Electronic Transfer Frequently Asked Questions
1. What is Electronic Transfer and why should I use it?
Electronic Transfer is a safe and secure electronic funds transfer (EFT) process which allows you to deposit and withdrawal through your bank account (Canadian personal checking accounts only). It's as simple as using a paper check and best of all it's totally free.
2. What information do I need to provide to use Electronic Transfer?
To use Electronic Transfer and deposit, you only need to submit the information that appears on your paper checks. That is:*Account Number*Bank Routing Number (the three digit institution number followed by five digit transit number)
* Please put three digit institution number followed by five digit transit number as your Bank Routing Number.
3. Are there any fees associated with Electronic Transfer?
There is no charge for deposits made using Electronic Transfer.
4. How safe is it?
Electronic Transfer is safer than writing a check and giving it to a store clerk because the transaction is secured with 128-bit encryption and your information is passed electronically from us directly to your bank. It's paperless and promptly processed the same way as bills are. You have a full control of amount that you transfer from your bank account to your account. Until you authorize the transaction, funds will not be debited from your bank account.
5. How long does it take to make my first deposit using Electronic Transfer?
It's instant! As soon as you register and verify your bank account, you can begin using Electronic Transfer to make a deposit and play immediately. However, in order to make your first deposit you need to verify your bank account by confirming the two small deposits (of less than 1.00 CAD) that we made to your bank account. See How do I verify my bank account?
6. How do I register my bank account?
Please follow the steps given below:
1. Log in to your account.
2. Go to the 'Cashier' and select 'Deposit'.
3. Under the Electronic Transfer option click on the link "Register Bank Account".
4. Enter your bank account number, routing number.
5. Upon successful registration of your bank account, you will receive the following message: "Bank Account Successfully Registered - Verification Pending". Verify Bank Account (See
How do I verify my bank account?).
7. How do I verify my bank account?
As soon as you register your bank account information, we will send you two small deposits of less than 1.00 CAD each to your bank account.
It usually takes two to three business days before they are credited to your account and appear on your bank statement. Please follow the steps given below to verify your bank account: Call your bank to find out the amounts of the two deposits we sent you or login to your online banking and make note of them. They will appear on your statement as credits with "Electronic Chq" in the description.
1. Log in to your account.
2. Click on 'Cashier' and then on 'Deposit'.
3. Under the Electronic Transfer option, click on the link "Verify Bank Account".
4. Enter the amounts of the two deposits that you obtained from your bank and click on 'Continue'.
5. You will get a message confirming that your bank account has been verified. Once your bank account is verified you can use Electronic Transfer to add funds to your account.
Please note that the cheque needs to have your name and correct address on it and if the address differs, please send an email to email@example.com with your old and new address together with your name and your account name.
8. How do I fund to my account using Electronic Transfer?
To add funds to your account, you first need to register and verify your bank account. Then:
1. Log in to your account.
2. Go to the 'Cashier' and select 'Deposit' tab.
3. You will now see the Electronic Transfer logo. To select this deposit option simply click on the icon.
4. Enter the amount you want to transfer from your bank account to your account.
5. Enter your Bonus Code, if applicable.
6. Select the registered bank account number and click on 'I agree to electronic transfer terms and conditions' and then 'Submit' the information.
7. The funds will be available in your account.
Upon initiating a successful deposit a 'Transaction Successful' message and unique transaction ID will be displayed for your records.
9. In which currency is my bank account debited?
Your bank account is debited in CAD.
10. How long does it take to receive the money transferred into my account?
The transfer is instant up to your deposit limits. If you exceed your limits, the funds will be added to your account once credited at our bank which usually takes up to 8 business days.
11. Why do Electronic Transfer funds get declined?
The most common reasons are:
- Insufficient funds in your bank account.
- You may have provided incomplete or incorrect information. The name and address entered should always match your bank's records. Also your bank account number and bank routing number must be correct.
12. Since I am sharing my banking information, can money be debited from my bank account without my knowledge?
You have complete control of the amount that you transfer from your bank account to your account. Until you authorize the transaction, funds will not be debited from your bank account. We cannot authorize transactions on your behalf.
13. Can I withdraw more than my initial deposit using Electronic Transfer?
Yes, you can always withdraw using Electronic Transfer. However, keep in mind that we may always at our sole discretion choose to pay part or all of your withdrawals by reversing any prior charges made to a credit card/debit card first.
14. Can I withdraw the same day I send an electronic check?
Yes. You may request for a withdrawal the same day you deposit.
15. Can I withdraw to Electronic Transfer if I deposited using a different payment method?
Yes. You can always withdraw using Electronic Transfer provided you register and verify your Canadian personal checking account.
16. Are there any transaction fees associated with Electronic Transfer withdrawals?
We do not charge a transaction fee for withdrawals via Electronic Transfer.
17. What is the minimum and maximum amount I can withdraw using Electronic Transfer?
The minimum withdrawal amount that you can withdraw via Electronic Transfer is 10.00 USD equivalent and the maximum withdrawal amount is 10000.00 USD equivalent.
18. What is the average processing time for Electronic Transfer withdrawals?
All withdrawals are first approved by our internal review team, which takes approximately up to two business days. Once we have processed your withdrawal, it will take 3-7 business days for the funds to appear in your bank account.
19. Is there a reason why I cannot deposit with Electronic Transfer in my account currency?
Electronic Transfer transacts in CAD only.