E transfer payment reversed?

[Janger]

Apparently some etransfers on interac can be reversed after the receiver gets deposit notification.

https://www.cbc.ca/player/play/2178938435778

The segment just raises more questions than it answers. It seems more caution when receiving money is warranted.

 

[TorontoBuilder]

Apparently some etransfers on interac can be reversed after the receiver gets deposit notification.

https://www.cbc.ca/player/play/2178938435778

The segment just raises more questions than it answers. It seems more caution when receiving money is warranted.

I'd always thought this was not possible. Every assurance from Interac stated this as a fact.

But apparently yes some credit unions have given fraudsters the ability to commit fraud very easily on unsuspecting public.

Thanks for posting this. I need to go back and ensure that this one $500 payment I received was not later reversed. I tend not to verify such transactions later because I rely on the auto-deposit. In future I will only accept e-transfers from one of the big banks and nothing else.

 

[Mcgyver]

Chatting across the fence reporting...."Guess what I heard...", thanks CBC. So ambiguous and no investigation done.

They say "before it got deposited cancelled it". What does that mean? The funds sit in purgatory between "send" and "deposit". How long is the window to cancel? Are you safe once you see the deposit in your account or can the sending institution go so far as pull the funds? Why not interview a bank employee or Interac and learn exactly what is what, who can recall funds, at what point are no longer able to etc.

 

[PaulL]

The window to cancel is open until the receiver accepts the funds.
This exploit can't happen to you if you have autodeposit set up.
And if you don't want to use autodeposit, make sure you've accepted the deposit and see the funds in you account before releasing whatever the money was for.

 

[TorontoBuilder]

The window to cancel is open until the receiver accepts the funds.
This exploit can't happen to you if you have autodeposit set up.
And if you don't want to use autodeposit, make sure you've accepted the deposit and see the funds in you account before releasing whatever the money was for.

It appears that some credit unions have a function in their software that allows cancellation for a certain time period after the payment is sent. When banks reply that auto-deposit has accepted payment they're apparently doing so long before the actual funds are transferred. The actual transfer takes days and the interac system was supposedly designed to make transfers more convenient but they've appeared to allow some participants to write their own client side programming rather than supplying a plug in module that is the same for all banks.

That's my take on it anyway.

 

[curmudgeon]

working as designed and advertised, and as stated above, crappy reporting

Some people fail to understand the difference between automatic and immediate.
She's not the only one to have been ripped off this way - is sad that there are so many dishonest people out there

 

[Tom Kitta]

Even if the money is in your bank account there is possibility of a reverse. This is rare through. It happens when the founds have been fraudulently pulled out. Or some other fraud of similar nature. I read about it a year or so ago.

Generally I feel quite safe when the $ is deposited & verified in my account balance.

Of interest is super high price for the grinder. Amazon shows M18 fuel grinder plus 2 new batteries plus a charger is 399. She sold used stuff for 480?

 

[Dan Dubeau]

Couldn't get past the "Sometimes sells her husbands tools when he's done with them" sentence. That does not compute.

 

[Mcgyver]

The window to cancel is open until the receiver accepts the funds.
This exploit can't happen to you if you have autodeposit set up.
And if you don't want to use autodeposit, make sure you've accepted the deposit and see the funds in you account before releasing whatever the money was for.

The clip said even with autodeposit, funds from trust co's could be reversed.

I don't feel too at risk, more annoyance at the incomplete coverage. I ask people for a phone number that I can text the address to. That has made kijiji much better, the flakes don't want give out info....and itr should keep the bad guys away.

It'll work both ways and make people nervous of accepting funds which is too bad; it's a convenient way to pay.

 

[gerritv]

The funds are not yours until you get a notificatiopn that the funds are in YOUR account. After that, no reversal is possible.

Sadly no consistency in the time it takes from send to receive, but they are happy to take the fee of course.

 

[Janger]

I read the article more closely - she saw the buyer's phone which showed it was sent and gave him the tools - but she did not check her own account until later. Then the buyer canceled it shortly thereafter. She had auto deposit setup. I think if she had waited for the notification from her bank it MIGHT have been ok. I expect there will be some clarification coming but yes CBC wound us all up and did not dig into it enough. I want to know if someone can claw it back after it says deposited in your account.

The funds are not yours until you get a notificatiopn that the funds are in YOUR account. After that, no reversal is possible.

I hope you are right Gerrit.

 

[phaxtris]

I've had buyers try that scam with me "no look I sent it, here I'll show you the confirmation"

Yea right...your not leaving here with my stuff untill I see that in my account

But I can understand how someone would fall for it, the buyers who have tried it with me always seem extra nice, probabaly part of the con

 

[Chicken lights]

I've had buyers try that scam with me "no look I sent it, here I'll show you the confirmation"

Yea right...your not leaving here with my stuff untill I see that in my account

But I can understand how someone would fall for it, the buyers who have tried it with me always seem extra nice, probabaly part of the con

Yep. I’ve been on the other side as a buyer/payer, I’ll show them from my bank account the sent notice, then we make small talk until they see the email ping them they got the money

No skin off my back, I’m not out here to screw anyone. I actually prefer both parties leaving feeling like it was a good deal gone well.

I only hate it when it’s crappy cell service or it’s been a 20 hour day and I need to get supper and find a hotel room. Unfortunately the ones who have screwed them over before have ruined it for the rest of us

 

[phaxtris]

Yep. I’ve been on the other side as a buyer/payer, I’ll show them from my bank account the sent notice, then we make small talk until they see the email ping them they got the money

No skin off my back, I’m not out here to screw anyone. I actually prefer both parties leaving feeling like it was a good deal gone well.

I only hate it when it’s crappy cell service or it’s been a 20 hour day and I need to get supper and find a hotel room. Unfortunately the ones who have screwed them over before have ruined it for the rest of us

I'm with you there, I will hang out and wait as long as it takes, I'm not out to screw anyone

I had one instance sending 2 e transfers from 2 different accounts to the same seller near my max, it froze both accounts, I sat there for 3 hrs trying to get it resolved, on and off the phone with the bank...if I couldn't get it to work I would have unloaded and came back with cash or another day


I find most buyers/sellers are willing wait until things go through, but if they are pressuring to go...well...

 

[Chicken lights]

I'm with you there, I will hang out and wait as long as it takes, I'm not out to screw anyone

I had one instance sending 2 e transfers from 2 different accounts to the same seller near my max, it froze both accounts, I sat there for 3 hrs trying to get it resolved, on and off the phone with the bank...if I couldn't get it to work I would have unloaded and came back with cash or another day


I find most buyers/sellers are willing wait until things go through, but if they are pressuring to go...well...

I’ve had this same conversation with friends. With actual friends I don’t mind a bit of horse trading, there’s no “score” being kept

Strangers? I prefer to pay in full, grab the item, and roll. Same for buyers, you pay, you load, you leave.

None of this I’ll pay you $300 now take the dirt bike I get paid in 6 weeks I’ll pay you then and here’s a small goat for collateral

 

[phaxtris]

None of this I’ll pay you $300 now take the dirt bike I get paid in 6 weeks I’ll pay you then and here’s a small goat for collateral

Oh man why have I had almost this exact thing happen before!

Its always really confusing "like are you serious" is what's going through my head

 

[140mower]

I’ll pay you then and here’s a small goat for collateral

.... The goat was supposed to get bigger, I swear...

 

[Former Member]

Hate to burst your bubble, banks can go into your account and remove funds even if its not your bank as long as they had a transaction with it. The only way to prevent that is to transfer it to an account that they have no knowledge of. Been that way for a long time.

This is the reason for those phishing calls and email to get certain bank info.

Unfortunately, banks don't like share this info.

 

[6.5 Fan]

I have none of the worries of e-transfers. CASH, but then some say i'm stuck in the 70's

 

[darrin1200]

I’ve never had issues. But I also don’t consider a transaction complete until I get the message that it has been auto deposited. However, I’ve had that confirmation take as much as an hour.
I still feel confident using e-transfer.