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PDF Editor FAQ

What is the definition of Customer in money service business (based on Canada laws)?

I found this:http://www.fintrac.gc.ca/publications/guide/guide6/6g-eng.asp#s4-7You have to ascertain the identity of any individual who requests an electronic funds transfer (EFT) of $1,000 or more, at the time of the transaction. This does not apply if that individual has signed a signature card for an account with you or is authorized to act regarding such an account.This identification requirement does not apply to incoming funds transfers.This is still not clear. Would love to hear an elaboration.

How can I convince people to invest a little every day?

Convincing people to invest a little on a daily basis is not an easy task.First of all you are dealing with personal habits. To do something on a daily basis for meaningful length of time is a challenge on its own, whether its investing or doing crunches.In my opinion its not feasible to invest every day unless the process is automated, i.e. pre-authorized payment (PAP) or Electronic Funds Transfer (EFT) from a bank account.I would start with asking how much money they can afford to set aside every month for investments. If you are able to convince people to invest at all than investing a little every day/month is a matter of helping them to set up PAP/EFT.Nowadays, there are many banks that offer a PAP/EFT as part of online banking experience.You can read a sample of EFT from one of Canadian banks here: CIBC Electronic Funds Transfer - Pre-Authorized PaymentHope it helps,

What does EFT on a bank statement mean?

EFT is an electronic funds transfer. EFTs are used to pay bills, say your electricity provider or your phone company, out of your checking account. EFTs can also come into your account, like cash rewards from a credit card issuer. If you saw an EFT withdrawal on your statement and didn't know what it was, I would be alarmed, since you should have had to authorize the debit to your account. If it was a deposit, merry Christmas!

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