Email Money Transfer - EMT

AAA

DEFINITION of 'Email Money Transfer - EMT'

A retail banking service that allows users to transfer funds between personal accounts using email and their online banking service. Email money transfers are considered secure because only the notification of transfer is done through email. The actual funds are settled through the existing funds transfer networks that banks have used for years.

INVESTOPEDIA EXPLAINS 'Email Money Transfer - EMT'

The email money transfer is most commonly used by clients of the "big five" banks in Canada: the Royal Bank of Canada, TD Canada Trust, the Canadian Imperial Bank of Commerce, the Bank of Montreal and the Bank of Nova Scotia. Because email is used, however, this service is susceptible to phishing scams. Care must be taken by both parties to ensure the safety of both the sender and receiver.

It is a good practice to not accept transfers from unknown parties, and to contact the sender directly when notified of a transfer that is not expected.

RELATED TERMS
  1. Book Transfer

    The transfer of funds from one deposit account to another at ...
  2. PayPal

    An electronic commerce (e-commerce) company that facilitates ...
  3. Interbank Network for Electronic ...

    Worldwide network that facilitates the transfer of debit and ...
  4. Retail Banking

    Typical mass-market banking in which individual customers use ...
  5. Identity Theft

    The crime of obtaining the personal or financial information ...
  6. Phishing

    A method of identity theft carried out through the creation of ...
Related Articles
  1. The Ins And Outs Of Bank Fees
    Options & Futures

    The Ins And Outs Of Bank Fees

  2. Your First Checking Account
    Insurance

    Your First Checking Account

  3. Choose To Beat The Bank
    Options & Futures

    Choose To Beat The Bank

  4. Tips For Keeping Your Financial Data ...
    Personal Finance

    Tips For Keeping Your Financial Data ...

comments powered by Disqus
Hot Definitions
  1. Correlation

    In the world of finance, a statistical measure of how two securities move in relation to each other. Correlations are used ...
  2. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  3. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  4. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  5. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  6. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
Trading Center