BC Bar Association approves new Undertaking rules for EFT



Electronic Mortgage Payout Service 


On April 24th 2020, the Real Property Section of the British Columbia Branch of the Canadian Bar Association voted and approved amended real property standard undertakings (see: https://cbabc.org/Sections-and-Community/Real-Property-Vancouver ). These changes accommodate the electronic transfer of mortgage payout funds.


In response to the the Covid-19 Pandemic, Atsource Solutions Inc. has launched the adoption of the Atsource’s eChequeOut™ service available within the existing Atsource Mortgage Payout exchange and Discharge product.


Instead of couriering cheques to branches, this will enable Legal Professionals to transfer mortgage payout funds to Financial Institutions electronically. This is an important step towards eliminating physical delivery of cheques to branches and therefore reducing the potential risk of spreading the Covid-19 virus. This is being offered at no additional charge to legal professionals.      


In addition, this new service will greatly improve the efficiency of paying out a mortgage with Financial Institutions. Some of the benefits you will experience include:


  1. Elimination of courier and staff costs to deliver the payout cheque to the Financial Institution.
  2. Tracking systems to ensure payments are received.
  3. Elimination of all internal costs to produce and reconcile a physical cheque.
  4. Automatic payout confirmation report that includes the electronic receipt from the Financial Institution and Payout Statements packaged and digitally signed as one complete document for forwarding to Buyers Legal Professional.


We are seeking your cooperation using the new eChequeOut™ service when you forward your funds. There is a one-time setup process that needs to take place before the service can be used. To set up this service up pease contact Atsource directly at 604-538-3221 and an onboarding specialist will walk you through getting started.


Once you have been set up you will see the service available in the Atsource transaction when you view your payout statement. You will find making an eChequeOut payment is very quick and simple.


With eChequeOut, Atsource combines all the steps of the mortgage payout and discharging process into one easy to use service that will result in significantly better customer service and eliminate costs for all concerned. Because all funds are transferred to the Financial Institutions settlement account and there is no way for funds to be transferred to any other account, the Atsource service is very secure.


Further information about the program features and benefits can be obtained by calling Atsource customer service department at 604.538.3221.