E transfer payment reversed?

[trlvn]

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.

Unless the recipient can show both the money being deposited and and then withdrawn from her account, I'm inclined to believe that the sender simply canceled the transfer. The Interac web site is pretty clear:

• Only send money to people you know and trust, just as you would cash. An Interac e-Transfer transaction cannot be reversed once a recipient has deposited the funds.

Interac e-Transfer

How Interac e-Transfer security works When you send money using Interac e-Transfer®, your money doesn’t actually travel by email or text message

www.interac.ca

BTW, I'm a Chartered Accountant and I worked for a newspaper for a number of years. Journalists are writers; not financial experts (with a vanishingly few exceptions). A pet peeve of mine is that they conflate revenue, net income and cash flow all the time. This is really 101-level stuff and even the greenest reporter should be given a cheat sheet for common financial terms if they are going to work in that department. But it doesn't happen because they are writers and want to tell stories.

Craig
My uncle used to say "Don't let the facts get in the way of a good story!" Although...he was a radiologist?!?

 

[Susquatch]

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.

This is the essence of any good deal.

I'm ok with e-transfers and cash. I don't worry about getting skinned. I accept the fact that crooks exist. I don't do big value long distance transactions.

There are two groups of people who can do anything with your money that they want and there is NOTHING you can do about it. That's the banks and CRA. Transferring to a secret account is zero security. There are no secret accounts the banks and CRA can't find. They can both reverse them anytime they want - even years later. Ask me how I know. Empty accounts don't even stop them if you have assets.

Even cash isn't king anymore. Counterfeit money is everywhere. The best way to launder it is cash deals.

I don't do deals with strangers that I can't walk away from. I've been screwed before and I'll get screwed again. I'll be pissed but I'll get over it. I keep my own nose clean and that's what matters most to me.

 

[Dabbler]

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

ven cash isn't king anymore. Counterfeit money is everywhere.

I keep my own nose clean and that's what matters most to me.

+1 to all of these

 

[takinarideknheavemetal]

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.

You shouldn't consider it complete until you see the funds in your bank account. I mean, I'm not here to tell you how to consider things ...

 

[takinarideknheavemetal]

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.


I hope you are right Gerrit.

No, they cannot claw it back in anyway, once it's deposited into your account, you're safe. Since all the bank did was basically hand money that one person already has over to another person, the bank would never have any right to "undo" or reverse an e transfer for any reason.

 

[Degen]

The crux of the matter is simple:

There are professional thieves out there, be aware and hopefully don't get stung!