Potential Postal Service Interruption and Alternatives to Cheques

As you may already know, Canada Post employees might go on strike as early as this weekend (November 3, 2024) if no agreement is reached with the union by then. To minimize the impact of any mail delivery service interruptions for your clients, please find below a few important considerations and reminders.

Alternative to cheques
Given the possibility of a strike and the industry’s shift away from cheques, we thought it would be a good opportunity to emphasize the advantages of electronic fund transfers (EFTs). Setting up an EFT now for clients expecting a cheque in the mail (e.g., following a systematic withdrawal including RRIF/LIF payments, a client payment, or a redemption of distributions to be paid to the client, etc.) offers several advantages:

• Faster processing, resulting in quicker payment for your clients
• Reduced risk of error, eliminating the chance of misplacing cheques
• Reduced off-market exposure of funds 
• Enhanced protection of client personal information
  
  

To assist with the transition from cheques, we have prepared a document outlining the available alternatives at Investia. This document includes direct links to our administrative procedures for each process. Click the link below to read this document, which is also available on the Advisor Centre under Marketing / Practice Management.

Alternative to Cheques – Marketing Document for Advisors

Important considerations

• Please ensure valid banking information is on file before setting up an EFT.
• Be aware that a strike could also cause delays in cheque processing at fund companies.
• For transfers between two fund companies processing them as “in-cash transfers” will reduce delays at the relinquishing institution. See the procedure below for more information.
  
  

Should you require additional information, please contact our Client Service Department, by email at investia@investia.ca, or by phone at 1 888 684-5548.