RE/MAX Ultimate Group of Companies
Feb 28, 2025
Clarification on Banking Info & Common Deposit Issues
It has come to our attention that there have been recurring issues with deposit handling and banking information confusion. We want to clarify our policies and ensure that transactions proceed smoothly.
Clarification on Banking Information
There was some confusion regarding changes in banking details. To be clear, RE/MAX Ultimate (RU) has not changed any banking details. Please ensure that all payments and deposits are directed correctly to avoid any issues.
Common Issues & Important Reminders
To streamline the deposit process and avoid delays, please note the following:
Deposit Documentation – A copy of the deposit cheque/draft and the receipt must be provided.
Timely Deposits – Deposits should be sent in immediately upon acceptance of a deal. Some have been delayed up to two weeks, which is not acceptable.
WTS Forms – The “Working Trade Sheet” (WTS) form must accompany the offer documents and deposit.
Schedule B (Interest Disclosure) – This document cannot be changed or modified. No additional clauses may be added.
Use of the Correct Schedule B – Agents who have transferred from RCP to RU must ensure they are using the correct Schedule B for RE/MAX Ultimate.
Listing Reporting Requirements – A listing cannot be reported until the WTS, all required documents, and the deposit have been submitted and verified.
FINTRAC Identification – All pages of the FINTRAC form must be completed.
Lease Transactions – Many lease transactions are closing the next day, but please remember there is a five (5) banking day hold on deposits.
Certified Funds Requirement – Non-certified funds should not be accepted as they result in a 20-30 banking day hold on funds.
Bill Payment Deposits – These can take up to 72 hours to be processed, depending on the bank. Weekends do not count toward this timeframe.
Wire Transfers from Outside Canada – International wire transfers can take more than 10 days to process, depending on the country of origin.
$17.50 MUST be added if the client is wire transferring above the wire fees that they are paying through their own financial institution.
NOTE * This fee is not to be added if the client is doing either a direct transfer TD to TD, or walking into a TD branch with a bank draft
$4.50 MUST be added if the client is using bill payment protocal
We appreciate your cooperation in following these guidelines to ensure a smooth and efficient deposit process. If you have any questions, please reach out to niki@remaxultimate.com or yasna@remaxcondosplus.com