What reference should I use when depositing funds by EFT? SN

The reference you should use on EFT transfers is the full 13 / 14 character account number for your Investment OR TFSA account. You can now easily view/copy this from the Deposits page of the site, per the details below.


PLEASE NOTE
There will be a DIFFERENT reference for each different SatrixNOW account you might want to deposit funds into, as listed below:

  • SatrixNOW account (navy-blue colour in the account ribbon)
  • Tax-free Savings Account (TFSA) (light-blue colour in the account ribbon)


The reference number looks like, but is NOT this number - SX12345-12345. Each client will have a unique SX number and a unique trust account number for the investment and Tax Free Savings  Account.


To avoid transacting in the wrong account, we suggest always depositing funds into your SatrixNOW account and then moving them to your Tax-Free savings account using our Inter-account Transfers functionality, as explained below.




TRANSFERRING FUNDS TO MY SATRIXNOW ACCOUNT


If wanting to transfer funds to your SatrixNOW account (as distinct from your Tax Free Savings Account), you must ensure you select your SatrixNOW account from the account ribbon just below the SatrixNOW logo at the top of the page (as shown in dark-blue in the image below).



Once you have the SatrixNOW account selected, navigate to the deposit page of that particular account by selecting the Deposit option from the Menu - as highlighted in image below.




Once you arrive on the deposit page, choose the bank that you bank with from the Dropdown menu as pointed to by the arrow in the image below.


Once you've selected your bank, use the blue copy buttons to copy and paste the information into your online banking platform/application to tell your bank where to make the payment to. The fields with copy buttons in order of appearance are:

  • Account name
  • Account number
  • EFT Reference - this is the most important field when making a payment to us as it instructs us which client account to allocate the funds to.


\Branch code is another important field you may need for the transfer.




TAX-FREE SAVINGS ACCOUNTS (TFSA)

If wanting to transfer funds to your Tax Free Savings account, we recommend you transfer funds to your SatrixNOW account, and then move them to your Tax Free Savings Account by using our Inter-account Transfers option, as explained below.




INTER-ACCOUNT TRANSFERS

To avoid transacting in the wrong account, we suggest always transferring funds into your SatrixNOW account (rather than your Tax-Free Savings Account) and then using our Inter-Account Transfers option to move the funds from your SatrixNOW account into your Tax-Free Savings account. Doing it this way can simplify everything to one reference / one beneficiary etc.


You can do this by clicking on the 'Inter-account Transfer' option under the 'My Funds' section of the menu per image below



Once you arrive on the Inter-account transfers page, simply select your SatrixNOW account from the 'From Account' dropdown field, and then select Tax Free Savings Account from the 'To Account' dropdown.


There is a handy note below the field which will advise you on how much of the annual contribution limit you may have already used.


PLEASE NOTE:

It is extremely important you use the correct account number as reference to ensure the funds are allocated to the correct account.

 

We have just developed an automatic allocation tool that will operate at night and over weekends and provided that your reference is correct, funds can be allocated to your account at those times. 


If however the reference is incorrect, this will almost without fail cause unnecessary and potentially frustrating delays to the allocation of funds which may mean you miss out on an important trade.



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