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EQ Bank upgraded its Interac transfer service
September 16, 2021
9:15 am
Alexandre
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EQ Bank finally upgraded its Interac transfer service, long overdue.

It is now possible to set Interac autodeposit to EQ bank account.

Sending Interac transfer no longer opens new browser window, and also knows if recipient have set autodeposit for their email address.

That makes transferring small amounts to/from EQ much more convenient.

September 26, 2021
12:18 pm
hwyc
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Just noticed there is also *new* change to their "Account Agreement" . Having read about so many hi-jacked (or intercepted) text(s) or email(s) in the news, I am a bit nervous over the provision to fulfil incoming Interac e-Transfer® Request Money. Is a mandatory sign-on to EQ required to accept or decline. Without the freedom to opt-out, it is an extra layer of risk I needed to mitigate.

Interac e-Transfer® Fulfil Request Money (EFFECTIVE SEPTEMBER 22, 2021)

Fulfil Request Money is an Interac e-Transfer® feature that allows you to accept or decline a request for money.

When you receive a Request Money, you will receive an email, text message or other message at the email address or mobile telephone number the sender provided.

When you accept the Request Money we will immediately withdraw the amount specified in the Request Money from your Account and that amount will be automatically deposited into the Requestor’s designated account without the need for a security question and answer. You agree that you are responsible for verifying that the Requestor is your intended recipient before accepting the Request Money, and that we will not be liable for any losses resulting from your failure to do so. If you do not accept or decline the Request Money, it will expire within the number of days specified in the Request Money.

.

We may decline to fulfil a Request Money you have accepted without liability at any time before the amount has been deposited if we have reason to believe you, the sender or the Requestor is engaging in fraudulent, unlawful or improper activity, or that an error or mistake has occurred or in the event of a breach of this Account Agreement.

I also wonder would a *pure* savings accounts (elsewhere beyond EQ) or TFSA accounts be immune from these kind of money request ?

September 26, 2021
12:29 pm
AltaRed
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I don't know but I would never respond to a Request Money notification via Interac or any similar mechanism. If a vendor cannot issue me a proper PDF invoice with a variety of options in which to pay, e.g. QuickBooks, credit card, debit, or similar, I would simply ignore it (or report it).

The EQ T&C seems highly appropriate. Anyone careless enough to acknowledge a Request Money needs to accept the responsibility that comes with it. AFAIK, no one can make a Request Money from one of your banking or investment accounts without a properly authorized PAD in place. How could they know one's account information?

September 26, 2021
1:06 pm
Norman1
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Interac e-Transfer Request Money does not work automatically like pre-authorized debits.

One would need to log into EQ Bank and accept or decline each request received.

One approach is to log in and decline each and every request! I'm sure the senders will get the hint. Having my e-mail address doesn't mean they can ask me for money.

September 26, 2021
2:41 pm
hwyc
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After further educating myself on YouTube, it seemed one is to initiate ACCEPT ( or DENY) by clicking a link from an incoming email/text & then jump to your bank sign-on to proceed. So if I am not able to verify the authenticity of incoming (whether the requester or the email itself) or I don't want to handle the piece of email, then the only safe option left would be to ignore. But EQ didn't mention how many days to expire.

September 26, 2021
2:45 pm
Winnie
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EQ allows you to accept or decline a request for money, but
can you actually request money via Interac e-Transfer with EQ Bank?
I can't find that option, maybe I don't know where to look.

September 26, 2021
4:12 pm
Norman1
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I don't think EQ Bank has implemented the ability yet to initiate a request for the Interac e-Transfer Request Money feature.

September 26, 2021
5:28 pm
Norman1
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TD says INTERAC e-Transfer requests, both Send Money and Request Money, expire in 30 days:

Does the INTERAC e-Transfer Send Money or Request Money notification expire?

The notification email or text message that INTERAC sends will expire 30 days after you initiate the transaction.

For money that you've sent:

  • The funds are automatically returned to your account after the expiry date. If the account you originally sent the money from is now closed, then INTERAC will email you with instructions on how to reclaim the funds.

For money that you've requested:

  • The link in the email or text message that INTERAC sent to your recipient will simply expire after 30 days. No further action is required.

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