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Electronic Funds Transfer Information Bookletupdated 2019
What is EFT?
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Electronic funds transfer (EFT) is the
electronic exchange, transfer of money
from one account to another, either
within a single financial institution or
across multiple institutions, through
computer-based systems.Wikipedia
Why use EFT?
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Benefits of using EFT:
Faster process
No lost cheques
No fee for cheque/s cancellation
Takes several minutes to finalise the transaction
Club able to print a receipt immediately after transaction has
been completed
We encourage Treasurers to use Electronic Funds Transfer.
What does a Club need to do?
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Contact bank where your
Club has your Club’s account
Discuss your options for your account with two
signatories If bank recommends you to change the
bank account, please contact VIEW
National Office for supporting documents
For each transaction use
the EFT Transaction
Form* EFT Transaction Form with unique VIEW Reference Numbers will be
provided by VIEW National Office
Send/email EFT Transaction Form to VIEW National
Office
Record the transaction in your Club’s Cashbook
Step 1 Step 2 Step 3 Step 4 Step 5
5 steps to start using EFT in your Club
* This form is only required for EFT payments to The Smith Family.
6 digit Code to Process Transaction
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A security token is a key ring sized device that is used by individuals approved to authorise transactions made via Internet Banking. Each time the Club Committee members transact via Internet Banking signatories will be asked to enter the security device code that is displayed on club’s security device at that time.
Note: All transactions must beauthorised by two registeredsignatories.
Banks may operate under different systems, e.g. some banks send a SMS message with 6 digit code to authorised person to process the transaction. Please contact your bank to discuss your options.
Making Payments
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Your Club can use EFT to make payments for the following:
The Smith Family*
General Donation, including Annual Subscriptions
Winter Appeal Christmas Appeal Toy & Book Appeal LfL Sponsorship Joyspreader Gifts
Note: Payments for Joining Fee, replacement badges and VIEW merchandisemust be paid by cheque.
Meals Club Functions or Events
Using EFT Transaction Form for Payments to The Smith Family
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National Office will provide EFTTransaction Form with Club’s detailsand unique reference number for eachtransaction.
We ask you to complete this Form andand email it to National [email protected].
Note: This Form needs to be completed onlyfor EFT payments to The Smith Family.
Club’s Unique Reference Number
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The unique Reference Number will allow The Smith Family teammembers to recognise your Club’s payment and allocate the fundsappropriately.
For example: 536910VIEWGEN
Recording Transactions in VIEW Club Cashbook
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INCOME PAGEUse “Receipt number/Direct Deposit Reference” column to record deposit reference number as per your Bank Statement.
EXPENDITURE PAGEUse “Cheque number/EFT Receipt Number” column to record the receipt number of your online transaction.
Every time you receive or process electronic transactions please remember to record them in your VIEW Club’s Cashbook and keep a copy of your receipts for audit purposes.
Frequently Asked Questions
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Q: Who will have a token?A: It is recommended that the Club requests the “Security Token” from the bank for two of the signatories.
Q: Does Club need to pay any initial or monthly fee for a token?A: No. Please contact your bank for more details.
Q: Did Clubs have any difficulties requesting the "Security Token" from bank?A: No.
Q: What form should I use when we make payments to The Smith Family?A: VIEW National Office will provide an EFT Form with your Clubs details and unique reference number for each
transaction.
Q: What do we need to do if there are any difficulties setting up EFT?A: Contact VIEW National Office.
Q: What do we do if bank requests supporting documents e.g. Certificate of Incorporation?A: VIEW National Office will provide any necessary supporting documents to bank.
Q: Who should I contact if I have any concerns?A: Contact Olga Shkuropatova at VIEW National Office (02 9085 7203).
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