Canadian
Cheque Standards Requirements
The
deadline for all Canadian business cheques to conform with the
new specifications as outlined in
CPA
Standard 006, Part A has now been been extended until
September 2, 2008.
The new specifications were
published in January 2005 and are in effect now. All
businesses ordering new cheques at this point should ensure that
they meet the new specifications.
To help their business customers
make a smooth transition, financial institutions are providing a
grace period for “old format” business cheques until
September 2, 2008. This extended transition or “grace
period” will allow businesses that are still working on the
changes to use up their existing supply of cheques and to make
any required modifications to software.
Personal cheques in the new format
have been available through financial institutions since April
2005. Consumers with a supply of “old format” personal cheques
can continue to use them until they need to re-order, provided
that a good image can be captured from them. Based on experience
to date, the vast majority of personal cheques are already
“image friendly”.
Several details of the Standard have been
clarified through minor amendments. These include:
-
the definitions of the Areas of Interest
and the related clear areas have been revised;
-
the wording of the restriction on VOID
pantographs has been clarified;
-
in the Date Field, the printing of
Guidance Characters inside the Guidance Boxes for cheques
where the date is completed manually is now optional
(Date Field Indicators remain mandatory on all cheques, and
Guidance Boxes are mandatory if the date is to be completed
manually);
-
the addresses of the Payor and the
financial institution branch are now defined as optional.
Order your New Cheques through Sage
Accpac
You can order your cheques,
which conform with the new specifications from Sage Accpac.
Order information including phone number and a special offer
from Gail Wilson & Associates Inc.
Information links:
Sage Accpac Cheque Catalogue
Clarifications to Cheque Specifications in
Standard 006, Part A (June 2006)
Specifications for Other Imageable
Micr-Encoded Documents (June 2006)
Have you updated your Business Cheques to
Meet the New Specs?
http://www.cdnpay.ca/news/new_cheque_specs.asp
Latest Updates from CPA
A reminder that the deadline
for comments regarding the Consultation on the Draft Rule for
Image-Based Clearing is August 17, 2007. Comments
can be submitted to the CPA in writing by e-mail at
consultation@cdnpay.ca or by mail to:
Deborah Wilson, Senior Legal Counsel
Canadian Payments Association, 180 Elgin Street, Suite 1200, Ottawa, Ontario
K2P 2K3 http://www.cdnpay.ca/news/consultation.asp
The following changes /additions were made
to the CPA's Web site the week of June 18, 2007:
Changes to the ACSS and LVTS rules,
as approved by the Board in its March 29, 2007 meeting have been posted
in the "News" Section. The "Rules" Section has also been updated to
reflect these changes.
http://www.cdnpay.ca/news/changes.asp
http://www.cdnpay.ca/rules/acss_rules.asp
LVTS Statistics have been updated to reflect data
for the month of May, 2007.
http://www.cdnpay.ca/publications/pdfs_publications/stats_lvts_2007.pdf
