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Interac Email Money Transfer (EMT) is a funds transfer service between personal accounts at participating Canadian financial institutions. The provider of this service is CertaPay, a division of Acxsys Corporation. Image File history File links Interac Logo File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ...
Interac Logo Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions. ...
For the Italian bicycle race see Giro dItalia. ...
In Financial economics, a financial institution acts as an agent that provides financial services for its clients. ...
Acxsys Corporation is a Canadian company based in Toronto, involved in banking. ...
Participating institutions
As of August 2006, only personal deposit account holders at one of the Big Five banks can send EMTs. However, any personal account holder in Canada can receive funds (see below). August is the eighth month of the year in the Gregorian Calendar and one of seven Gregorian months with the length of 31 days. ...
2006 (MMVI) is a common year starting on Sunday of the Gregorian calendar. ...
A deposit account is an account at a banking institution that allows money to be held on behalf of the account holder. ...
In Canada, the term Big Five Banks is frequently used to refer to the five biggest banks that dominate the banking industry in Canada: Royal Bank of Canada, CIBC, Toronto-Dominion Bank, Bank of Montreal and Bank of Nova Scotia. ...
How it works An Email Money Transfer resembles in many aspects an e-check. The money is not actually transferred by e-mail. Only the instructions to retrieve the funds are. An e-Check is an electronic transfer of funds in which the money is taken from a bank account, typically a checking account. ...
- The sender opens an online banking session and chooses the recipient, the amount to send, as well as a security question and answer. The funds are debited instantly, usually for a surcharge.
- An e-mail is then sent to the recipient, with instructions on how to retrieve the funds and answer the question, via a secure website.
- If the recipient is subscribed to online banking at one of the participating institutions, the funds are deposited instantly at no extra charge.
- If the recipient's deposit account is not at one of the participating institutions or not subscribed to online banking at all, the funds are deposited within three to five business days, and a surcharge (currently $2.50) is deducted from the amount received.
Online banking (or Internet banking) is a term used for performing transactions, payments etc. ...
ISO 4217 Code CAD User(s) Canada Inflation 2. ...
Benefits and disadvantages Unlike a cheque, the funds from an EMT are not frozen. An EMT cannot bounce, as the funds are guaranteed. As long as both sender and recipient bank at one of the participating institutions, the funds are sent and received instantly. Typical cancelled personal cheque as used in the U.S. A cheque, or (in American English) check, thought to have developed from Persian Ú†Ùƒ chek, is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specific demand account held in the maker...
The term non-sufficient funds (NSF) is used in the banking industry to indicate that a demand for payment (a check) cannot be honored because insufficient funds are available in the account on which the instrument was drawn. ...
However, like any online banking mode of payment, EMTs are vulnerable to phishing. Many Canadians in areas where the Big Five banks don't have much presence or who don't bank online are penalized by a surcharge when receiving EMTs. Unlike a real giro, an EMT requires intervention from the recipient for every single transaction. An EMT goes stale much faster than a cheque (after 30 days, the EMT is automatically cancelled and the sender is notified by e-mail to retrieve the funds.)[1]. This phishing attempt, disguised as an official email from a (fictional) bank, attempts to trick the banks members into giving away their account information by confirming it at the phishers linked website. ...
For the Italian bicycle race see Giro dItalia. ...
References - ^ http://www.certapay.com/ca/oon/en/faqs/index.html#34
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