Valley First

Interac e-Transfer® FAQ & User Guide

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Interac e-Transfer® User Guide

Using Interac e-Transfer®

Interac e-Transfer® is a fast, convenient, secure way to send and receive money instantly using your computer or mobile phone. You can send money to anyone who has a Canadian deposit account, all you need is their email address or mobile phone number.

This User Guide will provide you with an overview of each of the Interac e-Transfer® features and helpful tips about how to use them.

Getting Started: Creating a Sender Profile

First, you'll need to set up a Sender Profile in online banking. This profile is a collection of your information needed to process an Interac e-Transfer®. Set up of your Sender Profile is required only once and you can edit your Sender Profile at any time through online banking.

You'll automatically be prompted to set up your Sender Profile the first time you try to send an Interac e-Transfer® through online banking. Simply click “Transfers” from the side menu and select “Send Interac e-Transfer®”.

Once you've completed your profile, you're ready to add recipients.

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Adding a Recipient

Recipients are the people you'd like to send money to and you'll need to set up each one in online banking before you can send money to them. You'll enter each recipient's contact information and also determine a security question which will accompany each Interac e-Transfer® you send to that particular recipient—they'll need to know the answer to your question (which you should provide to them by phone or separate email) in order to access the funds you've sent them.

SET UP PROCESS

You can add a recipient through online banking in a couple of easy steps.

  1. Login to online banking
  2. Click the Transfers heading from the left side menu
  3. Click on Add/Delete Recipients to open the recipient screen
  4. Click Add Recipient from the options provided on this screen
  5. Enter the recipient's contact information and a security question and answer
  6. Click Add Recipient and Confirm

Now you'll be able to see this recipient as an option to “Transfer to” when you send an Interac e-Transfer®. From the recipient manager in online banking, you'll be able to edit this recipient's information or delete them from your list at any time. Complete this quick set up for each recipient you'd like to add.

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Sending an Interac e-Transfer®

You can send money to anyone in your list of recipients through online banking in a couple of easy steps.

STEP-BY-STEP PROCESS
  1. Click the Transfers heading from the left side menu
  2. Click on Send Interac e-Transfer®
  3. Complete the details of the Interac e-Transfer® shown on the screen
  4. Click Send Transfer and Submit

After submitting your Interac e-Transfer®, a notification is sent to your recipient so that they can access the funds through email and/or mobile text message, depending on how you chose to notify them.

When you access your pending Interac e-Transfer® through online banking, you'll see this newly submitted Interac e-Transfer® with a “Pending” status. The recipient will have 30 days to accept your Interac e-Transfer® before it moves to an “Expired” status. If the recipient hasn't accepted the Interac e-Transfer® after 30 days, you'll need to Cancel the Interac e-Transfer® and send it to them again. Note that the service fee* for sending an Interac e-Transfer® is non-refundable so if you need to send it to the recipient again, you'll incur a second service fee for the same transaction.

*Service fee for sending an Interac e-Transfer® is $1.00 from most chequing and savings accounts; $5.00 from a High Interest Savings Account.

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Receiving an Interac e-Transfer®

The recipient will get either an email or a mobile text message from the sender of an Interac e-Transfer®. The email/text message will contain a link to the details of the Interac e-Transfer® so that the recipient can receive the funds. The recipient will need to click on this link to proceed.

STEP-BY-STEP PROCESS

The recipient can access the funds you've sent to them in a couple of easy steps:

  1. From the notification email or text message, they'll need to click on the link provided
  2. This link will take them to the INTERAC® site where they can see the details of the Interac e-Transfer® and select which financial institution they'd like to deposit the funds to
  3. Once they've selected their financial institution, they'll click Deposit
  4. Next, they'll be prompted to login to their financial institution's online banking service. Before they can deposit the funds you've sent them, they'll need to answer your security question.
  5. If they've answered the security question correctly, they'll proceed to the next step which asks them to choose whether they accept or decline the Interac e-Transfer® you've sent to them.
    • If they accept, the funds are deposited and you'll receive a notification.
    • If they decline, the funds are not deposited and you'll need to Cancel the Interac e-Transfer® through online banking to have the funds returned to your account. Again, the service fee* charged to initiate the Interac e-Transfer® is non-refundable.

If the recipient does not bank with a financial institution that offers Interac e-Transfer®, they are still able to accept the funds using a different process. The recipient will simply need to provide their banking information on the INTERAC® website so that the funds can be deposited to their bank account. An Interac e-Transfer® done this way will usually take between 4-6 business days to process and a $4.00 fee (charged by INTERAC®) will be deducted from the amount of the Interac e-Transfer®.

*Service fee for sending an Interac e-Transfer® is $1.00 from most chequing and savings accounts; $5.00 from a High Interest Savings Account.

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Canceling an Interac e-Transfer®

You can choose to cancel an Interac e-Transfer® through online banking anytime before 30 days from the time the e-Transfer has been sent, as long as the recipient has not accepted it.  If you cancel an Interac e-Transfer® transaction the money will be credited back to your account and the recipient will receive an notification that you've cancelled the transaction.

STEP-BY-STEP PROCESS
  1. Click the Transfers heading from the left side menu
  2. Click on Send Interac e-Transfer®
  3. Click View Pending from the top menu to access your pending Interac e-Transfer®
  4. Click Cancel beside the Interac e-Transfer® you'd like to cancel
  5. Click Continue and Submit

If the recipient hasn't accessed the funds within 30 days, the recipient will no longer be able to accept the Interac e-Transfer® and you'll need to follow these steps to cancel the transaction so that the money can be returned to your account.

There is no fee charged for canceling an Interac e-Transfer®, however, the initial service charge is non-refundable.

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View a pending Interac e-Transfer®

You can view your Interac e-Transfer® and the status through online banking.

STEP-BY-STEP PROCESS
  1. Click the Transfers heading from the left side menu
  2. Click on Send Interac e-Transfer®
  3. Click View Pending from the top menu to access your pending Interac e-Transfer®

In the first 30 days after the Interac e-Transfer® has been sent, the status will be “Pending. Between 31-60 days after the Interac e-Transfer® has been sent, the status will display as “Expired” and you'll need to Cancel the Interac e-Transfer® to reclaim the funds. After 60 days has passed, you'll no longer be able to cancel theInterac e-Transfer®. Instead, INTERAC® will send a notification to Valley First so that the funds can be manually credited back to your account

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View Interac e-Transfer® history

You can view your Interac e-Transfer® and their status through online banking.

STEP-BY-STEP PROCESS
  1. Click the Transfers heading from the left side menu
  2. Click on Send Interac e-Transfer®
  3. Click View History from the top menu to access every Interac e-Transfer® you've sent

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®Trade-Mark of Interac Inc. Used under licence

Interac e-Transfer® FAQ

Frequently Asked Questions

Interac e-Transfer® is a fast, secure and convenient way for anyone with an email address or a mobile phone number and a Canadian bank account to send and receive money. If you've already read our Interac e-Transfer® User Guide and find yourself needing help, have a look through our below questions and answers for helpful tips.

If you can't find the information you're looking for, please Find a branch and we'll be happy to assist you.

General Questions

What are the features of Interac e-Transfer®?

The following features are available from both your personal computer and through mobile web using your smartphone:

  • Send/Receive money in real-time
  • Send text message or email notification to recipient
  • Create (or delete) recipient instantly
  • View and manage pending transfers

Can I use Interac e-Transfer® with both my personal and business accounts?

All types of accounts (non-registered) set up for use with our personal online banking service will have access to perform an Interac e-Transfer®. The only exception would be business members who access their accounts using Business Online Banking (BOB).

Can an Interac e-Transfer® be sent to a bank account in another country?

Currently, this service is only available to those who bank at a Canadian financial institution and have a Canadian currency account. You cannot send an Interac e-Transfer® to a foreign bank account.

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Security

How secure is it to send money by email or mobile text message?

Money is not being sent by email or text message; only the notification travels over the Internet or over the air to advise the recipient that the transfer has been initiated and to provide instructions on how to deposit the money. The money always resides safely at the financial institution, and is transferred through existing payment networks that financial institutions have been using for years to settle cheques, ATM machine deposits and withdrawals.

Security measures have been built into the system:

  • Encryption technology
  • Confidential user ID and PAC for online banking
  • Secure login process
  • A security question and answer required for each Interac e-Transfer® to ensure only the intended recipient receives the money
  • Interac's fraud detection system

Are there additional security measures in place to ensure the correct recipient receives the email notification?

Each time you set up an Interac e-Transfer® recipient, you'll be prompted to create a unique security question and answer for that recipient—this question will accompany any Interac e-Transfer® you send to this recipient as a security measure. They'll need to know the answer before they can access the money you've sent to them. The best way to communicate the answer to the recipient is by phone or in-person.

Guidelines for the security answer:

  • Must be one word
  • Must not contain any blank spaces
  • Must be between 6 – 25 characters
  • Must not contain special characters (i.e. $, #<@)<
  • The answer is not case sensitive and both letters and numbers are accepted
  • If the answer is a date, the format is dd-mm-yyyy (i.e. 22-03-2011)

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Benefits

What are the benefits of using Interac e-Transfer®?

  • Direct—allows you to transfer funds directly to someone banking at a different Canadian financial institution using your computer or mobile phone
  • Immediate—the money may be accessed immediately after you send the Interac e-Transfer®
  • Private—there is no need to share your personal or financial information
  • Secure—a security question protects your Interac e-Transfer® from being intercepted by an unintended recipient
  • Convenient—you can transfer money anytime, anywhere using our online banking service
  • Green—email and/or text message carries the notification, so no need for printing or mailing
  • Easy—the Interac e-Transfer® process only takes minutes to complete in a couple of easy steps
  • Cost effective—less expensive than money orders, bank drafts or wire transfers

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Using Interac e-Transfer®

How does Interac e-Transfer® work?

When you (the sender) initiate an Interac e-Transfer® transaction through online banking, an Interac e-Transfer® notification is generated by Interac® through email or text message and sent to the recipient.

The recipient can accept or decline the Interac e-Transfer® by clicking on the transaction link on the notification email/text message. The recipient will need to sign in to their online banking service (at any financial institution) to complete the transaction and access the funds.

For detailed information on how to use the Interac e-Transfer® features, please refer to our Interac e-Transfer® User Guide.

Do I need to install an application on my mobile phone to use Interac e-Transfer®?

There is nothing you'll need to install. You'll simply use the web browser on your mobile phone to access the Interac e-Transfer® feature through the mobile version (Mobile Web) of online banking.

Can I set up a “recurring” or “future dated” Interac e-Transfer®?

An Interac e-Transfer® cannot be set up as “recurring” or “future dated” at this time.

Will the recipient have immediate access to the funds?

Provided the recipient banks online with a participating financial institution, they will be able to accept the transfer within 30 minutes.

Is there a limit on how many recipients can be added?

There is no limit—you can add as many recipients as you’d like.

Can I resend an Interac e-Transfer® notification to the recipient to remind them to accept it?

Yes. You can select the Resend Notice link beside the applicable Interac e-Transfer® transaction listed in the Pending Interac e-Transfer® section on the Interac e-Transfer® page of online banking.

What if the recipient fails to answer the security question correctly?

After three incorrect attempts, the Interac e-Transfer® you sent will be blocked and you’ll receive an email notification with instructions to cancel the transfer. If you want to send this Interac e-Transfer® again, you’ll need to login to online banking to send it again and another $1.00 service fee will apply.

Is there a timeframe for the recipient to “accept” the Interac e-Transfer®?

The recipient has 30 days to accept the Interac e-Transfer®. If the Interac e-Transfer® is not accepted within 30 days, it will expire. The recipient will receive weekly email reminders from Interac® leading up to the expiry date.

Will I (the sender) receive notification when the Interac e-Transfer® expires after 30 days?

Yes. You’ll receive and email notification (or text message) to cancel the Interac e-Transfer® to reclaim your money—there is a link you’ll need to click on in the notification you receive. You’ll have 30 days to do this. If you do not reclaim your money within 30 days after the transaction has expired (so within 60 days from the time you originally sent the Interac e-Transfer® to the recipient), then Interac® will initiate a process to return the funds to Valley First so we can process a credit to your account.

If the recipient of my Interac e-Transfer® accepts the transaction, can I (the sender) cancel it or reverse it?

Once a transfer has been “accepted” by the recipient, it cannot be cancelled or reversed. As with cash, money transfers should only be sent to parties that are known and trusted.

If the recipient of the Interac e-Transfer® banks with a financial institution that does not offer Interac e-Transfer®, can I still use this service to transfer money to them?

No. In order to receive funds via Interac e-Transfer®, your recipient must have an account at a Canadian financial institution that offers the Interac e-Transfer® service.

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Fees

Is there a service charge to send an Interac e-Transfer®?

There is a $1.00 (non-refundable) service charge to “send” an Interac e-Transfer® for all chequing and savings products that are available through online banking except the non-registered HISA—for this account it would be $5.00. This fee is charged at the time of the transaction and will not impact your regular month end charges.

Standard text messaging charges may apply depending on your mobile phone plan.

Is there a service charge to receive an Interac e-Transfer®?

Valley First does not charge a fee to accept an Interac e-Transfer®.

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®Trade-Mark of Interac Inc. Used under licence

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