UseMyFunds - Formerly Known As UseMyBank
UseMyFunds (formerly known as “UseMyBank”) is an online payment system that facilitates debit transactions through online bank accounts in real time. Developed in 2002, the system was initially available only to the Canadian market, but has since been made available to customers from many countries all over the world.
The service was launched by entrepreneur Joseph Luso as part of UseMyServices Inc. with the promise of providing users “freedom from the credit card”. As such, it offered users several options by which they could pay for transactions and handle money online without having to go through the standard credit card system.
Users of the UseMyFunds service can make payments, deposits to online casino accounts, and other transactions with the flexibility and convenience afforded by credit cards but without the risk. UseMyFunds is currently supported by several online merchants and casinos around the world.
How Does UseMyFunds Work?
UseMyBank essentially works as an intermediary between the system’s customers and online merchants. The service allows users to transfer funds from one account to another without the pitfalls typically associated with credit card use. Users only have to link their UseMyBank accounts with an account from a supported credit card company or banking institution.
Once these accounts are linked to the user’s UseMyBank account, funds can be transferred and payments made by using the UseMyBank option at the supported online store or casino. The required funds are then deducted from the linked bank account or debited from the credit card account in a real-time transaction.
| UseMyFunds Facts | |
|---|---|
| Type | Online Payment System |
| Deposits | Yes |
| Withdrawals | Canadian Players Only |
| Deposit Fees | Free |
| Withdrawal Fees | Free |
| Headquarters | Toronto, Canada |
| Contact Details | Email: [email protected], Phone: (416)907-8382 |
| Website | https://www.usemyservices.com |
How to Create a UseMyFunds Account
Creating a UseMyFunds account is fast, simple, and free of charge.
- Go to the UseMyBank “sign-up” page.
- Provide your personal information.
- Provide details of the bank or credit card account you wish to link.
- Confirm your registration.
Your account is then ready to be funded and used to make payment and deposit transactions with supporting online sites.
Funding Your UseMyFunds Account / Making A Transfer to A Casino Account
Unlike e-wallet systems, you do not need to “prefund” your UseMyFunds account before making any type of transaction. This is because funds are deducted/debited from your linked bank account or credit card account in real-time.
Here is how to make a deposit in an online casino account via UseMyFunds:
- Go to the casino’s “deposits” page.
- Select “UseMyBank” as the deposit method.
- Specify the amount you wish to deposit.
- Select the bank account from which the funds will be drawn or the credit card from which the funds will be debited.
- Confirm the transaction.
Making a Withdrawal From UseMyFunds
UseMyBank allows withdrawals only for Canadian customers with UseMyBank buyer accounts and Pre-Authorized Debit (PAD)-approved bank accounts. Online casino players will therefore have to withdraw any winnings and bonuses via bank transfer or some other withdrawal method.
Keep in mind that some casinos may require you to deposit winnings and bonuses only via the same method by which you made your deposit. If you intend to make a deposit via UseMyBank, it is advisable to ask the casino support staff beforehand if you will be able to withdraw any potential winnings and bonuses via another method.
Security and Privacy of Your Personal Information
UseMyBank does not collect any user data nor does it provide any information about you or your user account to any online merchant or casino you transact with. The only information that will be sent to a receiving casino or online merchant site is the following:
- Your email address
- The amount
- Other legal and required audit information
No employees of UseMyServices Inc. will be able to view, access, or retrieve your personal or banking information.
UseMyServices Inc. utilizes SSL 128-Bit encryption for all data transmitted to and from your browser. The entire network is certified by the universally-accepted GoDaddy Certificate Authority, ensuring the total security of all user information. In addition, the UseMyServices Inc. website undergoes McAfee SECURE’s internet security testing daily, and is part of the Canadian Code of Practice for Consumer Debit Card Services.
Fee Summary
Signing up for a UseMyBank is free, and no fees are charged for sending funds via the system. However, online merchants and online casinos are typically charged 1% out of every transaction. Some of these merchants may therefore opt to pass these charges on to you.
Customer Service
UseMyBank offers 24-hour customer support seven days a week. The company’s support team can be reached via email and phone. Replies can usually be expected within a few business hours.