Canadian Realestate Magazine forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Mobile deposit technology to be rolled out

Notify me of new replies via email
Canadian Realestate Magazine | 02 Dec 2014, 08:25 AM Agree 0
The Canadian real estate market may be poised for transformation with the introduction of mobile-driven deposits, set to help investors avoid the snafus that too often scuttle deals.
  • Greg | 02 Dec 2014, 03:04 PM Agree 0
    It's about time!
  • Sara | 02 Dec 2014, 04:47 PM Agree 0
    I wish this was around when I bought my last house. It was a real pain to go to the bank to get my deposit cheque and then having to deliver it to the real estate office the day after my offer was accepted. I pay for so many things with my phone. This just makes sense. Plus you get credit card rewards too.
  • Ann | 02 Dec 2014, 09:49 PM Agree 0
    Bravo! This DirectDeposit sounds like it will make buying a home easier for the purchaser & realtor alike. The technology is there, why not take advantage of it.
  • John | 03 Dec 2014, 09:01 AM Agree 0
    Great idea, I can pay my deposit from anywhere. My wife and I work and now we won't have to run around for a certified cheque or Money order.
  • Peter | 03 Dec 2014, 12:12 PM Agree 0
    Did I read this right, 2.9% service charge?
  • Jan | 05 Dec 2014, 01:04 PM Agree 0
    Cost? 2%,, sounds a little high, maybe in small towns, just had one with $80,000 down
  • Jeff | 05 Dec 2014, 01:07 PM Agree 0
    This is welcome news. Not sure what their overhead costs are, but 2.9% seems pretty steep. Plus the obligatory for Realtors®? Maybe we can just use eTransfers from the online banks and save hundreds of dollars....
  • kris | 05 Dec 2014, 02:49 PM Agree 0
    The cost is way too high given that deposits, especially in Toronto, are substantial amounts of money
  • Toronto Broker | 08 Dec 2014, 01:33 PM Agree 0
    I really see clients being happy paying 2.9% on their deposit. $290 on 10k and $2,900 on 100k? And they have the audacity to charge the Brokerage as well? I don't see how that represents anyone's best interest.
    • Alex | 09 Jan 2015, 10:09 AM Agree 0
      Hey there! I'm working on a story about this for the Canadian Press newswire and I'd love to get your take (particularly your criticism regarding the fees). Can you please get in touch with me when you have a moment? / 416-507-2141.
  • | 09 Dec 2014, 01:17 PM Agree 1
    Its not that hard to get a certified cheque from your bank these days, and its usually free if you have a decent chequings account ( up to 5 a year I think). People will pay for convenience, but not 2.9% on a transaction, let alone on a large one. A fixed flat rate would be a better business model ( like the certified cheques: they cost the same whether its $50 or $5000 if I am not mistaken). CMHC dings you a percent, and it sure motivates you buy with 20% down. With CMHC, there is no alternative ( regulations mandate insuring the mortgage). With electronic deposit systems though, there are many alternatives, many of which are cheaper, and frankly, not that much harder to do: ie certified cheuqe or bank draft.

    The concept is great, and if the business is willing to change their revenue model, they will be successful ,as everyone likes easier and more transparent business transactions
  • Brendan | 12 Dec 2014, 06:41 PM Agree 0
    Love the concept, but wondering what other payment options there may be--in Toronto deposits can be anywhere from 10k to 100k...and most people don't have 30 or $40,000 of credit available on their VISA!
  • | 16 Dec 2014, 05:14 PM Agree 0
    The fee sounds crazy - I can get a Money Order from my bank for $7.50 and can get a courier to deliver it for about $25. On a $50,000 deposit with this service I would be paying $1450??? Am I missing something?
  • Bezon | 18 Dec 2014, 12:29 AM Agree 0
    Concept is really nice but they mentioned service will cost homebuyers 2.9 per cent. of the deposit amount.
  • Arthur | 31 Dec 2014, 10:06 AM Agree 0
    Sara, sorry to hear that your Realtor was lazy. Most full service Realtors will work with you and for you. He/she should have met you at your bank, received your draft, made you a digital copy and emailed it to you and taken it from there.
  • e. harold | 23 Jan 2015, 11:09 AM Agree 0
    more fees - 2.9% ,are you kidding me ? plus more from the Realtor ??- convenience always has a price tag attached But in our busy lifestyles no-one seems to care about a small service charge - add them up on all you use and you may see an amount equal to a car payment ? or a house payment ? - just spend it, if super convenience is necessity - unbelievable, aren't we ?
  • Robert Harrington | 28 Jan 2015, 12:35 PM Agree 0
    Hold on here. Send a deposit to their brokerage? Why?
    Anyone making large deposits knows you send your deposit to your legal rep because brokerages rip you off by not paying interest on your deposit.
    The odd brokerage that does pay interest takes the interest from the commission without disclosing where the interest is coming from, a direct breach of Real Estate Service Act Rules.
    And who died and said you had to deal with brokerages anyway?

    Oh yes and true mobile technology complete with free virtual real estate agents will be here soon as a webbased service is now complete and mobi additions will be here in 2 to 3 weeks and part of the virtual agent app is of course paying deposits.

    PS. You can take more than 24hours to pay your deposit after an accepted agreement as long as both parties agree.

  • Roberts mom | 26 Feb 2015, 10:57 PM Agree 0
    Robert..... you're a idiot!
  • Erik | 27 Feb 2015, 07:54 AM Agree 0
    Robert is the agent running around in bc doing all sorts
    Of illegal evil stuff. His firm price smart realty was recently
    Shut down by bc real estate council. A charlatan in the truest
    Sense of the word! Lol

    Scroll down half way on page
  • broker | 25 Jul 2016, 07:08 AM Agree 0
    Is that not why there is e-transfer. Do you really think brokerages will pay and a consumer will pay. I dont think so.
  • Racquel | 19 Aug 2016, 11:51 AM Agree 0
    For $290 on $10,000. deposit I would be happy to spend an hour meeting my realtor at the bank.
    Expensive convenience $2900 on 100k
    So when did regular folks start earning $290 an hour ? Hardly
    No wonder these people can't afford a house
  • Remi | 14 Sep 2016, 11:51 PM Agree 0
    2.9% is ridiculous, a $100,000 deposit equates to a $2900 fee, count me out
  • Hans | 13 Dec 2016, 06:43 AM Agree 0
    The real estate agent is the only one benefiting from this arrangement and I would bet that they own this high cost deposit system as another revenue Center for brokers. A bank draft costs about $3.00, a cheque certified costs about $1.50, an e transfer costs about the same. So why do we need this new middle man in our transactions? When using a credit card for a deposit It would cost the broker about 1.5 percent of the transaction to treat it like a purchase which it really is anyway. Maybe the realestate brokers should absorb this cost considering that that they charge way to much for very little work.
    • ammythomas634 | 31 Jan 2017, 09:45 AM Agree 0
      My mothers neighbour is working part time and averaging $9000 a month. I'm a single mum and just got my first paycheck for $6546! I still can't believe it. I tried it out cause I got really desperate and now I couldn't be happier. Heres what I do,

Post a reply