The Payment Type field should not be used to determine how a payment will be sent, as it is not considered a reliable source of information.
To identify the payment delivery method, refer to the message displayed in the teal information bar on the Disbursement Details page. This message provides the most accurate information regarding:
- How the payment will be delivered (wire, electronic payment, courier, cheque, etc.)
- Delivery timelines
- Whether a payout statement is required
- Any special processing instructions or lender-specific requirements
Payment Sent via Bulk Wire
Message Displayed:
Statement is required. Next business day delivery if disbursed before 5pm EST via wire as per lender requirement. Please use repository for this payee and payee type or payment will not be successful. Do Not setup as Other.
Meaning:
- Payment is sent to the lender via Bulk Wire.
- A payout statement is required.
- If disbursed before 5:00 PM EST, delivery occurs the next business day.
- The correct repository and payee type must be selected.
Cheque Sent by Courier
Message Displayed:
Next business day delivery if disbursed before 5pm EST. Payments cannot be couriered to a PO Box.
Meaning:
- A cheque is being couriered to the address selected in SureFund.
- Do not select a PO Box address.
- Delivery is expected on the next business day for disbursements completed before 5:00 PM EST.
Electronic Payment
Message Displayed:
Same day electronic delivery if deal disbursed before 1:00pm EST. Next day electronic delivery if deal disbursed after 1:00pm EST.
Meaning:
- Payment is issued electronically.
- Disbursements completed before 1:00 PM EST are delivered the same day.
- Disbursements completed after 1:00 PM EST are delivered the next business day.
TD Business Account (Commercial) Payouts
Message Displayed:
Next Business Day Delivery if disbursed by 5PM EST. Statement required. This payee is to only be selected for TD business account (commercial) payouts.
Meaning:
- Payment is sent by cheque.
- A payout statement is required.
- This payee should only be used for TD Business/Commercial Account payouts.
- Delivery is expected on the next business day when disbursed before 5:00 PM EST.
CIBC Centralized Processing
Message Displayed:
CIBC requires a payout statement. Next business day delivery if disbursed before 5pm EST. Payments are sent to their centralized processing unit as per CIBC Head Office instructions to us. Please note it takes 5 - 10 business days for the payment to be processed by the central location.
Meaning:
- Payment is sent by cheque to CIBC's centralized processing unit.
- A payout statement is required.
- The payment is not sent to the branch or address selected in SureFund.
- CIBC processing may take 5–10 business days after receipt.
TD Unsecured Payments
Message Displayed:
TD requires a payout statement. ALL TD UNSECURED PAYMENTS GO BY OVERNIGHT COURIER PLEASE ADD ONE EXTRA DAY PER DIEM.
Meaning:
- Payment is sent by cheque via overnight courier.
- A payout statement is required.
- Include one additional day of per diem when calculating payout funds.
Canada Post Xpresspost
Message Displayed:
Delivered via Canada Post Xpress Post Statement required.
Meaning:
- Payment is sent via Canada Post Xpresspost.
- A payout statement is required.
- Delivery may take 2–3 business days.
- Additional per diem should be considered where applicable.
BMO Processing Requirements
Message Displayed:
BMO requires a payout statement. Ensure the selected branch payout address matches the address on the statement. Selecting a different branch address may cause courier delays and result in additional per diem costs to the firm.
Meaning:
- Payment is sent by cheque.
- A payout statement is required.
- It is imperative to use the address for payment shown on the payout statement. SureFund will not be responsible for covering any per diem costs incurred due to selection of incorrect branch address.
- Next business day delivery applies when disbursed before 5:00 PM EST.