Ok when you receive an email transfer, it gives you an secure URL for the transfer. The page that opens up asks what bank institution you use (you click on one of six options). So if, say, you haveonline banking with TD Bank, you click on the TD bank icon. You then sign into your regular online banking, answer the security question, and then you select what account to deposit into.
It's all brokered by Interac. Sender and receiver don't get to see any privledged information about the other, so it's totally secure.
You don't even need to have online banking to receive these funds. The only drawback is that without online banking, you have to go in and see a teller. So some of the convenience is lost, but then again you can't do that with paypal AFAIK so that's pretty cool.
As far as sending it goes, you just need the receiver's email address and create the security question. Again, probably don't even "truly" need online banking, but it's definitely more convenient if you do.
One drawback is if you don't bank with one of the big six institutions. If not, then I think the only way to receive the funds is to go in and see a teller.
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-- Tony
My next hobby will be flooding my basement while repeatedly banging my head against a brick wall and tearing up $100 bills. Whee!
Last edited by Delphinus; 03-16-2006 at 05:34 PM.
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03-16-2006, 05:30 PM
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