Open Up Another Account to Get Free Personal Cheques
If you’re interested in using personal cheques instead of an Interac e-Transfer, here are five ways on how to save money on personal cheques in Canada. Kind of makes you think that cheques are safer, doesn’t it? Don’t make it generic (like ‘what colour is the sky’ and don’t make the answer easily found in your email). The banks suggest that you only have a secret question and an answer to a question only you and the receiver would know. Hackers went into the email to transfer money to their account and they could answer the secret question with information found in the email account. Recently there was some theft and fraud and the people involved where not able to recoup their money (this guy was out $2775 according to CBC).
They used to cost $1.00-$2.50 to send a transfer but a lot of the big banks are now providing them for free (including my big bank, BMO). Everyone else uses e transfers these days. One alternative to cheques is to use an Interac e-Transfer.