Over the past few weeks, we have observed a trend that poses significant risks for you and Investia. 

As you know, during order entry, withdrawal errors can occur for various reasons, such as duplicate withdrawals from a client’s bank account or withdrawals that simply should not have been made at all. 

While your first instinct may be to rectify the situation yourself by making redemptions payable to the client in order to minimize potential delays and impact, please remember that this is absolutely prohibited. In such situations, you must contact our head office to have the deposit reversed.

Even though the money will appear in the client’s cash account via the erroneous deposit, a withdrawal made by mistake will result in “insufficient funds” in most cases. Consequently, we would have sent money to a client that we never actually received. It will then be your responsibility to recover the sums from the client. Please bear in mind that these amounts can represent substantial sums.

Note that this policy applies to electronic funds transfers (EFTs), preauthorized chequing plans (PACs) and cheques.

Thank you for your attention to this matter.

Should you have any questions or require additional information, 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.