Banking Services FAQ

What are the documents needed by my dealership in order to sell Advisor’s Choice products?

An Advisor’s Choice distribution agreement between your dealership and B2B Trust must be signed. Please contact your local business development representative for more information on this process.

How are commissions calculated?

Commissions are calculated at the rate of:

25 basis points (BPS) per year based on the average monthly balance held in the client’s account.
15 basis points (BPS) per year based on the average monthly outstanding debit balance for a line of credit

Remuneration is subject to change with 30 days notice to the dealer.

How often are commissions paid?

Commissions are paid to dealers monthly by cheque (in arrears) no later than 30 days after month end.

How do I submit my client’s banking application for a chequing or savings account?

It’s easy! After completing the application with your client, simply fax it to 1.866.569.5942. Remember, originals must follow faxed applications. Forward originals to B2B Trust, c/o Advisor’s Choice, 130 Adelaide Street West, Suite 200, Toronto, Ontario, M5H 3P5

What is the approximate processing time to underwrite a line of credit?

For an Unsecured Line of Credit, a decision will be sent to the advisor within 2 business days following receipt of the application at B2B Trust.

For a Secured Line of Credit, a commitment letter will be sent to the advisor within 2 business days following receipt of the application at B2B Trust. The entire process (which includes signing and returning the commitment letter, setting up a home appraisal, meeting with FNF Canada, etc.) may take up to 3 weeks.

How can my clients access their accounts?

Clients can access their accounts in a couple of ways: online through the Advisor’s Choice website (advisorschoice.ca), or by calling the Advisor’s Choice Telebanking Centre at 1.866.334.4434. In both cases, however, they will need to contact the Telebanking Centre to obtain an access code and temporary password which are required for the initial registration.

As an advisor, do I also have online access to view my clients’ accounts?

No, only your clients have online access to their accounts.

Can my clients transfer money between their Advisor’s Choice account and an account at other financial institution?

Absolutely. Your clients can easily access their funds through our Inter-Institution Funds Transfer (IIFT) capability. To register, all they need to do is complete and sign an IIFT form and forward it to our office with a personal cheque (payable to themselves) from the financial institution in which they wish to transfer funds.

How can my clients withdraw funds from their Advisor’s Choice accounts?

There are a few ways your clients can withdraw funds:

By writing a cheque on their Advisor’s Choice chequing account or line of credit
By taking advantage of our IIFT capability either online or by calling the Advisor’s Choice Telebanking Centre at 1.866.334.4434 – available for all chequing and savings accounts and lines of credit
By using their Advisor’s Choice debit card at any ABM (access fees will apply) or at point-of-sale terminals (Interac®) – available for chequing accounts or lines of credit only

If my clients have specific questions about their accounts and I am unable to assist them, who should they contact?

Refer your clients to the Advisor’s Choice Telebanking Centre at 1.866.334.4434. One of our client service representatives will be pleased to assist them 7 days a week from 8:00 a.m. to 8:00 p.m. ET.

What are your hours of operation?

The Advisor Support Line (1.866.601.8001) is open from Monday to Friday, 8:00 a.m. to 8:00 p.m. ET.