Subj : eTransfer loophole
To   : Ward Dossche
From : August Abolins
Date : Fri Mar 17 2023 21:50:00

Hello Ward!

** On Monday 13.03.23 - 16:17, you wrote:

 WD> Direct-deposit here is instantaneous. Also when
 WD> transfering to another bank.

Deposits work similarly in Canada too.  Although some banks may  
impose some delay.  But my experience with direct-deposits  
(either cash or via transfers between linked accounts in the  
same bank) are instantaneous too.

However.. inter-bank transfers - between different banks  
(although I've never personally needed to make one) can be a  
different story and can take several days to complete.

But I think the process depends on the banks involved.  For  
instance, when I deliver my property tax payment via cheque to  
the municipal office, I will find that the cheque will have  
cleared the same day although the municipal office uses one  
bank and I use a completely different one.


 WD> Cheques were discontinued here Jan.1 2002, that's now 21
 WD> years ago. They were too expensive but I still see them
 WD> used in North America, it's a primitive form of paying.

Many companies still utilize cheques. I have no problem with  
that.  A cheque made out to a business can't be co-signed and  
"transfered" to anyone else - that's a pretty good fool-proof  
way for a business to receive money.   For example, if someone  
made a cheque out to my business, and I lose the cheque, no-one  
else can pretend to be my business and try to benefit from that  
cheque somehow.

However, personal cheques do seem to be subject to fraud every  
now and then.


 WD> Chipped cards? We already had 'm like 20 years ago.

Likewise..  the chip has been in place on Canadian credit/debit  
cards a very long time already.


 WD> Our debit cards still cannot be used in North America
 WD> because of massive debit-card fraud. credit cards need to
 WD> be re-activated every 6 months for security purposes in
 WD> North America.

I think the problem is inter-country banking. Any out-of- 
country transaction needs to be scrutinized and tested more  
carefully.

Wrt cc cards being re-activated every 6 months - I never heard  
of that. Perhaps your source of information is outdated.


 WD> You know, stories like the one which started this, simply
 WD> don't happen here. When I reserved a hotel-room in Calgary
 WD> from Belgium last October, within minutes I got a call
 WD> from the bank "We are informing you your Master Card has
 WD> been used in Calgary. Are you aware?" Same happened when I
 WD> booked a hotel in Anchorage AK.

The cc companies here do that too - that is, call or text a  
usage notification.  Infact, I had such a call myself over 25  
years ago when I was in another province purchasing new stereo  
equipment components.

As for the eTransfer problem that started this thread, the  
outcome is shameful on the part of Interac(tm) who devised the  
system.  Apparently, not all banks or credits unions were  
TESTED to comply with the notifications the same way.
-- 
  ../|ug

--- OpenXP 5.0.57
 * Origin: Stare into this point intently ->.<- (1:153/757.21)

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