Prior to depositing checks drawn in a currency other than that of the Designated Account, you must seek approval for exception processing by contacting PNC Bank Canada Branch as described in the Master Banking Services Agreement. Lockbox remittances received in a currency other than that of the lockbox will be processed in accordance with your instructions provided during implementation. To review these options, contact your treasury management officer.

Leveraging our arrangement with the Royal Bank of Canada, clients can be pre-approved to make deposits at more than 1,300 RBC branches in Canada.

All billing for Treasury Management services are integrated through Corporate Account Analysis (CAA). At present, services are billed in USD.

PNC Bank Canada Branch offers its depositors the ability to receive incoming Canadian EFT/ACH payments, incoming wire transfers (with electronic advices), branch deposit services, and wholesale lockbox with imaging and data transmission options. With six lockbox sites throughout Canada, we can help you process your collections efficiently, obtain data on your funds availability, and maximize your cash flow.

Mail is received at the lockbox site by 8:30 a.m., when Canada Post is finished processing for the day. Canada Post has no mail pickup on weekends or holidays and has only a single shift Monday through Friday. Standard lockbox reporting time is 4:00 p.m. Earlier times are available upon request. Consult your treasury management officer for more details and options.

• Lockbox deposits are processed overnight for same-day value (funds deposited on the day the items are received and processed)
  
• Post-dated (future valued) checks are permitted in Canada. Clients will identify how post-dated items should be handled during the implementation process
  
• Canada Post delivers mail only once per day Monday through Friday (business days) only

A pre-authorized debit (PAD) is a withdrawal from your account at a financial institution (FI) that is initiated by a company or an FI that has your authority to do so. PADs are often used as a convenient way to make recurring payments to an organization or transfer investment funds on an ongoing basis. Frequent use of PADs includes mortgage and utility payments, membership dues, charitable donations, RSP investments, and insurance premiums. The requirements for PADs are set out in the Canadian Payments Association’s Rule H1. Your company may also originate PADs. For more information, please consult your PNC treasury management officer and check out the Canadian Payments Association’s Business guide to the power of the pre-authorized debit at http://www.cdnpay.ca/imis15/eng/Home/Payment_Guides/Businesses/eng/business/pay ment_guides/business_power_of_pads.aspx

PNC Bank Canada Branch offers online access to all your Canadian treasury management functions, including current-day reporting, lockbox and outgoing check images, EFT origination, and much more.

Previous-day reporting for PNC Bank Canada Branch accounts is available via PINACLE®. Through PINACLE’s Multibank Services, you can view your bank accounts around the world and determine your global cash position with adhoc FX rate analysis, USD equivalents and custom balance reports.

PNC Bank Canada Branch offers a daily BAI file containing all previous-day transactions processed through the account. The file is transmitted by 7:30 a.m. ET.

Deposits with PNC Bank Canada Branch are held in Canada and are therefore not insured by the United States Federal Deposit Insurance Corporation (FDIC), nor are they guaranteed by the United States Government or any agency thereof.

As a Canadian Schedule III Full Service Branch, deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation (CDIC).

Canada has no float on Canadian dollar check deposits regardless of the time zone.

Canada’s two main interbank payment clearing systems are the Large Value Transfer System (LVTS) and the Automatic Clearing Settlement System (ACSS). 

The LVTS is the country’s real-time settlement system, used for high-value and urgent electronic payments (comparable to a wire). It is operated by the Canadian Payments Association (CPA). Also operated by the CPA, the ACSS is the country’s main low-value payments clearing system (comparable to ACH). It is used to process bulk electronic payments as well as CAD-denominated checks. USD-denominated checks can be settled via correspondent banks in New York using the U.S. Dollar Bulk Exchange system (USBE).

There is one centralized check clearing system, with six clearing centers across the country and 11 direct clearers.

The Canadian Payments Association (CPA) operates the clearing of checks and relies on two systems for the clearing and settlement of payments: the ACSS and the LVTS. Additionally, many banks outsource check processing to Symcor/Intria.