4

As a user, what are the drawbacks for Interac e-transfer auto-deposit and what I should consider before using it?

  • 1
    I 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 Gregory May 6 at 0:28
3

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.

| improve this answer | |
1

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.

| improve this answer | |

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.