As a user, what are the drawbacks for Interac e-transfer auto-deposit and what I should consider before using it?
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2I expect the close-voters don't know what Interac is and are thinking it's one particular bank's option. It's a Canada-wide multi bank payment system and this question, now properly tagged, is on topic.– Kate GregoryMay 6, 2020 at 0:28
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2 Answers
About the only drawback is that you can't choose where the money goes. My son in law has only one bank account; he has auto deposit on. My daughter has several: one with the bank that holds their mortgage, one with another bank that is her general purpose operating account, and of course a savings account. She might want to deposit an e-transfer into any one of these accounts, so she doesn't use auto deposit and she makes the choice each time.
If you only have one account, there's no downside; go for it.
answered May 6, 2020 at 0:27
Kate's answer is good, but there is one other scenario where this may be disadvantageous. You may or may not want to actually accept the Interac e-transfer... Perhaps someone has sent you too much money (say a friend) or someone has not sent you enough money (perhaps relating to a business transaction). Automatically accepting the money may commit you, to some extent at least, to something you hadn't agreed to.
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Possibly also if it's a scam, as in here: money.stackexchange.com/q/158554/32127 Oct 12 at 2:31