TRANSACT COVERS UPS DELIVERY CHARGES FOR CHEQUES

In the June Adviser Update, Tom Dunbar drew attention to the growing issue of cheque fraud, specifically highlighting that letters containing cheques sent to Transact via Royal Mail have become a target for organised criminals. For this reason, payment of contributions from your clients by cheque should be a last resort.

Since that communication, we have observed a noticeable reduction in the number of client cheques being received. However, we remain concerned that sending cheques through the Royal Mail continues to expose clients’ funds to unnecessary risk.

Protecting client money is our highest priority. For this reason, we strongly encourage all advisers and clients to use electronic payment methods wherever possible. Bank transfers and direct debits are not only the safest options, but also the fastest and most efficient ways to send money to us. Most of our inflows are now received through these secure channels, which significantly reduces the risk of interception or fraud.

We do, however, recognise that electronic payments may not be suitable for every client.  Some clients may not have access to online banking or may simply prefer to use cheques for personal reasons.  In these cases, if there is no alternative and the client insists on sending a cheque, we ask that you encourage the use of UPS as the delivery method to Transact.

We will help to support the usage of UPS by advisers using our account to pay for delivery of cheques. The Sales Support team are available to provide clear instructions on how to arrange a UPS delivery, including packaging, labelling, and tracking your cheque securely to our offices. UPS offers end-to-end tracking and proof of delivery, which provides greater peace of mind for both advisers and clients. If you need help with tracking or have any concerns during transit, our support team can assist in liaising with UPS on your behalf.

While no paper-based delivery service can offer absolute security, our experience suggests that UPS provides a higher level of reliability and tracking compared to Royal Mail, making it a safer choice for sending payments.

We appreciate your continued vigilance and support in helping us protect clients from fraud.  If you have any questions about payment methods or require further guidance on secure ways to send funds to Transact, please do not hesitate to contact us.  Our team is always available to provide guidance and assistance to ensure the safety of client assets.

 

 

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3. LiveChat now supports client & transaction-specific queries
4. Transact covers UPS delivery charges for cheques
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