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In Canada, every bank has Interac e-Transfer, essentially we can easily email or text either other money. It's really wicked, and I'm always amazed other place
by Hugsbox 2mo ago
In Canada, every bank has Interac e-Transfer, essentially we can easily email or text either other money. It's really wicked, and I'm always amazed other places like America don't have it built into their bank accounts and have to use 3rd-party apps to handle sending money to each other.
But anyway, the point is that it tells you every single time you send a transfer that way to be careful, because you can't undo a transfer after it's been sent. I'm assuming it's the same for most methods of bank transfer? I mean, debit transactions are surely a different beast.
- inigyou 2mo agoBanks can always try to undo a transaction - it's just not guaranteed to work. AFAIK, credit/debit card reversals are always reversible because if the merchant doesn't have the money, it becomes their bank's problem to get the money or eat the loss. This works because the merchant is easily identifiable, well known, and has a reputation to uphold (at least to their bank). Other methods of transfer don't come with such contractual protection, but can still have best-effort.
- ShinyLeftPad 2mo agoThey can. Maybe in some jurisdictions they don't have to so they try to avoid it. But if there is crime involved for example, they can be required to do what's inconvenient