Direct Deposit – Frequently Asked Questions
Columbia Power Corporation and subsidiaries have implemented direct deposit (also referred to as an Electronic Funds Transfer – EFT). Direct deposit automatically deposits funds into the bank account of your choice. Previously, payments were issued by cheque and mailed via Canada Post. Direct deposit will put money into your hands faster! In addition, Columbia Power Corporation and its subsidiaries will benefit from improved efficiency in faster payment processing and reduced use of paper.
Columbia Power Corporation Subsidaries are:
- Arrow Lakes Power Corporation
- Brilliant Expansion Power Corporation
- Brilliant Power Corporation
- Waneta Expansion Power Corporation
How Does Direct Deposit Work?
- The recipient provides an authorization for deposit of payments directly into their bank account with any financial institution in Canada.
- A void cheque or deposit slip is required to ensure your account information is accurate. If you do not have a copy of a void cheque, you can obtain one through your online banking or financial institution branch.
- The recipient’s banking information is entered into our secure accounting system for future payments.
Frequently Asked Questions
Question: Is it safe?
Yes. Your banking information is strictly confidential and is stored securely within the Columbia Power Corporation’s accounting system. Payments made via cheque are considered a higher risk for fraud.
Question: What are the benefits to me?
Faster receipt of funds, no need to monitor your mailbox for an incoming cheque, no processing of deposits with your bank. Direct deposit is easy and secure!
Question: Will I have to pay a fee?
No, there is no cost to you.
Question: Does my account have to be with a specific financial institution?
No. Direct deposits can be made to any financial institution in Canada.
Question: How will I know the details of my payment?
You will receive a remittance notification by email prior to payment being deposited into your bank. Upon receiving payment notification, funds will be deposited to your account within 5 business days.
Question: Can my payment be divided and deposited to more than one account?
No. Your entire payment will be deposited to one account.
Question: Do I have to provide an authorization and void cheque for each payment?
No. Once you have registered for direct deposit, all future payments from the Columbia Power Corporation and its subsidiaries will be made by direct deposit.
Question: What if I change banking institutions or want to change my direct deposit account?
If banking information has changed, recipients are required to submit a new authorization and void cheque/deposit slip.
Question: Can I choose to receive payments by cheque?
The preferred payment method is by direct deposit. At this time, we will accept requests for payment by cheque.
Question: How can I sign up?
Please select this link to submit your direct deposit information.
Additional Questions?
If you have any questions about enrollment, please contact the Columbia Power Corporation’s Accounting Department at 1.800.505.8998 or cpcaccounting@ourtrust.org.