I have converted to electronic banking almost exclusively - I write about one cheque a year to local small businesses, and even they are starting to accept electronic payments. Larger businesses are set up for online payments, while Interac e-Transfer works for smaller businesses and person-to-person transactions. However, Interac e-Transfer limits can be challenging - there have been a few occasions where I had to split larger payments across multiple days only to be blocked by the weekly limit.
EQ Bank allows daily transfers up to $30K and up to $100K a week to another EQ Bank customer. I set this up with a landscaper recently to simplify paying the deposit and the future final payment. The landscaper was able to create a no-fee EQ Bank account online. I initiated the connection using the email address that the landscaper had associated with their account. Once the landscaper had accepted my EQ Connection request, I was able to transfer the deposit directly from my EQ Bank savings account.
No more "your cheque is in the mail".
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