What happens to an expired Interac transfer?

What Happens When Your Interac e-Transfer Expires? A Guide to Unclaimed Funds

Interac e-Transfer is a convenient way to send and receive money in Canada, but what happens if the recipient doesn’t claim the funds within the allotted time? Understanding the expiry process and what it means for both the sender and receiver is crucial.

The key takeaway is simple: unclaimed Interac e-Transfers expire after 30 days. Once that 30-day period passes, the money is automatically returned to the sender’s account. There’s no need for the sender to initiate a refund; the system handles it automatically. The funds are credited back to the original account from which they were sent, typically within a few business days, though processing times may vary slightly depending on your financial institution.

This automatic refund mechanism is a significant benefit for senders. It safeguards against accidental or unintentional non-receipt, ensuring the money isn’t lost. It also simplifies the process compared to other payment methods where recovering funds might require more effort.

For receivers, missing out on an Interac e-Transfer can be frustrating, especially if the funds were urgently needed. The best way to avoid this is to regularly check your email and/or banking app for pending e-Transfers. Many banking apps send notifications alerting users to incoming transfers, making it easier to stay on top of them. Remember to follow the instructions in the email or notification to complete the claim process, which typically involves accepting the transfer via a security question or a one-time password.

In short, the expiry of an Interac e-Transfer is a built-in safeguard ensuring that the sender’s funds are ultimately secured. While the recipient misses out on the money, the process is streamlined and automated, minimizing inconvenience for both parties involved. Staying vigilant about checking for incoming transfers is the best strategy for receivers to prevent funds from expiring.