Electronic Funds Transfer (EFT) is an electronic payment distribution service that saves you time and expense in making payments (credits). This service enables you to distribute funds to any individual or business account at any financial institution in Canada, quickly, automatically, electronically and economically.

Features to Your Company

• a direct file transmission can be sent to TD via mainframe or PC directly
• the EFT service is available through Web Business Banking providing improved disbursement capabilities
• the system accepts recurring payments in varied amounts with various due dates
• an electronic File Processing report is available with the processing results including any rejected payments
• details regarding returned items (i.e. account closed) can be sent to your Mainframe or PC and can be quickly printed or downloaded for further analysis
• reports are provided on all items accepted for payment, as well as on those items which cannot be processed, to complement your own internal reporting procedures. Reports can be provided electronically, via fax, or through your branch

How EFT Benefits Your Company

• eliminates the cost associated with cheque production and reconciliation
• reduces postage and/or distribution expenses
• reduces bank service charges
• decreases staff time spent on administration
• increases accuracy through electronic banking
• increases security by reducing the chances of theft
• enhances cash flow forecasting
• Web Business Banking - EFT Service

Features to Payment Recipient

• payments can be directed into any number of accounts at any financial institution in Canada for each recipient

How EFT Benefits Payment Recipients

• enables your payees to enjoy the convenience of having deposits made directly to the account of their choice
• eliminates the time and cost involved in cheque depositing
• provides consistent availability of funds, even during vacation, illness or business trips
• eliminates lost or stolen cheques

EFT Solution

• obtain authorization to credit your customers' accounts located anywhere in Canada
• send TD your payments through Web Business Banking
• TD credits your customers' accounts the morning of due date
• TD debits your company account for the total dollar amount on due date
• your customers are notified of the credit on their next bank account statement

For more information contact a Relationship Manager at the Commercial Banking Centre nearest you.