ELECTRONIC BANKING - What you don't know could hurt you!

Last tuesday our keynote speaker was our esteemed member Deane Gurney from Sands & Associates.

Deane enlightened on some changes that have taken place with the updating of the Bills of exchange Act and Canadian Payments Act to meet the needs of Electronic Banking.

One item affected is the Stale dating of checks.
Once it was a fact that if the date of the item presented for payment was over 6 months. It was considered "Stale
Dated" and would not be cleared. However that has now changed ... Now it will be paid unless you have issued
a stop payment order with your financial institution. Electronic and on line is convenient but you need to learn
the new rules or it could prove expensive.This fact was a revelation to most of us including the data checked now that the payment system is electronic a
very interesting and useful presentation.

One of the advantages of attending Rotary meetings and being a Rotarian 
is that our members represent many diverse occupations and we get to share their expertise.

Here are links if you wish to learn more - 

Bills of Exchange Act           http://laws-lois.justice.gc.ca/eng/acts/B-4/
Canadian Payments Act      http://laws.justice.gc.ca/eng/acts/C-21/
 

Past President and now Honorary member ,retired MLA Dave Hayer Presents Deane with a token of our appreciation
for sharing.