The new statement design is the result of suggestions that came from customers. The statement format was redesigned to be easier to read so you can quickly see account balances.
2. What is new about this statement?
In addition to its cleaner look, the new statement includes an upfront summary page of all your accounts. The intent is to make it easier for you to review all your accounts and transactions, while reducing the amount of paper you need to handle.
3. How do you choose whose name appears first on the statement?
The statement will be sent to the name of the first account holder listed. The name order was determined when the account was opened.
4. My old statements included an area for account reconciliation on the back. The new statements don’t have this. How do I reconcile my statement?
ATB Financial offers an online form at ATB.com that can be downloaded and printed (PDF file will launch in a new window. In order to save the file, right-click on the link above and choose "Save Target As"). The form has been designed to help you with your account reconciliation.
5. Will I still receive my annual mortgage statements?
Yes. If you receive an annual mortgage statement now, you will continue to receive one. Summary information of your mortgage will also be displayed on your new consolidated statement.
6. What period does the statement date cover?
The new statement covers the same monthly period as your old statement. The frequency of statements is not changing.
7. Why didn’t I receive a statement this month?
No statements will be produced for accounts that have a zero balance and no activity.
Cheque Imaging
1. Why am I no longer receiving my original cheques?
Financial service providers throughout Canada are moving to electronic cheque imaging. This means that instead of receiving your original physical cheques, you will receive photo images.
The photo image acts the same as a cancelled cheque. As a Canadian financial service provider, ATB Financial has introduced electronic cheque imaging and will no longer return original
physical cheques.
During the next 12-18 months, all major financial institutions will be introducing cheque imaging. While ATB is one of the first to implement this technology, all financial institutions will be doing the same.
2. Why did Canadian financial institutions decide to implement cheque imaging?
This new method will make cheque processing more efficient by eliminating the practice of returning cancelled cheques to customers and the need for financial institutions to store
cancelled cheques.
3. Can I still receive my original cheques if I want to?
No. If you currently receive cancelled cheques, you will instead receive “cheque-images” —a summary page showing the front of your cheques only—with every monthly statement.
4. How can I get an image of the back of my cheque to prove proof of payment?
An image of the back of your cheque can be obtained by requesting a trace request. You can do that by either contacting your branch, in person or by phone, or contacting our Customer Contact Centre by calling 1-800-332-8383 (toll-free) or (403) 245-8110 in Calgary and area.
Business customers can also receive a monthly CD-ROM with the images of the front and backs of cheques. To make arrangements to receive a monthly CD, business customers can contract their branch or relationship manager for further details.
5. What is cheque imaging and what is happening to cheques?
Cheque imaging is a process whereby electronic images of cheques are captured at the time the cheque is processed through the cheque clearing system. Customers will continue to write, deposit and negotiate cheques in the same way, but will no longer receive original physical cheques. The processing center of the financial institution receiving the cheque will capture the amount, the electronic ‘codeline data’ at the bottom of the cheque and a digital image of the front and back of the cheque. This digital image (which will replace the actual paper cheque) will be sent to the institution that the cheque is drawn on and will be used for the purposes of clearing, fraud detection and confirmation.
6. Why is ATB Financial changing to cheque imaging?
The new cheque-image clearing system introduced by the Canadian Payments Association (CPA) is a mandatory industry wide change to modernize Canada’s cheque-clearing system
through image technology.
7. Who is the Canadian Payments Association (CPA)?
The CPA operates Canada’s national clearing and settlement systems; facilitates their interaction with other systems that do exchange, clearing and settling of payments; and assists in developing new payment methods and technologies. It promotes the efficiency, safety and soundness of clearing and settlement systems while considering the interests of users.
8. What happens to my cheques when they are imaged? Are they destroyed?
Once cheques are received, they are “imaged” (photographed). The images are then sent to the appropriate financial institution for clearing through customer accounts. Cheques will be archived by the financial institution for a short time, then securely destroyed.
9. Will ATB store my original physical cancelled cheques? If so, for how long?
ATB will not store the original physical cheques. However, we will store a copy of the front and back of the cheques in an electronic archive for up to seven years. For a fee, we will provide you with a certified true copy of the front and back of a cheque upon request.
10. Do other countries perform cheque imaging and how will Canada’s new specifications compare?
The CPA’s initiative follows a migration to a worldwide electronic cheque-clearing process. The United States, France, Singapore, Hong Kong, Argentina and New Zealand are implementing a similar method of cheque processing.
11. Are cheque images legal representations of physical cheques?
Cheque images are considered legal equivalents of the original physical cheque. If payment is disputed, an image of both the front and the back of the cheque may be required. ATB Financial can provide the back of the cheque for you. Please contact your branch or the Customer Contact Centre with your request.
12. Can cheque images be used as evidence in court?
Yes. Both the federal Evidence Act and the parallel legislation in most provinces have already been amended to make explicit reference to the admissibility of electronic records in court
proceedings. In addition, amendments to the federal Bills of Exchange Act that came into force in April 2007 will reinforce the legality of cheque images. The new provisions confirm that
an image of a cheque or other bill of exchange captured by a financial institution will be legally equivalent to the original item and may be used for all purposes.
13. Will this new imaging process apply to cheques that my business receives from U.S. clients?
No.
14. When my cheque image statement summary page says “Sorry, no image available”, what does that mean? Can I obtain a copy of the cheque the message refers to?
The “Sorry, no image available” message will display when we were unable to capture an image of your cheque. You can go to your branch or call 1-800-332-8383 to have the cheque traced.
15. What will happen to the cheques that I wrote before June 15? Will the physical cheques be returned to me?
Statements produced on and after June 15 will receive a cheque image statement even if there are cheques that were captured and posted to the account prior to June 15.
