Requesting lottery payouts via Interact is similar to the above deposit method but reversed. It should be noted that withdrawals are possible with Interact e-transfer and the Interac card. Interac Online may not work for lottery payouts. The withdrawal steps are as follows:
- The lottery site provides a cashier section where players to collect the available winnings
- The player chooses Interac for withdrawing
- Then they select their banking institution
- Relevant financial information and documentation will be requested by the lottery site
- The user enters the amount to cash out. They must ensure all wagering requirements have been cleared
- The player confirms personal details and waits for the money to get to their bank account
About Interact payouts
The online lottery site sets the withdrawal limit. It is stated under the terms and conditions of the lottery. Occasionally, the Interac e-transfer service will deduct a flat-rate fee. But this may not be the case with the participating bank, so it is good to confirm.
Before the lottery provider releases the winnings to a designated account, Interac will notify the recipient. There will be some security questions to be answered by both parties. Once sent, the winner will see the sender's name, paid amount, and a link to their Canadian online banking platform, such as TD Canada Trust. Scotiabank, RBC, and BMO allow users to use the Autodeposit option. If this alternative is used, the customer doesn't need to go through the security check before receiving lottery payouts.
Setting up the Autodeposit can be done online by logging in to the mobile banking page. It is a matter of tweaking the Interac settings and registering the new mode. Interac will send an email link to the customer, so they can activate this feature.