Why is the Canadian Payments Association (CPA) changing the
Canadian cheque specifications?
When do the new specifications come into effect?
Where can I obtain precise information on the new
standards?
How can I confirm that my cheques meet all of the new
specifications?
What is Transaction Code 45 or "Trans Code 45" and what is its purpose on US dollar cheques?
Why is the CPA changing the
Canadian cheque specifications?
The new cheque specifications are a key part of an industry-wide
plan to modernize Canada’s cheque clearing system through image
technology. The new specifications are designed to ensure that
high-quality images can be captured from the cheques for use by
financial institutions and their customers.
When do the new specifications
come into effect?
The new cheque specifications are now in effect and printers and companies that print their own cheques are encouraged to adopt the new changes as early as possible. All businesses ordering new cheques at this point should ensure that they meet the new specifications.
To help their business customers make a smooth transition, financial institutions are extending the grace period to accept "old format" cheques until September 2, 2008.
Where can I obtain precise
information on the new standards?
The new version of Standard 006, Part A, available at
www.cdnpay.ca,
details the new “image-friendly” cheque specifications. A summary
of changes is also available.
How can I confirm that my
cheques meet all of the new specifications?
All cheques ordered through TD Canada Trust (or directly from Davis & Henderson)
after March 31, 2005 are in compliance with the revised standards.
If your cheques are printed by another supplier or you print
your own cheques, your printer/software provider should be
aware of the revised standards and be able to offer cheques
that meet the new requirements.
To ensure your cheques are in compliance, please contact your
Branch Manager or Relationship Manager to discuss testing your
next cheque order.
What is Transaction Code 45 or "Trans Code 45" and what is its purpose on U.S. dollar cheques?
This new code was introduced as part of the new cheque standards and will be used as an identifier for U.S. dollar domestic cheques drawn on Canadian financial institutions. Using this code will help reduce or even eliminate U.S. dollar cheques being cleared in the wrong currency.
