I didn't realize that. The ubiquity of Interac around these parts, and its deep integration with all things financial, led me to believe it was an international institution.

After spending the last week trying to find a cellphone plan for my mother, seeing a Canadian institution that mostly works and is mostly good for the consumer is a welcome breath of fresh air.

At my bank interac e-transfer costs $1.50 a pop but paper checks are free and unlimited. It boggles the mind.

Only if you're still tied to the notion that prices are proportional to costs. e-transfers are more convenient for consumers, so they can charge more for them.

I see it as being incentivized to waste relatively large amounts of their time and money printing, shipping, and processing my checks for stupid small amounts like $23.46.

But you're right, I'm sure that for every person like me there are many who just pay the $1.50 for the convenience.

Paypal has been offering this for a few years, but they don't promote it much.