Electronic Funds Transfer (EFT) for Cows and Plows

I received an inbox from a friend of mine this morning, asking about forms that needed to be filled out for the Agricultural Benefits Settlement Agreement (cows and plows). I sent the link and instructed how to get the filled-out document submitted.

Anyway, the form itself is in PDF; both standard and fillable. It can be filled out after being printed out and dropped off at a local sub-office. You can also download the fillable form, fill it out and submit it through email attachment.

While I am tasked with posting information, I am not in any of the meetings or even involved enough to know what is going on behind the scenes. My thought was that an online form can be filled out and submitted that way. However, many of our members still like to go manual on forms and this current method does make it easier for them.

When I was first tasked with posting the information on my band’s website, I looked up the term ‘electronic funds transfer,’ because it sounded so technical or financial (bad term). It is not so bad, in fact, I have had travel claims paid to me through EFT.

It is easy to use EFT for my band, and it makes it easy for me because it eliminates many steps for me to receive funds. I live in a remote community, Hall Lake. Central office is about an hour’s drive. I would have to drive to La Ronge, get my cheque and cash or deposit at the bank, all within business hours. I am a teacher at my hometown and there is little chance for me to do all that within a suitable timeframe.

So, what does that sound like? Yes, exactly like direct deposit. That is how we get paid in our band. I can only imagine how people got paid back in the day, when they had to manually take care of the cheque cashing process to pay bills and buy groceries, especially when they lived in a remote community. Almost everything is digital now, yes it makes people lazy, but it is very efficient and seamless (if there is Internet). Without the Internet? Well, that would be another story, for another time.

FYI, band membership has not received their money yet.

https://llrib.com/electronic-funds-transfer-eft-application/

https://llrib.com/media-release-llrib-approves-601-5-million-agricultural-benefits-settlement-agreement/

Definitions for Electronic Funds Transfer (EFT) from various sources.

Scotia Bank – Electronic Funds Transfer

Streamlines domestic payables and receivables (CAD/USD).  Money is transferred between different users’ bank accounts within Canada.
(https://www.scotiabank.com/ca/en/small-business/business-banking/payments-and-merchant-services/eft-sco.html)

CIBC – An Electronic Funds Transfer (EFT), or direct deposit, provides the ability to send funds directly from your business account to suppliers and employees within Canada and is available on CIBC SmartBanking™ for Business. Payments can be made in CAD or USD with a higher maximum amount per payment than Interac e-Transfer, and also allows for recurring and bulk payments, which makes it a great option for direct deposit payroll.
(https://www.cibc.com/en/business/advice-centre/articles/small-business-101/business-payment-options.html)

Wiki – Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. Funds transfers are the primary mechanism used by the business community for fast and reliable transfer of funds between two parties.
(https://en.wikipedia.org/wiki/Electronic_funds_transfer)

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