charge setup fees for these services, meaning there are never any nasty surprises when it comes time to pay for your order.

We are a one-stop shop
At Cheques Plus, we simplify shopping by offering all of the supplies that you need for check-writing and making deposits. We have a complete selection of cheques, deposit slips, envelopes and stamps all available for competitive prices every day.

We are a trusted Canadian company
When you order cheques, you are entrusting a company with your sensitive financial information, such as your account number, so you want to be sure that you are dealing with a trustworthy organisation. Cheques Plus is a Canadian company based in Quebec. We have an excellent reputation in the industry and will ensure that your personal information is protected.

If you’re looking for a hassle-free cheque reordering experience, Cheques Plus is the absolute best choice. Find the perfect cheques for your needs by shopping our website today.

Get 10% More Cheques Throughout Feb. 2014 with Coupon Code 10%MORE

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Looking to save on your business cheques? then take advantage of our latest coupon offer for February 2014. We are offering you 10% more cheques on any business cheque order, order 1000 and get 1100 etc.

To take advantage of this promotion simply add coupon code 10%MORE when checking out on ChequesPlus.com

Don’t want to miss out on other great deals? Like us on Facebook or follow us on Twitter!

Business Cheques Toronto

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Business cheques are more than just the traditional means of paying bills, they represent a myriad of possibilities when handing your company finances. With Cheques Plus, you can continue to enjoy having business cheques available for your needs.

Thanks to the services of Cheques Plus, your Toronto cheque printing company, there are a number of ways that business cheques can work for you and your needs. Across the country, thousands of businesses conduct their transactions through cheques, making them arguably the most important means of paying for bills and keeping track of financial expenditures.

Why Pay with Pre-Printed Business Cheques?

It certainly seems in this day and age that the cheque may have gone by the wayside. However, the business cheque is not only still valued, it brings with several advantages that can be used to help guide your business through its financial obligations.

Verify Payments: By running all of your payments with business cheques, you have visual verification of what you have paid for and how much. By limiting your expenditures to business cheques, you can keep better track of your financial records.

Promote your Business: The business cheque may seem like an unusual means of promotion, but with your company name, address, contact information, logo, color and other features it can certain impress any and all who see your cheque. When using Cheques Plus, you can show off a high quality cheque for those who receive them or see you use them to pay for different items.

Build your Business Brand: The brand of the business is something that often gets mentioned, but few realize just how important it really is in terms of promoting your overall business. By using business cheques, you can help build up the brand of your business through consistent payments. By establishing your financial integrity through cheques, you can build up your business brand.

Advantages of Pre-Printed Business Cheques

Having available pre-printed business cheques means that you have several advantages when conducting your business efforts. These cost-effective, versatile cheque designs can provide your business with the options it needs.

Style & Color Choices: Here, you can order the number of cheques in the style and color you want so that your business can not only pay for its needs, but do so in style. More than just a way to pay the bills, the cheques you order reflect the style and brand of your business as well.

Fast Shipping: Because these cheques are pre-printed, that means you get your order quickly so that you can refill your business cheques when needed. No longer do you have to order months in advance and stick with the same design over and over again.

Low Cost: Thanks to lower cost printing machines, the order can be fulfilled quickly without any loss in quality. Now you can budget more effectively when ordering from Cheques Plus, your Toronto cheque printers to get the style, color and amount you want without having to break the bank.

Business cheques are here to stay and by using pre-printed cheques you can help build up your business as well thanks to the high quality designs.

No More Door-To-Door Delivery?

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No More Door-To-Door Delivery?

Canada Post has recently announced that it will be making changes to its delivery service.  The planned changes will include the phasing out of door to door delivery as well as the introduction of community mail boxes.  There will also be an increase in postage stamps from 63 cents to $1.  However, to make postal services more accessible for customers, Canada Post plans to open up more outlet offices.

The primary reason driving this change is the fact that there has been a rapid decline in the use of postal services. Since 2006, approximately one billion fewer pieces of mail have been delivered by Canada Post as people are now choosing to use email and online payment services instead of regular post.  This has resulted in a decline in Canada Post’s revenues thus forcing it to change its strategy. It is being forecasted that Canada Post will lose nearly $1 billion by 2020.  In light of such dire projections, Canada Post has decided to alter its mode of operation.

The way people use mail has changed. Nowadays, people use regular post more for sending parcels rather than letters.  The use of community mailboxes is already implemented in town home communities and apartments and applying this method to other households should work out well for everyone overall.

While this may be good news for Canada Post, reaction from the general public has not been entirely positive.  According to a survey, 73% of customers who currently receive door-to-door delivery were against these changes.  It is important to keep in mind however that this 73% comprises of only one-third of Canadians who still receive door to door delivery while two-thirds are already using community mailboxes.

Small businesses may be the ones who would be most affected by these changes.  This is because most businesses still use regular mail to send out cheques, bills and paper invoices.  While community mailboxes versus door to door delivery may be easily acceptable for an average customer, small businesses on the other hand still use postal services regularly.  Businesses that use postage meters will see an increase in their postal costs.  A large number of small businesses buy stamps in bulk but because of the planned increase in stamp costs, their costs will definitely increase.

Despite the changes in how people use mail, three quarters of Canadians still use personal cheques. Data indicates that cheque users write approximately 6 to 20 cheques a year and still mail out cheques for bill payments, membership fees, monetary gifts and other service bills.  The proposed changes by Canada Post are expected to be implemented over the next five years and the specific impact on an average customer and a small business is likely to be seen during this time.

 

Easy banking on iPhone with updated CIBC app

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If you are willing to use your iPhone for fast and secure transactions, CIBC has just released an essential update to its classical app for Apple’s products. Mobile banking has never been easier, once you will try it, you will be delighted.

You will simply use the camera of your gadget and you will be able to deposit cheques, by the concrete snap of your document. This is a proof worthy enough for the Canadian bank to submit the further steps required in a mobile banking transaction. All in all, you don’t have to use an ATM or bank’s online services, to have your transaction performed, a couple of front and back pictures will help you save time. The update app is quite useful for businesses needing to sign multiple customer cheques, but also as individual user you can always enjoy the benefits of a comfortable mobile banking.

According to the bank’s representatives, this update will save the time of 11 million customers, an impressive number, if no technical trouble appears during the process. An interesting detail about this spectacular change is that the CIBC admitted that customers feverishly required the new method of payment, so the bank was just fulfilling their wish. You can do the same magic with your Android gadget too, the only exception established for the moment by the bank is that the service is available only for Canadian dollar cheques via eDeposit. Unfortunately, CIBC hasn’t mentioned when its BlackBerry and android app will receive the same update.

According to a financial report issued last year, it seems that other six major banks prepare their infrastructure in order to introduce a similar feature, so mobile banking will soon face a revolution. For the moment, ING Direct offers a similar app.

CIBC stated that the update is safe and secure, since none of your sensitive information regarding your money is effectively store on your gadget, which is transmitted wireless, but don’t neglect an extra-protection thanks to antivirus software.

Update (Dec. 12 2013):
CIBC announced that they are expanding innovative eDeposit service for business clients too by providing them with a desktop cheque scanner. Head over here for the full details.

 

How to Avoid Becoming a Victim of Cheque Fraud – Part 2

Despite the widespread use of other payment methods, cheques still remain in use.  According to Statistics by the Canadian Bankers Association, Canadian financial institutions still process approximately one billion cheques every year.

Cheque fraud can occur in two different ways. They can either be stolen or fraudsters can make changes to them.  You need to not only protect your cheques from being misused but also from being given one of these fraudulent cheques.

Financial institutions have their own measures to detect if a cheque is fraudulent or not.  However, the common man may not have access to the tools that they have.  However, there are still certain ways in which you can detect whether you have been given a fraudulent cheque.

Most Canadian banks have certain security features built into their cheques such as watermarks or specific designs. These are generally printed on the back of the cheque. If the cheque you’ve been given is not original and has been scanned or photocopied, these intricate designs or watermarks will not be there.  This is one way that you could identify that the cheque is forged.

If you’ve been given a money order or a bank draft and you have certain doubts about their originality, it is always a good idea to call the bank that has issued the cheque to make sure it is genuine and the funds will be released once you deposit it. In addition, there are some basic precautions that should always be taken when writing or receiving cheques.  Always ensure they are properly dated and fully completed; if you see even minor signs of any alteration, do not accept such cheques; avoid accepting post-dated cheques; if a cheque was originally made out to someone else an then signed over to you, do not accept it; do not accept counter cheques.

Be wary of Cashier’s Cheque Fraud.  A large number of people assume that a cashier’s cheque is as good as cash.  That is not always the case.  Sometimes buyers make out a cashier’s cheque in excess of the purchase price of the product.  The buyer then asks the seller to pay him back the extra money.  This is an example of a cheque overpayment scam.  These could be done either through a lottery, auction or secret shopping offers.  You might end up realizing that the overpaid cheque that you deposit is a fake and although the funds may be registered immediately, once the cheque is actually processed, your bank will determine that it is fake.   You will then have to bear the penalty as well as the loss of any funds that you may have wired to the buyer for the amount that he had initially overpaid.

Overall, simple yet effective precautionary measures can help you minimize the chances of becoming a victim of cheque fraud.