Trading through the E Banc Trade exchange is easy, and there are a few simple guidelines to follow.
Authorisation Requirements
Transaction amounts up to 0,00 E Banc Trade credits DO NOT require an authorisation from head office. Multiple transactions between the same Seller and Buyer within a 48 hour period must be authorised if their sum total is 200 E Banc Trade credits and above.
Transaction amounts of 0,00 E Banc Trade credits and above must be authorised by Head Office. Contact 1800 675 092 for this authorisation. Payment will not be guaranteed without an authorisation number. Cheques must be mailed to Head Office with the authorisation number written in the space provided.
Intention to Trade (ITT)
The Intention to Trade (ITT) form must be completed and lodged in advance where a single transaction is 490.000,00 E Banc Trade credits and above. Multiple transactions between the same Seller and Buyer within a 72 hour period will require the completion of an ITT form if their sum total is 490000 E Banc Trade credits and above.
Authorisation for transactions of 490.000,00 E Banc Trade dollars and above is dependent upon the ITT being approved in advance by Head Office.
When contacting other members with the intention to trade, etiquette requires that you identify yourself as an E Banc Trade member and agree to the trade percentage prior to purchase. Once you negotiate your purchase with another E Banc Trade member you have the option to complete the transaction either online via the Internet, or via your E Banc Trade cheque book.
Your online trade account operates similarly to your online regular bank facility. Access your account by selecting Members' Login from the E Banc Trade home page on the web at http://www.ebanctrade.com. Transactions below 490.000,00 E Banc Trade credits can be completed immediately online. The Buyer simply selects "Buy" under the "Transactions" heading, completes the requested information (both Buyer and Seller details), and notes the transaction authorisation number issued on the screen. This is your record that the transaction has taken place and guarantees transfer of the funds from Buyer's account to Seller's account. The Seller is also given this number as a record of their transaction. Online members can view their statement of account and transaction history at any time from this Members' Login site. Computers are made available at E Banc Trade offices for members to access their account details and current membership directory. This service is free of charge.
Your E Banc Trade cheque book operates in a similar way to your regular bank cheque account.
As a Buyer, simply complete your cheque slip with the required information, and exchange it for the goods or services you have purchased. Ensure you have enough funds in your E Banc Trade account to cover this purchase. You will be required to pay to E Banc Trade an amount in cash equal to 5.625% (incl AFA) of the E Banc Trade credit component of the purchase of goods or services within 7 days of the transaction.
As the Seller, you will need to have the transaction authorised when it is 0,00 FT E Banc Trade credits and above. Simply call 1800 675 092 for an authorisation number which must be included on the Buyer's cheque slip. Confirm all the details have been completed correctly on the cheque slip before completion of the transaction. This cheque slip must be mailed or delivered to E Banc Trade's Head Office within 7 days of the transaction. The trade credit amount is then credited to your account. For members who have elected to receive statements and Directory updates by mail, a monthly cash fee of 0,01 FT (incl GST) will be charged. You must check these details carefully and notify E Banc Trade of any discrepancies.