Why is there a service charge for disbursements with wire transfers?
We have made every effort to keep this service charge to a minimum, but after carefully considering the costs to process disbursements via wire transfer, it is necessary to add $15 +HST for this payment type. The service charge will only be applied to disbursements where the Payee is being paid by wire transfer.
By only adding this service charge to Payee wire transfers, we are able to keep the base SureFund Service Fee low for deals with other types of disbursements (EFTs, cheques).
What is the Wire Transfer service charge in SureFund?
The service charge is $15 +HST per wire transaction
When does the service charge for wire transfers take effect?
The wire transfer service charge for disbursements is effective May 9, 2022.
What types of payments are affected?
The service charge will only be applied to disbursements where the Payee is being paid by wire transfer.
Will the SureFund Service Fee increase? What is included in the SureFund Service Fee of $30 +HST?
The base SureFund Service Fee will remain at $30 +HST for three disbursements of either EFT or Cheque, and $5 per additional disbursement of EFT or Cheque.
Will I have to pay an additional $15 +HST for sending a wire deposit to the SureFund Disbursement Account?
No, there is no charge from SureFund for sending wire transfers to the SureFund Disbursement Account. The deposit amount that you wire from your trust account to the SureFund Disbursement Account will not be charged any additional fee.
Will the fee for extra disbursements (more than three disbursements) change?
For deals with more than three disbursements, the fee for each additional disbursements will remain $5 per disbursement.
The fee for each additional EFT or cheque disbursement will be $5 per disbursement. The fee for each additional wire disbursements will be $5 PLUS $15 for the wire service charge.