tag:blogger.com,1999:blog-5465015914589377788.post3803531263058272615..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Interac e-Transfer SecurityMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-5465015914589377788.post-67284952217591266282012-02-16T20:51:31.628-05:002012-02-16T20:51:31.628-05:00@Anonymous: If the money is income that would nor...@Anonymous: If the money is income that would normally be taxable, then yes the transfer would be taxable. The method of deposit doesn't affect tax-ability.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-62405680507705732142012-02-16T19:58:00.784-05:002012-02-16T19:58:00.784-05:00if I received interac e-transfer and deposit it in...if I received interac e-transfer and deposit it in my account will that be taxable?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-13547262144188331072010-12-13T08:12:54.144-05:002010-12-13T08:12:54.144-05:00@Matt: Thanks for the information. Given the lev...@Matt: Thanks for the information. Given the level of security, a cap of $1000 makes sense, although some people might prefer to stay below this level.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-41140184821516113162010-12-13T07:40:51.816-05:002010-12-13T07:40:51.816-05:00I've used it several times. IIRC, there's...I've used it several times. IIRC, there's a maximum transfer of $1000Unknownhttps://www.blogger.com/profile/14440395085791226920noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-29560902310010646592010-12-08T23:16:05.088-05:002010-12-08T23:16:05.088-05:00@Gene: I pity people who think that $1000 could o...@Gene: I pity people who think that $1000 could offset the pain and suffering of broken bones. I pity them even more if their circumstances are such that they are right about their calculation.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-80977556863831915292010-12-08T23:01:52.605-05:002010-12-08T23:01:52.605-05:00I like these security posts. Your career has brou...I like these security posts. Your career has brought out a healthy scepticism to your analysis. Either that or you've always been healthily sceptical.<br /><br />I had a hilarious pitch tonight on the phone from an insurance company my credit card company sent to me. The woman explained how if I enrolled in their service, I would be paid for any bone I or my family break. Break a pelvis? Cha-ching! $1000! Break a finger? Well, that's $25 you lucky duck! Then she told me about how she dropped her husband's table saw on her foot and broke three bones. "I made $100 though!... And you know how I invested that money?... In wheels for his table saw. Now when you want to move it, just unlock the wheels and roll it."<br /><br />I don't much like telemarketing, but I actually enjoyed that call. It was so funny. Now, it doesn't really relate to this post or scepticism all that much, but it does highlight some moral hazard: "Well, I really shouldn't jump off this cliff, but think of the money I could make!"genehttps://www.blogger.com/profile/05608927986297939720noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-82579649516975795582010-12-08T22:49:54.345-05:002010-12-08T22:49:54.345-05:00@Gene: Maybe the bad buys will have a hard time s...@Gene: Maybe the bad buys will have a hard time spelling "Gretzky" :-)<br /><br />That reminds me of the Simpsons episode with Homer saying "Quick! What's the number for 911?!"<br /><br />I think I could laughingly use just about any funny question for amounts under about $200. But I'd sober up quickly if $5000 or more was on the line.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-36858839930725393562010-12-08T21:36:46.338-05:002010-12-08T21:36:46.338-05:00Mmmm, yes, bad idea to use questions like "Wh...Mmmm, yes, bad idea to use questions like "Who wore 99 for the Edmonton Oilers?" I did use a similar question though the last time I emailed money, so I guess I'm a little careless on this issue. Usually I just want to use a question the receiver will find mildly entertaining or amusing.genehttps://www.blogger.com/profile/05608927986297939720noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-39039243313518319792010-12-08T16:00:27.302-05:002010-12-08T16:00:27.302-05:00It's under 30 minutes between most banks, but ...It's under 30 minutes between most banks, but when I tried to transfer money to myself from RBC to PC banking, I had to wait several days.Melanie Snoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-33347874959431722072010-12-08T10:26:20.430-05:002010-12-08T10:26:20.430-05:00@Big Cajun Man and @Art: My guess is that anythin...@Big Cajun Man and @Art: My guess is that anything under 30 minutes is good enough in most cases. So, if you're satisfied with the level of security and whatever fees are charged, this Interac feature can be useful.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-47069216110165316672010-12-08T10:13:28.938-05:002010-12-08T10:13:28.938-05:00Delay will be 30 minutes or less, Interac says.Delay will be 30 minutes or less, Interac says.Arthttps://www.blogger.com/profile/01068101515393702718noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-1306735892046697562010-12-08T07:50:14.908-05:002010-12-08T07:50:14.908-05:00I have used the e-mail transfer a few times to rec...I have used the e-mail transfer a few times to receive funds from relatives in the U.S. and it works quite nicely, but yes, choose a good security question to ensure a little more safety would be my advice.<br /><br />It works very nicely and the transfer seems instantaneous.Big Cajun Manhttp://www.canajunfinances.comnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-8857193963866249682010-12-08T07:35:01.542-05:002010-12-08T07:35:01.542-05:00@Canadian Investor: I don't know how long it ...@Canadian Investor: I don't know how long it takes before the recipient has access to the money. But you raise an important point. If there is a delay this limits the usefulness of e-Transfer.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-56641454236403885632010-12-08T04:41:00.806-05:002010-12-08T04:41:00.806-05:00Do you know, how long it takes to transfer funds -...Do you know, how long it takes to transfer funds - are the funds released and available immediately by the recipient?CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.com