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unofficial consolidation, the official version is held by the municipal clerk.
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| Ver. | Date | Description |
|--------|-------------------|-----------------|
| 1.0 | | 2025-05-20 | Initial release |
## Electronic Funds Transfer (EFT) Payments Policy
## 1. Purpose
The purpose of this policy is to establish a secure, efficient, and transparent process for issuing payments via Electronic Funds Transfer (EFT) for accounts payable and employee expense reimbursements. This policy expands the Town's use of EFTs beyond payroll to reduce reliance on paper cheques, improve processing times, and enhance financial controls.
## 2. Scope
This policy applies to all Town of Antigonish departments and covers:
- Vendor payments
- Employee expense reimbursements
- Other non-payroll disbursements previously issued by cheque
## 3. Policy Statement
The Town of Antigonish is committed to modernizing its financial operations by implementing EFTs as the preferred method of payment for eligible disbursements. EFTs will be processed only after appropriate approvals have been obtained, in accordance with existing financial controls and authorization hierarchies.
## 4. EFT Payment Process
## 4.1 Invoice and Expense Submission
Invoices and employee expense claims must be submitted to the appropriate Manager and the Chief Administrative Officer (CAO) for review and approval, consistent with current practice.
Approved submissions are forwarded to the Finance Department for processing.
## 4.2 EFT Batch Preparation
Upon approval, the Accounts Payable (AP) Clerk or designated staff member prepares the EFT batch.
A summary sheet listing all EFT payments is generated and submitted to the CAO and Mayor for final approval, replacing the current cheque-signing step.
## 4.3 Bank Submission and Authorization
The EFT file is uploaded to the Town's banking platform by an authorized staff member. A second, independent approver must authorize the EFT batch within the bank system, based on the following segregation of duties:
Uploader
AP Clerk
Manager
Director of Finance
CAO
Required Approver
Manager or Director of Finance
Director of Finance or CAO
CAO
Director of Finance
Under no circumstances may the same individual upload and approve an EFT batch.
## 5. Security and Controls
EFT credentials and access to the banking platform must be restricted to authorized personnel.
Dual authentication and audit trails must be maintained for all EFT transactions. EFT summary sheets and approvals must be retained in accordance with the Town's records management policy.
## 6. Review and Updates
This policy will be reviewed annually or as needed to ensure it meets Town needs and alignment with best practices and evolving financial technologies.
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## CAO's Annotation for Official Policy
Date of Notice to Council Members Intent to Consider (Minimum 7 Days): 2025-05-16
Date of Passage of Current Policy: 2085-05-20
I certify that this Policy was adopted by Council as indicated above.
Chief Administrative Officer
2025-05-23
Date