Sunday, March 05, 2006

Interac Email Money Transfers

Through the share exchange board at I recently secured single shares in Aliant (AIT), Suncor (SU), Fortis (FTS), Enbridge (ENB) and RioCan REIT (REI.UN). A single share of each allows me to register for the respective Dividend/Distribution Re-investment and optional cash purchase plans for these companies - all without fees of any kind.

So with the sale price determined by the close of trading last Friday, the seller emailed me a total for the handsome lot. If I was to pay by cheque, Canada Post would have to truck my mail across the country and the seller would then deposit the cheque and wait for clearance - quite possibly an agonizing two-week process. Another factor - though I would like to be as trusting as I can, a cheque payment would also effectively disclose my bank information and signature to what is ultimately a total stranger.

So instead, I opted for my first ever Interac Email Money Transfer. After setting up the recipient's name and email address through my online banking system, completing the transfer took all of 15 minutes with the recipient enjoying cleared funds in his account right away. While there was a small service charge, less the cost of the stamp I would have used to mail a cheque, this was only 99 cents - well worth the time it saved both parties.

I should note that this wasn't available via my (new) PC Financial account. As others pointed out, keeping my old TD Canada Trust saving account alive for these and other types of in-bank services is a good idea.


Post a Comment

<< Home

Disclaimer: These articles are for information only, and are not to be construed as financial advice, legal advice, or a solicitation to buy or sell securities.