Did you make a rushed e-transfer? or did you send it to the wrong recipient by mistake? or did you send too much, like you forgot to put the decimal?
Fret not, you can stop an e-transfer. You are in the right place to find out how. Below is a simple step-by-step guide to cancelling e-transfers safely and easily
What are Interact e-Transfers?
Interact e-Transfer is a popular digital payment method commonly used in Canada. It lets you send and receive money through your email address or mobile phone number.
E-Transfers can be deposited automatically in your account, or you need a password created by the sender before accepting the funds.
Here is how Interact e-Transfers generally work step-by-step:
- The sender transfers the amount they wish to send from their financial institution.
- The recipient receives an email or a text informing them of the transaction. Depending on their account, it might be deposited automatically through Autodeposit, or they would have to answer a security question made up by the sender.
- If Autodeposit is active, the funds will be automatically sent to the recipient. Otherwise, it would be deposited once the security question is answered correctly.
The sender cannot cancel the transaction if you set up your bank account to automatically accept e-Transfers. I repeat, if you send an e-Transfer to somebody with an automatic deposit set up, you CANNOT cancel it.
An e-transfer must be cancelled before the recipient accepts the funds.
If you still have time to cancel, here is the step-by-step guide!
How to Cancel e-Transfers: Step-by-step Instructions
Again, please remember that you can’t cancel an e-Transfer if they have Autodeposit set up or have already accepted the funds.
You can check the status of your e-transfer by logging into your bank account and checking the Interact e-Transfer details or history page. The e-transfer will be available to cancel if it is marked “pending” or simply has the option to cancel.
- Look for the transaction history or the Interac e-Transfer page on your online bank account, often under “Transfers” or “Payments.”
- Find the transaction you wish to cancel and ensure it is cancelable.
- Follow the steps displayed to cancel the transaction and to confirm the cancellation.
Each financial institution will have different specific steps for cancelling e-transfers but usually follow the generic steps mentioned above. Depending on the institution, there may also be a cancellation fee.
The only way to get your money back when the recipient has accepted the funds or the Autodeposit feature is on is to contact the recipient and ask them to return the funds.
If, for any reason, the recipient does not have Autodeposit and does not accept or claim the e-Transfer after 30 days, it will be sent back to the sender.
e-Transfer Cancellation Fees
Each bank will have different Interact e-Transfer cancellation fees, with some not charging any fees and others charging fees based on how much time has passed since it has been sent.
Here are the cancellation fees for a few of the more popular banks in Canada.
| Bank | e-Transfer Cancellation Fee |
| BMO | $5 – no fee if cancelled on the same day (11 p.m., Eastern Time) |
| CIBC | $3.50 |
| National Bank | $3.50 |
| RBC | No fee |
| Scotiabank | No fee |
| TD | $5 – no fee if cancelled within 45 minutes |
You can see how RBC and Scotiabank have no fees, CIBC and the National Bank have a fee regardless of the time of cancellation, and BMO and TD offer some time to cancel without a fee.
How To Safely Send and Receive e-Transfers
In general, e-transfers are a safe way to send money digitally in Canada, not to mention convenience. However, if you are receiving or sending money from someone you don’t know, it is recommended to use caution. Here are a few tips to ensure all the information is correct.
Ensure you verify recipient details. You want to double-check the recipient’s email or phone number. This is important because it will tell you if the recipient has an automatic deposit turned on before sending anything, so you will know if cancelling is an option before sending any funds.
For your security question, make sure it is something that only the recipient would know.
Stay on your toes since you might have to change or cancel the e-Transfer.
Keep your bank notifications on! Staying current with your banking is essential, so enabling the transaction alerts would ensure you are on top of your banking activities.
Take Control of Your e-Transfers Today
So remember, it is unfortunately impossible to cancel an e-transfer after it is deposited into the recipient’s account or after the recipient has accepted it.
People cancel e-transfers for various reasons, from entering the wrong information or changing their mind about sending money.
If you encounter problems or suspect fraudulent activities, please contact your financial institution to discuss any concerns with a professional.
Now, you have the invaluable knowledge of cancelling e-transfers, but just to be safe, don’t forget to double-check the information and act promptly if needed. And finally, don’t forget to be safe when sharing personal information.