BCNU to Use Electronic Funds Transfer for Member Reimbursements

BCNU is pleased to announce that moving forward, future reimbursement payments to members will be made via electronic funds transfer (EFT). EFT payments will provide members with fast and secure reimbursements, reducing the chances for bank fraud, lost or stolen cheques and postage delays. Moving to EFT payments also allows BCNU to streamline processes, improve efficiencies, reduce the impact on the environment and ensure costs are reduced where they can be.

Like electronic payroll deposits, when a payment is made via EFT, the funds are deposited directly into the member's specified bank account. Reimbursement notifications will be sent by email to alert members that a deposit is being made. Funds are typically available within 1-2 business days from the date of the remittance notice.

Compared to cheques, EFTs are considered a safer and faster payment method because:

• Funds can only be deposited, never withdrawn,
• Funds are sent directly to the bank account identified by the member and cannot be intercepted,
• The bank account must be under the member's name for the deposit to go through,
• EFTs cannot be lost or stolen, unlike physical cheques, and
• Funds can be sent quickly with no postage delays.

BCNU takes members' privacy seriously and has taken necessary precautions to ensure that any information entered online is encrypted and secure. To prevent any chance of unauthorized changes to members' banking information, safety measures implemented include:

• A requirement for members to log into BCNU Member Portal to initiate changes.
• A requirement for members to enter their banking information twice, and to submit supporting documents, to ensure accuracy.
• A requirement for BCNU to notify members anytime banking details are requested or changed to ensure the change was initiated by the member.

Please note, that BCNU staff will never ask for your personal banking information via phone or email.

No action is required from members. BCNU will use the banking information provided by members during the college fee reimbursement process.

To update your banking information or sign up to receive EFT payments for the first time, please log in to the BCNU Member Portal and complete the EFT Information Update Form. Please ensure your email address is current so that you receive email notifications.