As of today, we require the name on the sending bank account for e-Transfers to match the name on your Newton account, with some affordances for nicknames/minor spelling differences. For some users, this may require a one-time whitelisting process. Our team is working hard to accommodate these changes and minimize disruption.
As a FINTRAC-registered MSB, we are required to identify our customers and understand where funds are coming from. This change allows us to continue to do our part in combatting fraud and money laundering, while also providing a seamless and secure experience for our customers.
You're good to go! If the names on both accounts are the same or have minor differences, there will be no change to your activity on Newton.
This is common with those who may have...
If the name coming from your bank varies substantively from the name on your Newton account, it may require a one-time whitelisting process.
For corporate accounts, we will need the following:
If funds are sent from a bank account that is not connected in any way to a verified Newton customer, those funds will be held until the owner of the bank account has been verified or disputes the e-Transfer with their bank. We cannot legally accept funds from people who have not been verified with us.