Group payments made easy - MoneySense

Group payments made easy

Interac has launched a new invite tool that helps you organize group payments in advance. This and other stories in the daily roundup.

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  • Interac has launched a new invite tool that helps you organize group payments in advance using Interac’s e-Transfer service. It’s pretty convenient if you’re planning a party, group gift, organizing a sports league or settling an IOU. Each individual transfer back to the organizer does come with a fee however (determined by the sender’s bank), usually $1.50.
  • The above technology and others like it has brought on the demise of the personal cheque. But as this infographic from Canadian Business illustrates, cheques aren’t about to disappear just yet.
  • A new CIBC report suggests 49% of indebted Canadians aren’t making any progress paying down their debt. The top reason cited was not having enough money. “Though Canadians have identified paying down debt as their top financial priority for the past three years, our poll shows almost an even split between those who are making strides and those who aren’t,” said CIBC’s Christina Kramer in a release. “Today’s historically low interest rates represent a real opportunity to reduce your total debt level, however to take advantage of these low rates it is critical that Canadians have a plan to make that happen.”

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