Same Currency Account Transfers

The Same Currency Account Transfer service allows you to move funds from one account to another during typical business hours. Transfers can be completed in real time on the current business day or can be future dated up to one year.

DDA accounts

• Between DDA accounts

Crowd Deposit accounts

• Current business day transfers only between DDA and Crowd accounts

Trust Sub accounts

• From DDA accounts into the sub accounts (beneficiary accounts). Only deposits into Funeral Trust sub accounts can be future dated.
• Transfers from Plan accounts (bonus interest or commission) into DDA accounts can be future dated
• For Lawyers Trust accounts only: Current business day transfers only. You can withdraw a partial or full balance of the sub account (beneficiary accounts) in ScotiaConnect and deposit into a DDA account, but in order to withdraw the accrued interest and close the sub account you will have to contact the BSC.

Cash Account (CAD / USD)

• From DDA accounts into Cash account (CAD/USD) (containing GICs). These can be future dated.
• From Cash Accounts (CAD/USD) (containing GICs) to DDA Accounts; current business day transfers only

Notice Plans

• Current business day transfers from DDA accounts into the investment portion of the Notice Plan
• NOTE: Currently, through ScotiaConnect, you cannot initiate a withdrawal from the Notice Plan. To provide a withdrawal notice, please contact your Relationship Manager or the BSC

You can also transfer funds between Canadian USD accounts or between Canadian-domiciled Foreign Currency Accounts types (FCA).

Note: Cross border transfers are not available at this time. To do a cross border transfer, we recommend you use our Wire Transfer service.

Transfers may be entered at any time but can only be transmitted to the Bank between 7:30 am and 8:00 pm ET. Account Transfers transmitted to the Bank outside these hours, or on a weekend or holiday, will be future dated to the next business day.

Navigate to Payments and select Account Transfers in the sub-menu. You can set up your transfer here.

1. Select the account from which the funds will be taken and the account to which the funds will be deposited.
2. Enter an amount.
3. Select the date for transfer, either current business day or future dated up to one year, if available.
4. You can enter comments for your recordkeeping.
5. Click Save.
6. If accepted, you will see a confirmation message and the transfer will be added to the list of pending transfers.

Depending on the access privileges set up in your organization, transferring funds may require two people - one to enter the transfer and a second or third to approve and submit the transfer.

For transfers with status of Pending, Ready or Future Dated:

1. Select the transfers you’d like to complete. You can click the top checkbox to select all or check the individual checkboxes to select specific transfers.
2. Select whether you’d like to Approve, Submit or Delete the selected transfers.
3. Click Go to perform the selected action.
4. You will be asked to confirm the selected action. Click Ok to continue or Cancel to go back.

Note about future-dated transfers: When you complete a future dated transfer, the status will be updated on the transfer date. Once the transfer has been approved and transmitted, no further action is required. If on the future date, the transfer fails to be processed, an alert will be sent to the Message Centre on the transfer date.

Approval levels were determined when the ScotiaConnect Service Request Form was completed by your organization. Account transfers can have a maximum of one approver. The options include:

• None means that no approval is required.
• May be the Same User means that a user with approval authority can approve the transfers they set up themselves.
• Must be a Different User means that the approver must be different from the creator of the transfer.
• Must be in a Different Group means that an approval must come from a user in a different user group.

Account Transfer History

A same currency account transfer can have the following statuses:

• Pending: The account transfer (dated today or future dated) has been entered but has not been approved by an authorized user.
• Ready: The account transfer (dated today or future dated) has been entered and approved, but it has not been submitted to the Bank.
• Future Dated: The account transfer has been submitted to the Bank for future processing. It can still be deleted prior to its transfer date. Otherwise, the Bank will automatically transmit the account transfer for posting on its transfer date. If a future dated transfer fails to be processed, an alert will be sent to the Message Centre on its transfer date that provides details of why it was not processed.
• Accepted: The account transfer has been posted to the account and cannot be deleted.
• Rejected The account transfer could not be posted to the account and has been rejected. An alert will be sent to the Message Centre to provide details of the rejection.
• Sent: The account transfer is currently being transmitted for posting.
• Unknown: Please call Client Services and Solutions for further assistance.

NOTE: For the Trust Sub-Account, to view the status of transfers for the commission account and/or the sub-accounts, you must enter the plan (parent) number at the top. All accounts with transfers within the Plan will be displayed

• View Details, Print or Delete a Transfer
• Checking Your Transfer History
• Cross Currency Transfers
• Alerts
• Message Centre
• My Services
• Related Tutorial Videos