Banking Method: UseMyFunds

How UseMyFunds works

Once you have selected the goods you wish to purchase, either at a merchant’s store or online, you only need to select UseMyFunds as payment method, and select your own bank. You then login to your own bank in the usual way, and fill in the amount of the purchase. After confirming the transaction, the deal is complete, both parties obtain a receipt, and the goods are yours.

Similarly, for online casinos, you choose your game and how much you want to deposit, select UseMyFunds name and logo as the payment method, select your bank, login to your bank with your account username and password, confirm the deposit or top-up amount, and you will be ready to start playing immediately. Of course, in all cases, if there are insufficient funds in your account to cover the requested deposit, the transaction will be rejected. UseMyFunds uses mainly the Good Funds model, which means transactions only go through if there are sufficient funds in the user’s bank account 

UseMyFunds is a worldwide online payment method which originated in Canada and provides a link between a consumer’s own bank account and an online casino or other service provider, without the need to download any other software. Funds are transferred securely, directly and instantly from your bank account to the merchant, or to your online casino gaming account.

The facility is easy to use, requiring no more than selecting the bank from which to transfer funds to your account, logging on to your own bank account in the usual fashion, and selecting the amount to transfer. With that done, you are ready to start playing at any online casino that offers UseMyFunds as an available banking method.

Deposit and cashout times at online casinos

Deposits with UseMyFunds are always immediately available in the user’s casino account, so the consumer can immediately take possession of the goods or begin to play.

Withdrawals are not at present possible for users. The exception is those users holding Canadian bank accounts, and then only if they’ve been registered for Pre-Authorized Debit (PAD) facilities. While this registration is in progress, UseMyFunds may take up to 5 days to pay into the user’s bank account. Once the PAD registration has been completed, payout of all subsequent winnings into the user’s bank account is immediate.

Main features of UseMyFunds

UseMyFunds is a global online payment method that provides a link between the user’s own bank account and a large and growing number of merchants, service providers, online casinos and bookies. The user can make purchases or deposits quickly and easily, with or without a UseMyFunds account, and the transactions are instantaneous, secure and free of charge. UseMyFunds uses the online bill payment facility of the user’s bank. The user does not need to have a Debit or Credit card, and no software needs to be downloaded to the user’s computer or mobile device in order to use this payment method.
UseMyFunds is available in many countries, and supports many banks in those countries. 

The one important drawback with the UseMyFunds service is that it does not support withdrawal and payouts, unless the user holds a Canadian bank account which has either an online bill payment facility or is registered for Pre-Authorised Debits. Holders of all other accounts must use another method to receive their winnings or withdraw their funds. 
UseMyFunds makes use of the highest standards of security and does not store or share any of the user’s sensitive information such as bank account login username and password, or any other financial details.

Advantages of UseMyFunds

•    Available in many countries worldwide
•    Supported by many banks
•    Deposits are free of charge
•    Deposits are immediate
•    Transactions are secure
•    No software downloads are required
•    You don’t need to open an account with UseMyFunds to make use of the service
•    If you don’t open a buyer account with them, you are anonymous even to UseMyFunds
•    No Debit or Credit card, or third party e-wallet account is needed
•    The online merchant or casino does not get any of your banking or personal information

Disadvantages of UseMyFunds

•    Not all countries are supported, and not all banks in the supported countries
•    Withdrawals are limited to the holders of Canadian bank accounts
If you have a UseMyFunds buyer account, it can only be funded from your own bank, and not by any other method, such as credit card, eWallet and so on.

Fees when using UseMyFunds at an online casino

For the majority of online casino users, there is no registration charge, and no fee for making a deposit with UseMyFunds. 

However, in order to make a deposit from a Canadian bank which does not offer an online payment service, users will need to use the Pre-Authorised Debit (PAD) facility of the bank to make deposits, and for this there will be a $1.00 charge per deposit. For PIN debit deposits in which the bank requires the user to enter a PIN number, there is a 2.5% charge with a minimum of $2.50. Any such charges are always revealed before the transaction is confirmed.
The above fee system does not include all charges that may be made by the user’s bank for online debit transactions.

For those users with an account in a Canadian bank who are able to make withdrawals from an online casino into that account, there will be a charge of $1.00 per withdrawal transaction.

Which Regions Support UseMyFunds?

UseMyFunds is available in 55 countries of North America, Europe, the Middle East and parts of Africa. However, the only supported currencies are the Canadian Dollar and US Dollar. Not all banks are supported in the countries where UseMyFunds is available, so potential users would need to establish from the UseMyServices website whether their own bank is on the supported list.

Deposited funds in the currencies of countries other than Canada, will be automatically converted to Canadian Dollars at rates determined by the Bank of Canada. Residents of the US are not allowed to pay for online gaming by means of UseMyFunds, but it may be possible for them to make deposits with UseMyCard.

Withdrawals are not possible through UseMyFunds for holders who do not hold an account in a Canadian bank, and a different payment method will have to be used in order to receive winnings. Users with Canadian bank accounts will need to go through a short process in order to effect first-time withdrawals into their accounts. This involves a number of steps explained in the UseMyFunds FAQs, and includes downloading forms for PAD registration. 

Security of using UseMyFunds at online casinos

UseMyFunds is operated under the security regime implemented and maintained by the Canadian company UseMyServices Inc. The following is based on their Security Policy statement:
UseMyFunds uses Strong SSL 128-Bit encryption of all data transmitted to and from the user’s browser. UseMyFunds has selected GoDaddy as their Certificate Authority, and their Security Certificate ensures they keep their user’s information secure. UseMyFunds is tested and certified daily to pass McAfee SECURE’s Internet Security Test.

UseMyFunds endorses the Canadian Code of Practice for Consumer Debit Card Services and is committed to maintaining and/or exceeding the level of customer protection for all its clients. UseMyFunds’ main goal is to ensure their service that is safe, secure and user-friendly, for payment of goods and services over the internet. They are also dedicated to the prevention and detection of fraud. This means that punters can rest their hearts assured that their gambling money is in good hands when you decide to use UseMyFunds to deposit or withdraw.

Conclusion

UseMyFunds is a worldwide online payment method operating out of Canada. It provides a link between a consumer’s own bank account and a merchant, online casino or other participating service provider, allowing goods, services or online casino deposits to be carried out safely, quickly and easily.

Unfortunately, for users of online casinos, withdrawals are only possible to holders of Canadian bank accounts.