Do you get charged for cancelling an e-transfer?

Understanding E-Transfer Cancellation Fees

Electronic Funds Transfer (EFT), commonly known as e-transfer, has become a convenient method for transferring funds between individuals and businesses. However, it’s essential to be aware of the potential charges associated with cancelling an e-transfer.

Cancelling Sent E-Transfers

If you need to cancel a sent e-transfer, the initiating bank may charge a fee. This fee typically ranges from $5 to $10, depending on the institution.

However, there is a grace period of approximately 45 minutes after the e-transfer is sent. During this time, you can cancel the transaction without incurring any charges. It’s important to note that this grace period varies among banks, so it’s advisable to check with your bank’s specific policy.

Cancelling Requested Money Transactions

Unlike sent e-transfers, cancelling a requested money transaction is typically free of charge. This is because the recipient has not yet accepted the transfer request. You can cancel a requested money transaction at any time without incurring any penalties.

To cancel an e-transfer, you can contact your bank through online banking, mobile app, or by visiting a branch in person. You will need to provide the following information:

• Your account number
• The transaction reference number of the e-transfer
• The reason for cancellation

Conclusion

Being aware of the potential charges associated with e-transfer cancellation can save you unnecessary fees. Remember, cancelling a sent e-transfer after the grace period may incur a $5 fee in most cases. However, cancelling a requested money transaction is typically free of charge. By understanding these policies, you can avoid any unexpected expenses when using e-transfers.