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Sending money by e-mail !

Yep, that's right...

some background.

It's sunday may 4th, 6PM.. We have to pay $915 for rent. If we don't pay today, we get evicted(we've been paying late toooo many times already and they warned us). There is 4 of us living in the house, everybody(except me) has enough money to pay the whole $915, but nobody except me has any cheques left. We can't make a money order either cause it's sunday which means that all banks and post offices are already closed.. And to make matters worse, we can't pay by cash either.

what to do??

Well, as it turns out, if you have an account at a Canadian bank, you can send money to anyone who has an account at a Canadian bank instantaneously by e-mail! How cool is that! Time-consuming money orders and cheques are pretty much obsolete now!

So everybody in my household simply sent me enough money, and I wrote a cheque for the required sum. Problem solved !


Long live internet and cool new technologies that make our lives SOOO much easier !!!

Well isn't that just amazing...

...especially if you knew about that like 6 months ago when they first introduced it and weren't charging any service fees as they do now... but hey, nothing's free these days, not even money by e-mail services.

quote:

Originally posted by fantom Well isn't that just amazing... ...especially if you knew about that like 6 months ago when they first introduced it and weren't charging any service fees as they do now... but hey, nothing's free these days, not even money by e-mail services.

Ding ding ding. I work at Easyline for Td/Ct...Iliya, you should have known you could do that! It DOES make things easier. I love how it is instantaneous. (except with Royal Bank...takes 2 business days or so...bah!)

Service fee is very little. Like $2.5 or some shit.. I consider my time a lot more valuable !

quote:

Originally posted by Endlesswave Ding ding ding. I work at Easyline for Td/Ct...Iliya, you should have known you could do that! It DOES make things easier. I love how it is instantaneous. (except with Royal Bank...takes 2 business days or so...bah!)

Hm.. maybe you can tell some other cool features then ?? Anything else I should know about? I'm at TD by the way.

wow. Um.. this system is very susceptible to exploits.. I mean.. say some moron assigned his bank account to this certain e-mail address that is authorized to do such transactions... and some guy hacked it and sent all the money to his own account. It can be very difficult to verify whether it was the account holder who actually authorized this transaction...

quote:

Originally posted by psychosomatica wow. Um.. this system is very susceptible to exploits.. I mean.. say some moron assigned his bank account to this certain e-mail address that is authorized to do such transactions... and some guy hacked it and sent all the money to his own account. It can be very difficult to verify whether it was the account holder who actually authorized this transaction...

i dunno.. i'm assuming that if they have a feature like that on the market for consumers like you and i, they would take the liberty of making it more secure so more customers can use it and so they (banks and consumer) prosper.

then again, no system is built to be 100% secure... but i don't doubt that they have a decent system in to fight such issues... like maybe a team of net security hawks who kinda know how all this stuff works... i dunno. I'm old school: cash paid infront of a friend in the person's own hand.

im curious to know the security features behind this...

It's all done through Certapay as far as I know. Each bank just has to "sign up" for it and then it's done. Basically the security issue is through asking a security question that only the person on the other end of the email can answer and if given the correct answer and account number (through the email) then it checks everything and sends the transfer though...(I think).

hmmmm "interesting"
i wouldn't use it for everyday transactions.. call me paranoid but i've seen what some of those computer guys @ engieneering could do. Give a kid who has a 150 IQ a linux and tons of chocolate and ur amazed of what things he/she can do in matter of hours.

Pierre's rule of thumb: TRUST NO ONE
DJRocco's rule of thumb: IN TRANCE WE TRUST

hehehe

quote:

Originally posted by DJRocco hmmmm "interesting" i wouldn't use it for everyday transactions.. call me paranoid but i've seen what some of those computer guys @ engieneering could do. Give a kid who has a 150 IQ a linux and tons of chocolate and ur amazed of what things he/she can do in matter of hours. Pierre's rule of thumb: TRUST NO ONE DJRocco's rule of thumb: IN TRANCE WE TRUST hehehe

Believe it or not, but paying by visa at your favourite store is a lot LESS secure than paying by visa on the internet.. Keep that in mind before being paranoid about money transactions online.

quote:

Originally posted by Durafei Believe it or not, but paying by visa at your favourite store is a lot LESS secure than paying by visa on the internet.. Keep that in mind before being paranoid about money transactions online.

ok u raised a pretty darn good point that didn't cross my mind.

screw it, if i get robbed, i get robbed. whether i get mugged in real life or digitally, doesn't matter. i will loose money either way. at least digitally u can some what track them down if it was a really large sum of money.. real life, good luck

quote:

Originally posted by DJRocco ok u raised a pretty darn good point that didn't cross my mind. screw it, if i get robbed, i get robbed. whether i get mugged in real life or digitally, doesn't matter. i will loose money either way. at least digitally u can some what track them down if it was a really large sum of money.. real life, good luck

I think what he meant was that in a physical store, your card number might get stolen, copied by the card-scanner, or whatever; not that your card will necessarily get *physically* stolen.

quote:

Originally posted by Alccode I think what he meant was that in a physical store, your card number might get stolen, copied by the card-scanner, or whatever; not that your card will necessarily get *physically* stolen.

lol no no no i know what he meant.
but if u think about it, a card-scanner is physical... true? i mean u do have to swipe it.

it's pretty much like stealing the card *physicaly* and copying the # down really really fast. EITHER WAY, yes sorry i should have been more clearer.

I'm still not sure how this technology works. You send an email with a security question and then if the person on the receiving end answers it correctly, the money gets transferred. How would this work if people haven't registered a email account with the bank (I don't think I have)..and why can't you just transfer money from one account to another using easy line???

read my lips lol
i haven't tried it ie dunno how it works.

therefore next time i need to pay someone, i should consider trying it

Re: Sending money by e-mail !

quote:

Originally posted by Durafei Yep, that's right... some background. It's sunday may 4th, 6PM.. We have to pay $915 for rent. If we don't pay today, we get evicted(we've been paying late toooo many times already and they warned us). There is 4 of us living in the house, everybody(except me) has enough money to pay the whole $915, but nobody except me has any cheques left. We can't make a money order either cause it's sunday which means that all banks and post offices are already closed.. And to make matters worse, we can't pay by cash either. what to do?? Well, as it turns out, if you have an account at a Canadian bank, you can send money to anyone who has an account at a Canadian bank instantaneously by e-mail! How cool is that! Time-consuming money orders and cheques are pretty much obsolete now! So everybody in my household simply sent me enough money, and I wrote a cheque for the required sum. Problem solved ! Long live internet and cool new technologies that make our lives SOOO much easier !!!

these option has been ON ever since online banking been designed.
CIBC banks had that for awhile.

Re: Re: Sending money by e-mail !

quote:

Originally posted by mecha these option has been ON ever since online banking been designed. CIBC banks had that for awhile.

they never tell me about these things. i've been with cibc since i was 14 and opened my first bank account.

i guess they figured i'm not "rich enough" to use such feature... or more like i never cared to ask hehehe damn u rude CIBC clercks

My email address is [email protected] in case anyone wants to test this out.

quote:

Originally posted by ryanm I'm still not sure how this technology works. You send an email with a security question and then if the person on the receiving end answers it correctly, the money gets transferred. How would this work if people haven't registered a email account with the bank (I don't think I have)..and why can't you just transfer money from one account to another using easy line???

That's the thing the person on the recieving end also has to have Email money transfer registered with their bank/insitution otherwise it won't work. Both banks have to have it set up. You can just transfer money from one acount to another account using Easyline, those accounts have to be with Td/Ct to do it though. That is why email money transfers were set up, so that people would be able to do it across different banks.

You shouldn't worry too much about your credit card number being stolen, why? Because credit card companies keep track of all your purchases, they know what your spending range is, and how often you purchase items. So if one day all of a sudden there is this huge amount being charged to your account, the transaction won't go through. They automatically flag "suspicious" purchases. The only way the transaction will go through is if the card owner calls and informs them that it is a legit purchase. So unless the theif is smart enough to guess your spending range he/she will be shit out of luck.

i'm a co-worker of Endlesswave at TD and I have to say as well that Email Money transfers have been around for quite some time now. It's pretty secure in terms of the backend processes and I have not encountered any fraud reports with its use to date in the time that it's been used within our institution.

as for Visas and credit, as LocoMoco said, it's a lot harder to steal credit than many people think. Visa has a lot of systems in place to prevent it and even if you were to be scammed, usually they can determine whether or not ur the perpetrator and recredit you the loss money..

quote:

Originally posted by DJLocoMoco You shouldn't worry too much about your credit card number being stolen, why? Because credit card companies keep track of all your purchases, they know what your spending range is, and how often you purchase items. So if one day all of a sudden there is this huge amount being charged to your account, the transaction won't go through. They automatically flag "suspicious" purchases. The only way the transaction will go through is if the card owner calls and informs them that it is a legit purchase. So unless the theif is smart enough to guess your spending range he/she will be shit out of luck.

that shouldn't be too hard when my spending range consists of minimum payments only

I should rephrase what I said in my initial post,
you shouldn't worry too much about people stealing your credit card number in order to make purchases and what not, instead you should worry about people using that number in order to steal your identity. Having a stolen identity is scary shit, and it can be done quite easily. A guy in one of my classes this past semester said he tried to cross the border with his friend, but they were denied passage for 3 hours because apparently there was someone already in the US using his friends name. The officials told him that his identity had been stolen. That is some scary shit, someone going around prentending to be you, what the fuck!

quote:

Originally posted by DJLocoMoco I should rephrase what I said in my initial post, you shouldn't worry too much about people stealing your credit card number in order to make purchases and what not, instead you should worry about people using that number in order to steal your identity. Having a stolen identity is scary shit, and it can be done quite easily. A guy in one of my classes this past semester said he tried to cross the border with his friend, but they were denied passage for 3 hours because apparently there was someone already in the US using his friends name. The officials told him that his identity had been stolen. That is some scary shit, someone going around prentending to be you, what the fuck!

actually i would be worried about them more than i'm worried about me

if u wanna pretend to be me, by all means... my credit cards are overdue by a year jk

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