![]() ![]() Some banks have a banking service package that includes one or two of these transactions per month, but otherwise you'll pay $1.50. In 2009, 935 million cheques were cleared through the Automated Clearing and Settlement System, down from 1.4 billion in 2000.Ĭost may be a factor. We haven't paid a bill with a cheque since the 1990s, and payments for most everything else (hockey league fees, summer camps, magazine subscriptions) have gone online.Ĭheque-writing has declined sharply in the past decade, according to the Canadian Payments Association. If not, the transfer takes three to five days and a fee is deducted.Īt our house, cheque-writing has largely dwindled down to payment to our boys' schools for the milk program, pizza days, various field trips, activity fees and supplies. The transfers work best if the recipient's bank is in the group as well. Note that 24 banks and credit unions offer Interac e-mail money transfers. With the money e-mail I sent, a confirmation e-mail told me the gift was deposited a few hours after it was sent. She's then sent to her bank's website, where she logs in, answers the security question and completes the deposit. First, the recipient picks his or her bank from a list of financial institutions.
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