Ways to Bank & Pay

The Autodeposit feature allows money sent to you via Interac e-Transfer to be deposited directly into your credit union account, without having to answer a security question.

How to set it up:

Members simply register their email address with Interac in order to take advantage of this feature:

1. Sign in to Online Banking and click on Transfers.
2. Click Send Interac e-Transfer.
3. Click Autodeposit.
4. Enter your email and select the account you want to use with Autodeposit.
5. Click Register and click Done
6. An email will be sent to you for confirmation.

For more information, click here.

Important information

• There is no fee to deposit money into your account that you receive by email.
• If you do not want to deposit the money into your account, you can decline the transfer.

 

Get paid easily with Request Money*

It’s easy to request money you’re owed with the Interac e-Transfer Request Money feature! When you send a request for money, the recipient is notified instantly and can accept the request. When accepted, the money will be automatically deposited into your account, and you’ll be notified.

How to request money by Interac e-Transfer

1. Sign in to online banking and click on Transfers.
2. Click Request Interac e-Transfer.
3. Ensure you have a sender profile created and Recipient added.
4. Click the Request From dropdown and select the recipient you want to request the money from and complete the following:

• • Amount
  • Invoice #
  • Invoice Due By
  • Message
  • Deposit to

5. Click Request.

For more information, click here.

Important information

• There is no fee to deposit money into your account that you receive by email.
• The requester will be responsible for paying any associated Interac e-Transfer fees. GVC Credit Union’s Personal Chequing Accounts offer free unlimited Interac e-Transfer transactions.
• If you do not want to deposit the money into your account, you can decline the transfer.

How to send an Interac e-Transfer

1. Log in to your online banking.
2. Create a profile with your email address and/or mobile phone number (if you haven't already done so).
3. Select Send Interac e-Transfer under Transfers.
4. Select a recipient, or add a new recipient profile by entering the person's name or business name, plus an email address and/or mobile phone number.
5. Choose whether the recipient will receive an email and/or text message.
6. Create a security question and answer.
7. Add a personal message (optional) but don't include the answer to the security question.
8. Select an account from which to make the transfer and enter the amount.
9. Send the Interac e-Transfer.

Within approximately 30 minutes, the recipient will be notified that the payment has been made.

How to receive an Interac e-Transfer 

1. Click on the link and you'll be taken to a secure Interac website.
2. Follow the instructions on the site and you'll be redirected to our online banking login screen.
3. Log in to answer the security question and accept the transfer.
4. Select the account you want the money deposited into.

 

What is an Interac e-Transfer?

It’s an easy, secure, and convenient way to send or receive money.

Who can use Interac e-Transfer?

Any individual or small business owner with an account at a Canadian financial institution that offers the service can initiate an e-Transfer, while anyone with an account at a Canadian financial institution can receive one.

 

What is Autodeposit?

Autodeposit is a feature that enables users to save time when having money deposited in their bank account. When enabled, funds go directly into a recipient's bank account without having to answer a security question.

 

Why do I still have to answer the security question after registering for the Autodeposit feature?

For the Autodeposit feature to work, both the sender and receiver’s financial institution must support Autodeposit. If the sender’s financial institution doesn’t support Autodeposit, you will still be required to answer a security question. 

 

Is it safe to transfer money by email or text message?

There is no money attached to emails or text messages. Instead, financial institutions use standard practices for safe money transfers.

 

Is there a charge for sending an Interac e-Transfer?

Interac e-Transfers are free when sending from a personal chequing account. A $1.50 fee applies to savings and business accounts.

 

Are there limits on how much can be sent or received?

While there are no minimums, there are maximums for both sending and receiving Interac e-Transfers.

Sending

Per Transaction Limit	Weekly Limit	Monthly Limit
$3,000.00	$10,000.00	$20,000.00

   

Receiving

Per Transaction Limit	Weekly Limit	Monthly Limit
$25,000.00*	no limit*	no limit*

*New limit effective July 8, 2021.

 

Is there a fee to cancel an Interac e-Transfer?

There are no cancellation fees; however, the sending fee is non-refundable. If you cancel an e-Transfer, your account will be credited with the dollar amount of the transfer minus the sending fee.

 

Is there a fee to receive an Interac e-Transfer?

If your financial institution offers the service and you use online banking, it's free to receive an Interac e-Transfer.

 

What happens when a recipient's financial institution doesn't offer this service?

Recipients can still receive the money by registering with Interac and providing their banking information. The deposit usually takes 4 to 6 business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

 

What if I don't bank online, can I still deposit an Interac e-Transfer?

Yes, provided you have an account at a Canadian financial institution. However, you'll have to register with Interac and provide your banking information. The deposit usually takes four to six business days and Interac charges a $4.00 administration fee, which is deducted from the total amount of the transfer.

 

Why do text message notifications come from 100001?

This is the short code from which all Interac e-Transfer text notifications are sent.

 

Can I send an Interac e-Transfer to a landline?

If you provide only a landline as the way to notify a recipient, you'll be informed that the transfer cannot be completed. You'll need to provide new contact information – either a mobile phone number or email. If, however, you provide a landline and an email, the recipient will be notified via email.

 

Can I send an Interac e-Transfer to anyone?

No. To send and/or receive Interac e-Transfer transactions, both senders and recipients must have accounts at Canadian financial institutions. The transfer must also be in Canadian dollars.

 

How long does it take to receive the money?

For recipients, it takes approximately 30 minutes for notifications to be received. As soon as the notification is received, the recipient can deposit the money. As a sender, the money is debited from your account immediately after finalizing the transfer.

 

What happens if I use an incorrect mobile phone number?

The notification will be sent to that phone number; however, that person will not be able to deposit the transfer because she/he won't know the answer to the security question. Recipients must correctly answer a security question before they can deposit the money.

 

Can I cancel an Interac e-Transfer?

You can cancel the transfer at any time up until the recipient accepts it. Generally, it takes 30 minutes for notifications to be sent to recipients. To cancel a transfer, click on the 'Cancel' link beside the list of pending transfers.

If a transfer hasn't been accepted within 30 days, it will automatically expire, and the sender will be notified. The sender can either click on the 'Cancel' link beside the list of pending transfers or let Interac cancel the transaction. Money will be returned to the sender within 7 days of cancelling the transaction; however, fees charged at the time of sending the transfer are not reimbursable.

You can also send reminders to recipients who have yet to accept transfers by clicking on the 'Resend Notice' link beside the list of pending transfers.

 

What happens if the recipient rejects the transfer?

In that case, you'll be notified and prompted to log in to your online banking to cancel the pending transfer.