Confirming what someone else said in the original thread: I sent my first EMT through ING Direct (actually, first EMT ever). Sending the EMT was very easy -- I just had to enter the recipient's name and e-mail address, as well as the amount to send. However, the response from the recipient is quite negative:
"Their EMT is not as easy to use as others have sent me plus my money will take 1-2 business days to be deposited...shocking...not instant like with other EMT's!"
The ING EMT makes the recipient enter information like transit number and account number. How do normal EMTs work for the recipient?
September 25, 2010
Interact EMT is almost instant, there is about 30 min delay from when you send EMT to when your recipient receives EMT email. Once they get EMT email they click on the link, login to their bank, answer security question and deposit the money which is available instantly. There is usually $1.50 charge per EMT and is paid by sender.
I have ING chequing account and lack of Interact EMT is the biggest disappointment for me as I use it a lot especially receiving part. I wish they would offer it event at extra costs. If they don't soon I have to start looking for another account.
December 12, 2009
Yeah, as I suspected, this is how ING Direct is able to offer "free EMTs" since what they're doing is essentially placing the funds you send into their internal bank suspense account then asking the recipient to enter their institution, transit and account number to deposit the funds into their account via EFT (which explains the 1-2 business day delay).
I kind of wondered how they'd be able to offer free Interac EMTs when Axcsys Corporation collects mandatory $1.50 charges from member financial institutions on behalf of Interac Association, regardless if the FI collects the $1.50 sending fee or not. For FIs that offer free Interac EMTs, they're likely offsetting those costs by charging monthly fees which ING Direct isn't doing.
Short answer: Don't expect free Interac EMTs from a free chequing account any time soon. Potentially, I could see FICANEX, operator of The Exchange Network, put together some sort of free EMT service at the request of its member FIs but given many credit unions have joined up with Interac's EMT service, I'm betting that's a long way off too.