An Interac e-Transfer lets you send money from your bank account to someone else using their email or phone number. You do it from online banking or your bank’s app. If the other person has auto-deposit turned on, the money can arrive right away. People use it to split a bill or to pay something larger, like tuition. Fake emails and texts sometimes pretend to be Interac. A real bank will not ask for your password that way.

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