Interac E-Transfer?

[buh_buh]

I'd be careful when receiving certified cheques or bank drafts. Heard a few stories recently with co-workers about receiving fakes. If you are getting paid via bank draft, make sure they go to the bank with you to deposit.

[rage2]

Originally posted by buh_buh
I'd be careful when receiving certified cheques or bank drafts. Heard a few stories recently with co-workers about receiving fakes. If you are getting paid via bank draft, make sure they go to the bank with you to deposit.

The key is not to sell the car to a guy in Nigeria.

I typically go to the buyer's bank to get the draft. Much safer that way than going with the buyer to your bank to deposit. Fake drafts can take weeks before the bank notices it.

[raceman6135]

BMO limits me to $3000 per e-transfer, to a maximum of $10,000 in a 7-day period.

As with others, the amount of time for it to process can vary from mere minutes to a couple of hours.

I agree with rage: go to the buyer's bank and have them issue you the cash or draft right there. It would take one hell of a criminal to fake an entire bank branch with employees and everything

[buh_buh]

Originally posted by rage2

The key is not to sell the car to a guy in Nigeria.

But he said he would pay me $100k and all I'd have to do is give him $95k back and the car is worth $30k.

[GQBalla]

Originally posted by Thaco
tangerines ar more like a cheque though and are not as "garuanteed" as the normal etransfers, they say it can take up to 3 days to clear.

That's their free transfer service.

Free! Tangerine Email Money Transfer (2-3 business days)
or
$1.00 Interac® e-Transfer (Instant)

[pheoxs]

Originally posted by lasimmon


Never in my experience, always 5 mins or less.




Only before it is accepted. So just accept it before the guy leaves.

No, after it has been accepted and deposited in your account it can still be reversed is what I'm saying.

Interacs site says otherwise but it happened to me. The guy sent me a e-transfer, then as soon as I accepted it, he called his bank and reported it that he got hacked and it was fraudulent. So they reversed the transfer AND froze my entire account until they 'investigated' things.

In the end all my accounts were frozen for 2 days, then they released my accounts but the funds from that transfer were frozen. After 2 weeks they released those funds but I was blocked from doing etransfers. Then finally after 6 months of pestering everyone I finally got etransfers re-enabled on my account.

[blairtruck]

Originally posted by CompletelyNumb
I send and receive a good number of etransfers every year. Some take 4 hours. Some take 4 minutes. Its not reliable as a timely transfer of money.

this is truth. i recieve a few transfers some take hours. some take mins. same person sending.

[lasimmon]

Originally posted by pheoxs


No, after it has been accepted and deposited in your account it can still be reversed is what I'm saying.

Interacs site says otherwise but it happened to me. The guy sent me a e-transfer, then as soon as I accepted it, he called his bank and reported it that he got hacked and it was fraudulent. So they reversed the transfer AND froze my entire account until they 'investigated' things.

In the end all my accounts were frozen for 2 days, then they released my accounts but the funds from that transfer were frozen. After 2 weeks they released those funds but I was blocked from doing etransfers. Then finally after 6 months of pestering everyone I finally got etransfers re-enabled on my account.

Well I would be FURIOUS if that happened. Would most definitely eb getting compensation from my bank.

From the site:

Always be careful when sending money

An Interac e-Transfer transaction cannot be reversed once the recipient of the funds has deposited the transfer. You must obtain a refund directly from the recipient. You can ask the recipient to send you an Interac e-Transfer for the refund amount.

Perhaps you did an account to account transfer? They can't just go against the rules because someone whines.

[pheoxs]

Originally posted by lasimmon


Perhaps you did an account to account transfer? They can't just go against the rules because someone whines.

Hate to tell you but the bank can do whatever it wants ... even if it isn't allowed. Yes you can go fight it and sort it out, but in the mean time when 5 oclock rolls around and they just go home there isn't a thing you can do. I contacted my bank and interac directly. Both stated that it was the other bank that reversed the transaction and there was nothing they could do.

It's no different than if your utility company screws up and charges you for no reason. Sure they're in the wrong and it'll get sorted out eventually, but in the mean time your the one stuck dealing with it and wasting your time.

And no it wasn't an account to account transfer. I sold someone something, had proof of it, they claimed I 'hacked their bank' and after a ton of my wasted time and having to provide records on conversations and proof repeatedly it got sorted out in my favor. But I still wasted probably 50 hours of my time over 6 months.

[lasimmon]

Originally posted by pheoxs


Hate to tell you but the bank can do whatever it wants ... even if it isn't allowed. Yes you can go fight it and sort it out, but in the mean time when 5 oclock rolls around and they just go home there isn't a thing you can do. I contacted my bank and interac directly. Both stated that it was the other bank that reversed the transaction and there was nothing they could do.

It's no different than if your utility company screws up and charges you for no reason. Sure they're in the wrong and it'll get sorted out eventually, but in the mean time your the one stuck dealing with it and wasting your time.

And no it wasn't an account to account transfer. I sold someone something, had proof of it, they claimed I 'hacked their bank' and after a ton of my wasted time and having to provide records on conversations and proof repeatedly it got sorted out in my favor. But I still wasted probably 50 hours of my time over 6 months.

Curious how another bank can access your account? Regardless, I would be leaving my bank if they did anything like this.

[pheoxs]

Originally posted by lasimmon


Curious how another bank can access your account? Regardless, I would be leaving my bank if they did anything like this.

It's done through interac. Apparently they reversed the sending of money to interac and as a result interacs system automatically withdrew it from my account.

Supposedly.

Everyone I dealt with was happy to point the finger at someone else. And I intend to leave but with my mortgage being setup it's not that easy. Plus all accounts that contribute most to my credit (longest standing) are there so its a gradual transition. I've basically started using another bank for most things and just keeping my account open at the old bank for the time being.

[woodywoodford]

^^ I found a thread somewhere else where a guy had the e-transfer reversed after completion because the payer called it in as fraud, which apparently put the recipients bank on the line for that cash and so naturally they go after their client.

[Xtrema]

Originally posted by Tik-Tok


my last 3 private transactions were done in their bank, or mine.

Yup. In bank, with human teller.

[gwill]

Email transfers are mostly safe. Whoever said limits at $1000-2000 is wrong.. i've accepted transfers just shy of $3000.

As for things to consider... email transfers used to be very popular with thieves. They could send email transfers from hacked or bought bank accounts to dummy bank accounts and cash them out.

Those who can do that could in theory send you the money and take your vehicle. I'm not sure a thief would go this route for a purchase but you never know.

When these transfers happen in this way accounts get frozen as others have discussed...

[AE92_TreunoSC]

Sold my Jeep using interac e-transfer, big risk and I don't think I'd do it again. I accepted his money and waited for him to return for the vehicle. He had a bill of sale in his hand when he left and we waited.

I took a picture of his ID and knew where he lived, but I dont think I'd do it it with a stranger for much over 2000$.

[BDenali]

Originally posted by lilmira
I prefer to complete the transaction in person at the bank. If the buyer brings cash, I let the teller count the money and deposit into my account. If the buyer pays by bank order, I see it being made right then and there.

E-transfer? May be if the transaction is 50 bucks or if it's a friend.

I have never done this but actually seems like the best way. Cash, at the bank, let the teller count it and verify its legit. Smooth sailing. Plus your already at the bank to deposit this. You could also do this with a certified check or bank draft.

Good Luck!

[rage2]

Bank tellers can't tell if bank drafts are legit or not. That's what the Nigerian scams take advantage of. Deposit a fake draft, your account gets credited. You send money back cuz of overpayment scammer gets your money. 4 weeks later bank says draft was fake and pulls money out of account.

So if some asshole is going to pay you with a fake draft, going to your bank achieves nothing.

[max_boost]

Originally posted by Xtrema


Yup. In bank, with human teller.

That's the only way.

[C_Dave45]

I've EMT'd over $5,000 with my bank. It's account specific. Whatever has been set up by your bank for your account situation.

[GTS Jeff]

Originally posted by rage2
Bank tellers can't tell if bank drafts are legit or not.

Sure they can, if they are the issuing bank. And if not, a quick call to the issuing bank can verify a draft.

ie. your teller at your bank (say RBC) takes a draft issued by the buyer's bank (say TD) and calls TD to say, hey, I've got a draft here, the number is 98324576235....can you verify the amount and payee please? TD person on the other line says, "yeah it's legit nigga," then you're good to go.

Actually, you as a customer, can call any issuing bank to verify a draft. Say to them, "Hi, I just bawt a car and was given a draft from your bank. Here is the number. Can you confirm the amount and payee please?"

You can also do the same thing for certified cheques. For non-certified cheques, you can only ask them to confirm that the cheque won't bounce, but there is no guarantee that the buyer won't put a stop payment on after the fact, so it's best to avoid going that way.

Source: I used to be a CSR at TD and did this all the time. I have also bought used cars before.