Canadian financial institutions have reinforced their requirements for cashing cheques. In that respect, we are no longer permitted to cash a cheque issued to a client’s name even if it is endorsed by the client. Only cheques issued to iA Financial Group are now authorized.
| Authorized | Unauthorized |
|---|---|
A cheque issued to iA Financial Group |
A cheque issued to a client’s name (even if endorsed by the client) e.g. Cheque issued to John Doe |
| A cheque issued to a client’s name AND iA Financial Group e.g. Cheque issued to John Doe and iA Financial Group |
|
| A cheque issued to a client’s name OR iA Financial Group e.g. Cheque issued to John Doe or iA Financial Group |
Receiving a cheque issued to a client’s name (endorsed by the client) – What will happen?
The cheque will be cancelled, and a transfer will be processed from the line of business that issued the cheque to the receiving line of business.
How to minimize the impacts and transaction delays of this change when the sums come from an iA Financial Group line of business and are destined to be deposited with another iA Financial Group line of business?
e.g. John Doe is the beneficiary of an iA Financial Group life insurance policy and, in the context of the settlement, he wishes to invest the sums in an individual savings contract also with iA Financial Group. His advisor can request that the sums owed to John Doe be transferred from life insurance to individual savings. Thus, by avoiding the cheque settlement option for John Doe, the advisor initiates the transfer process sooner and avoids additional delays.
We are counting on your usual cooperation to reduce the impacts of this new requirement and avoid delays.
