Compliance Memo

Compliance Memorandum 2014-05; Banking Information

For more information, contact:

Compliance Team
compliance@gpwealth.ca

Date Issued:

June 24, 2014

Recently compliance staff completed a review of our new or change of banking information approval. As a result we have clarified several of our procedures and updated our Account Operations Policy and Procedures Manual.

In addition, we have updated several forms to better manage the process of reviewing and approving banking information for an account holder.

As a reminder, any new banking information provided by an account holder must include a copy of a sample void cheque with the account holder’s name pre-printed or a bank PAD form that must bear a stamp from the bank confirming the information including the account holder’s signature with instruction to change or add the banking information on file.

Banking Information can be approved using the following options:

  • By completing the appropriate information in Section 2 of Non-Financial Account Changes Form (NFACF) and providing a sample void cheque or equivalent and the NFACF must be signed by the account holder;
  • When opening a new account, section 1 of the New Account Application Form (NAAF) must be completed and must be accompanied with sample void cheque or equivalent and the NAAF must be signed by the account holder;
  • When starting a PAC using the GPWM Pre-authorized Chequing Agreement Form, completing the information in Section 3 and providing a sample void cheque or equivalent and the PAC Agreement Form must be signed by the account holder.

IMPORTANT NOTICE

In all cases, it is not sufficient to simply attach a sample void cheque to a form, the prescribed forms must be completed in its entirety and signed by the account holder.

It is also very important to understand that with respect to redemptions, if the approved banking information is not already on file with GPWM from one of the three methods described above, an account holder is required to sign a Non-Financial Account Change Form (NFACF) and include it with the redemption request. If the banking information provided with the redemption request has not been properly completed for approval, GPWM will have the proceeds of the redemption sent to the client address on file as a default option with no exceptions.

As always, if you have any questions or comments, contact the Compliance Department by email at compliance@gpwealth.ca.