Changing your payee to “Knowledge First Financial” if you currently contribute by cheque or your bank’s online Bill Pay feature
As part of the plan transfer, contributions must be made out to “Knowledge First Financial” once the transfer has been completed, beginning on March 1, 2022.
As a result, you may need to make slight modifications to how you contribute funds to your plan immediately after the transfer, depending on your pre-existing method.
Here’s how the change in payee may affect you, depending on the contribution method you choose:
Pre-authorized Deposit: No changes are needed if you are enrolled for pre-authorized deposits.
Cheques: You should start to make contribution cheques payable to “Knowledge First Financial” as of March 1, 2022.
Online Bill Pay: On March 1, 2022, we ask that you start using “Knowledge First Financial” as the payee when sending deposits through online billing payment systems.
If using this option, it’s important to note that the following financial institutions will regrettably not allow you to set up Knowledge First Financial as a payee on their online bill pay platform:
- TD Canada Trust
- PC Financial
- Manulife Bank of Canada
- HSBC Bank Canada
- Canadian Tire Bank
If you currently use one of these providers to help fund your education savings, don’t worry! You can continue to use these financial institutions when contributing to your plan by setting up a pre-authorized deposit with Knowledge First or by sending us cheques.
OTHER INFORMATION TO NOTE
When making a contribution, please remember to include your plan’s pre-existing Heritage agreement number to ensure all funds are properly transferred into your account when setting up Knowledge First Financial as a payee. This agreement number will remain in place throughout your post-secondary journey, even when your plan is transferred over to a Family Single Student Educations Savings Plan.
As noted above, you can also avoid having to make changes entirely by setting up a pre-authorized deposit through your secure online account. If you actively bank with one of the institutions previously mentioned in the Online Bill Pay section, this will also allow you to continue using your preferred provider to fund your education savings.
If you have any questions, want to learn more about the change in payees or simply need help starting a pre-authorized deposit, please call us toll free at 1-800-363-7377 or email us at firstname.lastname@example.org.