[Finance] e-Transfer for ACU account

[Laura Donatelli]

How many transactions per month are we talking about?  I see Zennon's point that for smaller amounts, one signature might be ok as long as there is built-in scrutiny of monthly statements, though I would probably lean to anything over $500 requiring two signatures. 
Laura

Date: Wed, 30 Jul 2014 08:28:43 -0500
From: zengagne at gmail.com
To: finance at lists.bikewinnipeg.ca
Subject: Re: [Finance] e-Transfer for ACU account

What is the current signing limits/restrictions? Is it just 2 signatures regardless of dollar amount? I suggest maybe just having one signature for items under $800-1000 (Bill only) and two for anything over that. We will be able to look at the statement for all cheques wrote either way. I dont think there is much risk in the above.

Zennon

On Fri, Jul 25, 2014 at 8:55 PM, Bill <treasurer at bikewinnipeg.ca> wrote:


  

    
  
  
        I am proposing that we enable
    Interac eTransfer on our Assiniboine Credit
    Union account.  This will allow us to make payments directly to Cima
    Coppi and other vendors who prefer eTransfer and find PayPal too
    expensive.  This could also be used to pay our staff.

    

        Simple transfers are not presently available for our account
    since it requires two signatures.  However, ACU offers Online
    Business Banking which allows one of us to submit an eTransfer which
    will be forwarded to a second authorized signer and then to the
    payee.  That's my understanding of how it works.  

        It requires that each authorized signer has an online banking id
    and password.  However, any two of us could make this work so if
    you'd rather not participate you don't have to.  

        eTransfers cost $1.50.  The cheque forms we are using plus
    postage cost .59 plus .85 =  $1.44 (plus envelope) so the costs are
    the same.  

    

        The attached letter will be sufficient to request this service. 
    If you have a digitized copy of your signature you can add it to the
    letter and pass it on.  

    

        --Bill

    

  


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