Mis - Directed Direct Deposits

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Presented by Paul Wagonner, Client Manage, Global Deposits and Payments - sales Canadian Imperial Bank of Commerce

Agenda for Today

1. Trace requests
   • Where it all begins
   • Actioning
   • Scenarios
2. Notice of recoveries
   • Receipt / tracking
   • Outcomes
3. Looking ahead
   • Defining MDDD's
   • Beneficiary / recipient relationships

EFT Trace Requests from PWGSC

• Trace request received from PWGSC
• Validate source (SPS)
• Validate information is complete
• Trace results logged and an SR # assigned
• Forensic investigation / recovery
  • Determine disposition of funds / exhaustive
  • Funds returned / re-directed ?
  • Attach all screen prints / fax paper to image / notations
  • Respond to trace request = only when investigation completed

Scenarios for Traces & NOR's

• NAM but wrong amount -> contact account holder & return
• NADM
  • Within days -> return payment electronically and advise account holder
  • Within weeks -> check for return or re-direct // return funds and advise account holder
  • Funds not available -> other credits? / Contact account holder and return when funds available
  • Account closed = write-off
  • Recipient unable / unwilling = write-off
• Partial recoveries - can be protracted
• Branch settlements payable to BoC / RG (fax to capture image)

Notice of Recovery - Revisiting

• NOR received from PWGSC / SPOC
• Validate information
• Link back to original Trace Request / SR
• NOR is logged into Excel Data Base for comparison to PWGSC
• Review previous Trace Request & Investigation
  • Information readily available attached to SR
  • Status of Account / Funds available
  • Attempt Recovery again
  • Collection Agency experience

Looking Forward

• Defining MDDD';s
• Beneficiary / Recipient Relationship -> Privacy issues