Banking System Upgrade –FAQs
- When will the banking system upgrade take place?
The upgrade will take place from 6:00pm, Friday, June 12 to 6:00pm, Monday, June 15, 2020.
- What banking services will be affected?
Online and Mobile Banking will be unavailable during the upgrade period. All Online Banking features, including online bill payments, Interac® e-Transfers and Mobile Cheque Deposits will also be unavailable.
- Will branches and the Solution Centre be open during the upgrade weekend?
Yes, our 13 branches and Solution Centre will be open; the Solution Centre with regular hours and the branches with reduced hours due to COVID-19. Please check current branch hours of operation and keep in mind that we are continuing to limit the number of clients who can enter the branch at one time. Since the banking system will be unavailable on the Saturday and Monday, only limited transactions will be available during that day.
- Will I be able to use ATMs as usual and make purchases at retailers using my Access Card?
You will be able to use your Access Card for ATM transactions as well as point-of-sale purchases during the upgrade. Please note, however, 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 the upgrade period.
- How can I prepare in advance for the service upgrade?
Here are a few 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.
Pre-authorized payments, transfers and contributions. 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; this upgrade will fall within that buffer period.
Interac® e-Transfers.If you are expecting an e-Transfer, accept it before the upgrade period if possible. If you wish to send one, plan to do so before or after the period.
Mobile Cheque Deposits. Plan to use Mobile Cheque Deposit before or after the upgrade period. 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.
- Why are you upgrading the banking system?
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.
- What new features will be available as a result of the upgrade?
We are pleased to introduce enhanced account statements, where your monthly statement will now show a summary of your accounts. In addition, the way transaction charges are presented has been improved for greater clarity. These enhancements will first appear on statements received after June 30. There are also a number of new features in Online Banking. Please see question below.
- Are there changes to Online Banking?
There are a number of changes to Online Banking.
1. The first thing you will notice is that your Account Summary will show a new column: “Available Balance” next to the Balance column. These two columns would differ if, for example, there is a hold on a cheque you may have deposited.
This feature will have the most impact on clients with a line of credit. Your line of credit and chequing account may now appear as one account going forward, not two as they may be today. 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. This simplification will enable you to easily reconcile your transactions when viewing them within Online Banking.
2. You will now be able to set up recurring bill payments.
3. Longer passwords (up to 30 characters) will be supported for added security. We encourage you to take advantage of this new feature to create a new password that is longer (and more secure) than the one you may have in place.
- Will Mobile Banking look or function differently?
No, Mobile Banking will not be different as a result of the upgrade. Unlike Online Banking the app will continue to display as it does today with a simple “Balance” rather than both “Balance” and “Available Balance” due to limited space.
- Are there any changes to my statement schedule?
Yes, there will be changes to the Personal account statement schedule. Personal statements will move permanently to a month-end cycle, matching that of business accounts. During June, statement timing will be as follows:
- For personal accounts, your June statement will reflect activity between May 16 and June 12 (rather than June 15 as it would normally). You will then receive another statement for the activity between June 13 and June 30. Going forward, your statements will always be produced at month-end.
- For business accounts¸ you will get a statement for the period June 1 to June 12, then another for the period June 13 to June 30. After that, statements continue as per the normal month-end cycle.
- Are there other impacts that I should be aware of?
If you have a significant number of shares (particularly Class C Investment Equity Shares), the following change may affect you. 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 have any questions, please contact your advisor or the Solution Centre.
- Who do I contact if something doesn’t seem to be working properly after the upgrade weekend?
Please contact your advisor, local branch or call our Solution Centre at if you have any concerns or difficulties.