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#1
10-01-2008, 04:41 PM
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EMT (Electronic Money Transfer)
Hey All
I Just noticed some posts on a situation that could have been avoided using EMT and thought I would share what I am sure a bunch of people on this site already know… EMT is truly an amazing and easy way to do business. It is safe and gets the money from the buyer to the seller immediately… There is no sharing of private information other than a password for a security question that you make up. It does not cost the seller anything and it is $1.50 for the buyer (way cheaper than gas!). Don’t take my word on any of this, contact your bank and get more info to build confidence and get the real scoop on how this works with your bank. Think of how much $$ in gas and personal energy this would save us. The only catch is good pictures so that you know what you are getting B4 you pay for it and pick it up… Now I think we could really step this entire thing up a notch if all users had a rating system next to their user name (kinda like Ebay). That way you know the item your are getting is from a reputable seller and even without a picture if he has a good description and has received good feedback from other members in the past – you are good to go with some level of comfort. These are just some of my thoughts! 
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#2
10-01-2008, 05:01 PM
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I use this all the time and love it, it's so easy. I believe the only downfall is that the buyer must be set up with their bank using online banking, and also needs to be with the 5 major banks (BMO, TD Canada Trust, Royal, CIBC, Scotia Bank) I know I use CIBC and they call it EMT (E-mail money transfer) basically all you have to know is the sellers e-mail address and then you give them the answer to the secret question that you will fill out before you send it. They get an e-mail saying they have a e-mail $$ trasfer, they open the link and pick which bank they are with, sign into their online banking and press transfer money, voila, done, gets deposited right into their account and there is no holding of money at all. I suggest making sure you have their name, phone number and address BEFORE you do it though, just in case.
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#4
10-01-2008, 05:59 PM
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Its great in theory, but if you don't bank with the big 5, you are SOL. I've been badly burned by 2 of the big 5, and won't touch them anymore. I wish they would open up a similar service to smaller banks and credit unions. I would definitely be on board if it was available to me.
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