Banking system upgrade: June 12-15
Please be aware of banking service interruptions, how you may be affected and how you can prepare.
We are upgrading our banking system June 12-15, 2020. This will affect access to some banking services.
The purpose of the upgrade is to ensure that our banking system leverages the latest technologies and accommodates current and future enhancements so we can continue to serve you better.
Here are the highlights of how the upgrade may affect you.
Online and Mobile Banking will be unavailable from 6:00pm, Friday, June 12, until 6:00pm, Monday, June 15. This means all Online Banking features, including online bill payments, Interac® e-Transfers and Mobile Cheque Deposits, will also be unavailable.
Our Solution Centre will be open standard hours. All BlueShore branches are now open and will be available with their reduced hours of operation and limits on the number of clients who can enter at any given time still in effect. Check branch hours and learn about other safety protocols we have put in place for the benefit of clients and employees.
Only limited transactions will be available at branches and our Solution Centre the Saturday and Monday of the upgrade weekend.
ATMs will be available and you will be able to make point-of-sale purchases using your Access Card. Please note that transactions made through an ATM will not be posted to your BlueShore account until the banking system upgrade is complete. ATM receipts will not show account balances during this time.
Ways you can prepare and minimize any inconvenience.
Scheduled bill payments
Check to see if you have any prescheduled bill payments set up in Online Banking that will come due during the upgrade period. Cancel any scheduled payments that coincide with the upgrade and pay the bill before 6:00pm, Friday, June 12. Remember to then set the payment up again after the upgrade.
All pre-authorized payments (e.g., mortgage, utility, insurance) and transfers or contributions to accounts such as RRSPs, RESPs or TFSAs will simply be delayed. Payments to third parties (not BlueShore) have always required a buffer of 2-3 days for processing; be aware that this upgrade will fall within that buffer period.
Sending or receiving Interac® e-Transfers
Since Interac® e-Transfers won’t be available during the upgrade, accept any before the upgrade weekend if possible. If you wish to send one, plan to do so before or after the weekend.
If you regularly use the Mobile Cheque Deposit feature in our Mobile Banking app to deposit cheques, please do so before or after the upgrade weekend as it will not be available during that time. Alternatively, you can use an ATM. Note that the cheque will not be processed nor will it show on your balance until the banking system is back up and running.
Payment of all share dividends will now occur on the last day of the quarter rather than the first. For 2020 only, this will mean five dividend payments rather than four (Jan 1, Apr 1, Jun 30, Sep 30, Dec 31). These share dividends are treated as interest income for tax purposes; individuals and businesses that own a significant number of shares (particularly Class C Investment Equity Shares) will be impacted by this change and see an increase in their T5 tax receipt for 2020. If you think this may apply to you and have any questions, please contact your advisor or our Solution Centre.
New features resulting from the upgrade
There are a number of benefits for our clients that will be immediately available. Additional enhancements will become available over time.
1. Enhanced account statements. Monthly account statements will now show a summary of your accounts. In addition, the way transaction charges are presented has been improved for greater clarity. The enhancements will first appear on statements received after June 30.
Also please note that following the upgrade, monthly Personal account statements will be produced at month-end (rather than the current mid-month cycle), in response to client requests and to better align with how many households manage their expenses and budgets. For more information read our FAQs.2. Online Banking. We have a number of new features in Online Banking:
- Presentation of account information in Account Summary
You may notice that your line of credit has been simplified to enable you to easily reconcile your transactions when viewing them within Online Banking. Your line of credit and chequing account may now appear as one account going forward, not two as they may be today, so there will no longer be transaction sweeps (transfers) between the two accounts for withdrawals or deposit transactions. You will see both Balance and Available Balance (including remaining line of credit funds) when viewing your Account Summary.
You will now be able to set up recurring bill payments.
Longer passwords (up to 30 characters) will be supported for added security.
Have questions or would like more information?
If you would like additional information, please read our Frequently Asked Questions
If you have any questions, drop by one of our branches or call us at 604.982.8000 (toll-free 1.888.713.6728).
We recognize that this upgrade may be an inconvenience for our clients and appreciate your patience and understanding.