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Cheque imaging is a process where digital images of cheques are captured at the time the cheque is processed. The processing centre of the financial institution receiving the cheque captures a digital image of the front and back of the cheque.
This new method makes cheque processing more efficient by eliminating the practice of returning cancelled cheques and the need for financial institutions to send and store cancelled cheques. Eventually, cheques are destroyed after they have been imaged and verified. You can continue to write, deposit and negotiate cheques in the same way, but will no longer receive cancelled cheques.
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The Cheque Image Clearing Process is a global project being introduced into Canada over the next 24 months. The new Cheque Image Clearing Process is being introduced by the Canadian Payments Association (CPA) and is a mandatory industry-wide change to modernize Canada’s cheque clearing processes through the use of image technology. Refer to the CPA website for more information at: http://www.cdnpay.ca/publications/pdfs_publications/imaging.pdf
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Cheque imaging offers you a convenient method to view images of cheques that have been cleared through your CWB Canadian and US dollar accounts.
Key benefits:
- Access the image of a cleared cheque by clicking on the highlighted and underlined word CHEQUE listed in the description column in the Account Activity section. Daily cheque images will be available by the end of each business day.
- View, print or save the front and back electronic images of cleared cheques to your own computer for free.
- Access individual cheque images for up to five years on CWBdirect® or two years on CWBdirect Advanced Internet Banking®.
- No clutter, no filing of cancelled cheques, and no shredding.
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You require CWBdirect Internet Banking in order to view your cheque images. CWBdirect is free for all personal bank accounts (effective December 1, 2007). See Question 9 for the benefits of CWBdirect.
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You will receive images of your cheques electronically if you are signed up for CWBdirect Internet Banking. If you wish to receive a paper version of your images, a small fee may apply depending upon the type of account you have.
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A certified true copy can be used in court and is, in fact, used today in court proceedings. If for any reason you require an original item, we can provide a certified true copy of the requested cheque image.
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Daily cheque images are available by the end of each business day. There are possible technological reasons that may prevent a cheque image from being viewable. If you cannot see a cheque image and if it is imperative for you to see it that day, please contact your branch and they will contact a System Administrator to resolve the issue for you.
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CWBdirect® is a secure Internet site and complies with the highest encryption methods. We recommend that you keep your password confidential and that you ensure you logout of the system when you have completed your session. Please refer to the security section on the CWBdirect login page for more information.
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There are many benefits for you including:
- No charge for personal CWBdirect Internet Banking; business clients may pay a small fee depending upon the banking package they have
- View, print, download and/or save your cheques (front and back) by the end of the business day that they are cleared and posted to the account - much faster than mail delivery
- Download account transactions into Accounting Software - Quicken® (2003 onwards), QuickBooks®, Microsoft® Money, Simply Accounting, PDF or Comma Delimited Text
- Access CWBdirect Internet Banking through any Internet-connected computer
- Access individual cheque images for up to five years on CWBdirect® or two years on CWBdirect Advanced Internet Banking.
