What happens to the money when an e-transfer expires?

Lost in Transit? What Happens When Your e-Transfer Expires

In today’s fast-paced digital world, e-transfers have become a convenient way to send and receive money. But what happens when an e-transfer you sent or were expecting gets lost in the shuffle and expires?

Let’s break it down, specifically for INTERAC e-Transfers:

The 30-Day Countdown:

Once you initiate an INTERAC e-Transfer, a 30-day countdown begins. This is the window of opportunity for the recipient to claim the funds. After 30 days, the e-transfer expires.

Expired but Not Gone:

The good news is, the money doesn’t vanish into thin air! When an INTERAC e-Transfer expires, the funds are automatically returned to the sender’s account. No need to panic or initiate a refund process.

Notification Expiration vs. Money Expiration:

It’s important to distinguish between the expiration of the e-transfer itself and the expiration of the notification. While the money remains secure and eventually returns to the sender, the initial email or text notification sent to the recipient will also expire. This doesn’t affect the money or its return; it simply means the recipient might need to be notified through other means.

Key Takeaways:

• Don’t Sweat the Expiration: If you’re the sender, rest assured knowing your money is safe and will be automatically returned to your account after 30 days.
• Communication is Key: If you’re the recipient, keep an eye out for e-transfer notifications. If you miss the 30-day window, simply reach out to the sender and ask them to resend the transfer.

E-transfers offer a swift and convenient way to move money, and understanding the expiry process ensures a smooth and worry-free experience for both senders and recipients.