Automated funds transfers are what make pre-authorized debits and direct deposits possible, making it easy to pay bills and deposit paycheques or government benefits, for example, directly from or into one's account. Businesses can also use AFTs to send or receive payments from suppliers or clients. Whether you're the one making the payment or the one receiving it, learn more about these types of payments, and your rights and responsibilities.
The Legal Stuff:
We’ve designed this video for everyone. It’s to help you get you better acquainted with the awesomeness of payments clearing and settlement. In real life, clearing and settlement processes can get pretty complicated. To help give you the basics, we’ve simplified content – so some stuff may not be technically accurate or complete. Also, this video is just for education and isn’t advice. If you work in an FI and you need the straight goods on operational, technical or legal matters, check out our rules and standards, talk to your tech experts, or pay a visit to your legal folks.
We probably don’t have to tell you this, but the views expressed are the CPA’s only (not necessarily those of the CPA’s members or anyone else). Sometimes we talk about other organizations in our videos. If you’ve got questions for these guys, you should reach out to them directly. If you need more info on the CPA, just visit our website (cdnpay.ca) or give us a shout.
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