How do I set up and use Autodeposit Interac e-transfer?
Interac e-Transfer® Autodeposit makes receiving money easier and faster, with the same level of security as using a question and answer.
How do I start using Autodeposit?
If you’re an administrator, you can set up Autodeposit in online banking for business. If you're not an admin, skip ahead to learn how to use Autodeposit once an administrator has set it up.
After confirming that your business has activated Interac e-Transfer and consented to its use, create at least one setup to start receiving money with Autodeposit.
An Autodeposit setup is a combination of:
An email address or mobile number, and
The bank account into which money will be automatically deposited
How do I set up Autodeposit?
In the Administration section of the menu, select Other administration options.
In the Others section of the main menu, select Interac e-Transfer® Autodeposit.
a. If this option isn't available, you need to first activate Interac e-Transfer and consent to its use for your business by selecting Interac e-Transfer® profile.
Select the Add a setup button.
Select whether you want to use an email address or a mobile number as your method for Autodeposit, then enter the email or number.
Select the bank account into which money will be automatically deposited, then select Next.
Review your setup details and select Confirm.
Depending on the method you chose for your setup, check your email inbox or text messages to confirm the setup within 24 hours.
a. If the setup is not confirmed within this time, it will be deleted in online banking for business.
Once your setup is confirmed, the associated email address or mobile number will be ready to receive money with Autodeposit.
Good to know
- Each business can have a maximum of 500 Autodeposit setups. If you have multiple businesses, you need to activate Interac e-Transfer by consenting to its use and set up Autodeposit in each of them.
- Only current accounts in Canadian dollars (CAD) can be selected for an Autodeposit setup.
- An email address or mobile number can be used for only one Autodeposit setup at a time across all Canadian financial institutions.
- If you use an email address or mobile number to create a second setup, Interac will contact you to complete the second setup, or to decline it so that you don't delete the first setup.
- If you use an email address or mobile number to create a second setup, Interac will contact you to complete the second setup, or to decline it so that you don't delete the first setup.
- Multiple email addresses or mobile numbers can be set up to deposit money into the same bank account, if desired.
How do I use Autodeposit in online banking?
To send money
If you’re sending money by Interac e-Transfer to a recipient with Autodeposit, double-check that you have chosen the right recipient before you submit the transaction for approval. Once the transaction is fully approved, it cannot be cancelled. The money will be sent to the recipient and will automatically be deposited into their account.
To receive money
Once you’ve created and confirmed at least one Autodeposit setup, tell your clients or payers to send their Interac e-Transfer to the associated email address or mobile number. Money sent to that email or number will be automatically deposited into your chosen bank account.