Any protection when using Interac Online?

[3weddings]

I was recently burned by Paypal when we accidentally funded via bank account, so I am hesitant to use anything new these days.

Is there any recourse (like you would have with a credit card) when you use Online Interac? I don't think there would be....am I correct?

[rfdrfd]

I was recently burned by Paypal when we accidentally funded via bank account, so I am hesitant to use anything new these days.

Is there any recourse (like you would have with a credit card) when you use Online Interac? I don't think there would be....am I correct?

Did you mean online banking? What is online interac?

[3weddings]

http://www.interaconline.com/

I was just on the CompuSmart site and noticed they offer it.....just like paying at the store it seems. But what if (since it can happen) the merchant doesn't fulfill his obligation?

I am sure these accounts are only given to reputable merchants etc. But it leads me to wonder if there is protection..kwim?

[rfdrfd]

http://www.interaconline.com/

I was just on the CompuSmart site and noticed they offer it.....just like paying at the store it seems. But what if (since it can happen) the merchant doesn't fulfill his obligation?

I am sure these accounts are only given to reputable merchants etc. But it leads me to wonder if there is protection..kwim?

Ah, thanks.

Then my suggestion is no. Its protection is not as good as Credit cards. Because credit card is you owe THEM money first when you pay with VISA. Then they collect.

Banking / interact is the opposite. It is VERY hard to get them to give you money back. Hence, ppl who got money stolen from bank machines (when robbed or got card stolen with PIN) have a very hard time to get the bank to pay them back.

With VISA, all you have to say is "Oh, I think my card is stolen, cause I NEVER made those purchases" They will believe you almost all the time, and they will issue you a new card and never charge you for those purchases. No questions asked.

As you said, Credit cards even have a statement in there saying that, so its much safer than Bank cards/interact payments.

So I suggest Credit Cards for online purchases for sure.

[bluedcfive]

Banking / interact is the opposite. It is VERY hard to get them to give you money back. Hence, ppl who got money stolen from bank machines (when robbed or got card stolen with PIN) have a very hard time to get the bank to pay them back.

Not true. You do get the money back once you inform them of the issue, its not hard. The timeframe can be a few weeks though.

[myapple]

Not true. You do get the money back once you inform them of the issue, its not hard. The timeframe can be a few weeks though.

Exactly, you can potentially be without your own money for a few weeks. Imagine if someone had 1-2k stolen from their account but needed that money to pay 5-6 bills. That would suck.

Credit cards won't make u pay the entire balance with the unauthorized charges and then credit u later. Much safer and more convenient with CC's.

[neospice]

You can only use Interac Online with those merchants who are authorized to offer it. These merchants are not some small, one man shops, they're reputable businesses. Chances of you getting ripped off by one of those reputable merchants is pretty slim.