Interac e-Transfers are a common and easy way to transfer money. You can transfer your money from one bank account to another and all you need is access to online or mobile banking through your financial institution. People use e-Transfers for a lot of things: paying rent, paying a friend back for lunch, paying fees for a sports club, and the list goes on! Here are some facts from the Interac website that you may not know…
1. To send an e-Transfer to someone all you need is their email or cell phone number.
If your bank account is a participating financial institution, you simply log in to your online bank account, navigate to the section from Interac e-Transfers and follow the instructions to add a recipient and start sending the money. The person you are trying to pay receives a notification by text or email and then it’s their turn to log in to their online bank account to complete the transfer.
2. e-Transfers are a lot like paying with cash.
While e-Transfers are a secure form of payment, you cannot cancel or reverse a transfer that has already been deposited. The financial institution authorizes each payment, and guarantees payment to the merchant. You should only send money transfers to people you know and trust because you do not have some of the same protections offered by a credit card.
3. E-transfer scams exist.
Be wary of unexpected e-Transfers from people you do not know. Scammers have been using e-Transfers to phish information from consumers. Scammers pretend to send an e-Transfer to you and then try to collect your personal/financial information. If you are ever unsure about an e-Transfer, contact the sender to ensure they have initiated your transfer.
Each financial institution is different. If you have specific questions about how their Interac e-Transfers will work for you, you may want to contact them directly.
About Consumer Protection BC
We are responsible for regulating specific industries and certain consumer transactions in British Columbia. If your concern is captured under the laws we enforce, we will use all the tools at our disposal to assist you. If we can’t help you directly, we will be happy to provide you with as much information as possible. Depending on your concern, another organization may be the ones to speak to; other times, court or legal assistance may be the best option. Explore our website at www.consumerprotectionbc.ca.