Electronic funds transfer

Vancity offers two electronic funds transfer (EFT) services (also known as automated fund transfer, pre-authorized payments and pre-authorized debits) that your business can use for a variety of purposes:

  • Direct deposit for in-house payroll*
  • Monthly membership fees (e.g., health club)
  • Monthly maintenance fee or rent (e.g., strata fees)
  • Recurring payments to suppliers
  • Donation collection for charities and non-for-profit organizations
  • Collecting payments from customers

Vancity reviewed and recommends three payroll service providers using criteria built on our values-based banking model.

EFT services are offered in partnership with Central 1 Credit Union (Central 1).

Customer Automated Funds Transfer (CAFT)


  • Secure, web-based application
  • Data input and maintained by you on our secure database
  • Reports available online and in downloadable format

Automated Funds Transfer (AFT)


  • File-based in either ASCII or text format
  • Files generated by your accounting, payroll or property management software uploaded to our server (Download file specifications)
  • Reports generated for download from our secure server

Deadline for receipt of files at Central 1 is 2pm PST two days before your transaction due date. This lead time ensures that your EFT transactions can be processed by the other financial institutions by the due date.

Professional advice, products and services available from our Cash Management Team. Connect with your Business Account Manager.

Additional information


 

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