Interac e-Transfer request money and autodeposit | Motive Financial (formerly Canadian Direct Financial) | Discussion forum

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Interac e-Transfer request money and autodeposit
September 26, 2019
7:30 pm
Adam1
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Request money and autodeposit for Interac e-Transfers are now available with Motive Financial. FYI: the request money feature can be useful if the sender gets charged a fee for sending e-Transfers (like with Tangerine), so they will not get charged the Interac fee for fulfilling a request for money. The cha-ching chequing account from Motive includes free unlimited e-Transfers. The request money doesn't use a security question since the money will be deposited automatically when fulfilled. For autodeposit, it allows you to set your email address to automatically deposit incoming e-Transfers sent to you without needing a security question, if their institution supports it.

Adam

September 26, 2019
7:46 pm
AltaRed
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One minor nit: Auto-deposit does not use one's email system. When one sets up auto-deposit in one's online banking, Interac simply uses one's email address as the identifier to deposit money into the recipient's previously specified bank account.

Auto deposit is thus more secure than using a password as a recent CBC article wrote about. Even if the recipient's email address has been hacked, as it was in the CBC article, the hacker can't intercept the auto deposit.

September 27, 2019
4:55 am
Alexandre
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To add to this: after Interac introduced autodeposit, I've decided never email money to those recipients who didn't set it for their email address. I'd rather give or mail them cheque instead.

As I have multiple bank accounts, to have autodeposit set for few of them I created email aliases for my email account. Many ISPs allow it, check if yours does.
So, assuming this is my primary email address (which is not):

alexandre@aol.com

I might have these email aliases set (purely example, don't try to send me money to those):

alexandre-td@aol.com
alexandre-motive@aol.com
alexandre-simplii@aol.com

If I'd like someone's interac transfer go to my Motive account, I'll give them alexandre-motive@aol.com email address to email money to.

Also, if I want to move money between my own accounts, small amounts under few thousand dollars, I'll just send funds by interact to my email alias of my recipient account and it'll be automatically deposited few minutes later.

September 27, 2019
9:15 am
AltaRed
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I'd use different identifiers so as not to disclose my actual banking institution, but the concept you described is a good one and easy to manage.

October 14, 2019
5:15 pm
Peter
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There is a list of financial institutions where Autodeposit and Request Money work: https://www.interac.ca/en/interac-e-transfer-consumer.html

The "Request Money" list might only represent financial institutions that can receive a Request Money request, rather than ones that can initiate a Request Money request.

As for Motive Financial specifically, here is a screenshot of the Request Money interface:

motive_financial_request_money.png

October 18, 2019
2:00 pm
Peter
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I did a Request Money transfer, paying from Tangerine to Motive Financial, and was not charged a fee (even though Tangerine normally charges a $1 Interac e-Transfer fee).

Note, however, that even if you initiate the Request Money transfer from an account without Interac e-Transfer fees (such as the Motive Financial Cha-Ching Chequing Account), the sending account might still pay a fee. RBC, for example, explicitly mentions that it charges a fee for savings accounts and business accounts to "Fulfill an Interac e-Transfer money request", and I can confirm that the fee is real!

October 30, 2019
11:12 am
matkokubko
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September 1, 2013
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Does Interac e-Transfer work?

I have registered Auto-Deposit and then sent funds.

2 days has passed by and payment is still showing up as "Pending Autodeposit - 17"

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