CertaPay
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CertaPay, a division of Acxsys Corporation, uses the Interac Email Money Transfer (EMT) System to transfer funds between the personal accounts of participating Canadian Financial Institutions.
How It Works
Any personal account holder, at any participating bank, can send an EMT to any personal account holder. The sender sends the email from their online banking page, the receiver then opens the email, answers a security question and deposits the funds through their institutions on-line banking. The sender needs to be registered for online banking however there are contingencies for recipients who don't do online banking. With their account information they can register with CertaPay and arrange for the funds to be deposited into any personal account held at any credible institution. While it's free to deposit to online banking, alternate arrangements currently come at a cost of $2.50 to be deducted from the amount of the transfer. Furthermore instead of being deposited immediately, the funds will take 3-5 business days. The cost of sending an EMT varies depending on the bank but is usually between one and three dollars per transfer.Participating Institutions
Currently there are five Canadian banks supporting Email Money Transfers. They are BMO Bank of Montreal, CIBC, Scotiabank, TD Bank Financial Group, and RBC Royal Bank of Canada. These are Canada's five premium financial institutions and together provide the majority of Canadians with their personal banking needs. There is a cost to the Institution to support CertaPay and as such, Credit Unions and quasi-banks such as Presidents Choice Financial Group are not supported. This allows them to maintain their no-fee accounts. For a $2.50 charge these accounts can still receive EMTs but it will take 3-5 business days to complete the transfer. Small Business Accounts are not supported by CertaPay and can neither send or receive EMTs regardless of the institution with which they are held.The Benefits
According to CertaPay, 80% of online banking users in Canada hold their accounts with the above institutions. EMTs make it easy for the growing population of online banking participants to transfer money online instead of writing cheques. The largest benefit of EMTs is they are never held like cheques because the funds are immediately withdrawn from the sender's account.
External links
- [CertaPay]
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