What happens if someone doesn't accept my eTransfer?

Unclaimed eTransfers: What Happens When a Recipient Doesn’t Accept?

eTransfers are a convenient and widely used method for sending and receiving funds electronically. However, there may be instances where a recipient does not accept an eTransfer. In such cases, it’s important to understand what happens to the transferred funds.

Return of Unclaimed Funds

If a recipient does not accept an eTransfer within 30 days, the funds are automatically returned to the sender’s account. This is a standard protocol implemented by most financial institutions to ensure that funds are not indefinitely held in limbo.

Notifications to the Sender

Once the unclaimed funds are returned to the sender’s account, they will typically receive a notification from their financial institution. This notification will indicate that the eTransfer was not successfully completed and that the transferred amount has been returned.

Consequences for the Sender

There are generally no consequences for the sender if a recipient does not accept an eTransfer. The funds will be safely returned to their account, and they will not incur any fees or penalties.

Recipient’s Responsibilities

Recipients of eTransfers should be aware of their responsibilities to either accept or decline the transfer within the 30-day window. If they do not intend to accept the funds, they should promptly decline the transfer to prevent the funds from being returned to the sender.

Additional Considerations

• The 30-day period for accepting eTransfers can vary between financial institutions. Always check with your bank or credit union for the specific time frame applicable to your account.
• If you are experiencing technical difficulties or delays in receiving an eTransfer, contact your financial institution promptly for assistance.
• It’s advisable to keep a record of all eTransfers sent and received, including the recipient’s name, amount, and date of transfer. This information can be helpful in resolving any potential issues or inquiries.