That being said, I have a question: Here in Canada, I can send an email transfer of funds from my bank account to my contacts by simply logging into my bank online and specifying the email address of the recipient. Does this type of system exist in the US?
Chase Quickpay works like this. While it is limited to another Chase customer (I believe), I don't need to know their account number, just their email and I can send them money directly. The other person can then login to their account to claim the Quickpay and the money is transferred immediately. The transaction is free, and I am notified when the money has been accepted.
Agreed. Once this comes to Canada, it'll kill Interac Email Money transfers (of which my plan only allows two free per month, and is not nearly this simple).
I think OP meant the opposite. This is cool, but the incumbents in Canada have already done it, and it's more trustworthy (it happens on your bank's website) and 'good enough'. Even if the tech-savvy switch to Square, the average bank-user will prefer to use INTERAC. At best this could pressure banks into giving away more free INTERAC transfers with their paid accounts.
That being said, I have a question: Here in Canada, I can send an email transfer of funds from my bank account to my contacts by simply logging into my bank online and specifying the email address of the recipient. Does this type of system exist in the US?