What to do if you receive an Interac e-Transfer® for a class action settlement
Have you received an Interac e-Transfer payment for a class action settlement? It could be real — and safe to accept. This page can help you decide what to do next.
Why you may receive messages about Interac e-Transfer and class-action suits
Some organizations that owe Canadians money due to class action judgments and settlements are choosing to use Interac e-Transfer to pay recipients.
They’re using Interac e-Transfer as a payment method instead of the traditional cheques, which are slower, and more expensive to administer. (Interac is only involved as a payment method — we don’t lead class-action lawsuits.)
If you receive an unexpected notification that an organization has sent you money, you’re right to be skeptical — but it could be legitimate.
What should you do if you receive a message about a deposit you weren’t expecting?
Don’t panic. If you have Interac e-Transfer Autodeposit enabled, you don’t have to do anything special. If you don’t, read the helpful information below on this page.
And if you’re from an organization that might need to organize a class action payout, learn more.
You’re all set.
You’ll receive a notification saying you’ve received funds. They’ll be deposited into your account automatically.
Confirm that the transaction is legitimate
Phishing scams are common, unfortunately, and hackers often make phony messages resemble the real deal — until you look more closely. If you know what a genuine Interac e-Transfer notification looks like, you may be more likely to spot a fake. (See what a real Interac e-Transfer notification looks like here.)
While you’re looking, try to spot other signs of fraud — for example incorrect URLs (web addresses) or mistakes in spelling and grammar, which are common in fraud-related emails.
If you’re still not sure, contact the organization that sent you the money via another method other than email. (For example, phone them.) Do not click any links or accept payments that you are unsure about.
If you don’t have the Autodeposit feature set up, this is a good time to note that it enhances your security by bypassing security questions and helping you avoid email fraud — two steps that could involve security risks. Want to set up Interac e-Transfer Autodeposit?
Learn how
If you’re confident the message is legitimate, deposit the funds
1.
Answer to the sender’s security question.
2.
The organization may provide this information online or via their official website.
3.
If you’re unsure, contact the organization that sent you the funds for help.
FAQs
I received a message saying I am entitled money for a class-action settlement, and it asked me to accept it via Interac e-Transfer. Is this a scam?
If you don’t have Autodeposit enabled, the best thing to do is check before you accept. Some organizations do in fact use Interac e-Transfer to send funds to Canadians who qualify based on class-action settlements and judgments. Read this section for tips on how to assess whether the offer is legitimate and never accept any payment that you’re unsure about.
How do I deposit my money?
It’s easy if you use online or in-app banking. Learn how to receive money with Interac e-Transfer.
What if I don’t have online banking?
Talk to your financial institution to get set up. Alternatively, you should contact the organization that sent you the funds to ask whether there’s an alternative payment method. (Interac cannot provide one.)
Can I reject the funds?
Yes — if you don’t have Autodeposit enabled. If that’s the case, you will be given the option to decline the funds after you enter the login password to your banking platform.
What is the answer to the security question?
Search online to see if the organization that sent you the funds has posted the answer at its website. If not, contact the organization for help.
Information for organizations that deal in legal disbursements
Interac e-Transfer is a trusted, secure and convenient way to receive class action settlement funds directly into Canadians’ bank accounts, with no hassle.
Interac e-Transfer offers many advantages over cheques — first of all, cost: Back in 2018, Payments Canada estimated that a cheque issued in Canada cost $15 on average to process; some estimates run even higher. But with Interac e-Transfer, your transaction fees are lower. (These are set by the financial institution.)
When your organization uses Interac e-Transfer, the benefits also include:
01
Trust
88 per cent of Canadians have used Interac e-Transfer, and Interac is one of Canada’s most trusted and reputable financial brands.
02
Security
Built with bank-grade security and fraud prevention measures, including secure login processes and encryption technology.
03
Paying by alias
Make a payment using the recipient’s SMS number or email address — less intrusive than a bank account number.
04
Convenience
Recipients typically get their funds within minutes, using their existing banking app to receive their funds — no new app or account is needed.
How does it work? Interac e-Transfer Bulk
Interac e-Transfer Bulk enables high-volume transactions — both payables and receivables.
Imagine the flexibility, reliability and speed of Interac e-Transfer, with the ability to send and receive up to 10,000 transactions with a single file upload.
For payouts to many Canadians at once, it’s the faster, modern solution, and it’s available now.