Can someone take back an Interac e-Transfer?

Canceling Interac e-Transfers: A Guide to Recovering Unsent Funds

Interac e-Transfers provide a convenient and secure way to transfer funds between individuals and businesses. However, in cases where an e-Transfer is sent in error or to the wrong recipient, it’s crucial to understand the cancellation process.

Cancellation Window

Interac e-Transfers offer a cancellation window, allowing the sender to reclaim the funds before they reach the recipient. This window typically lasts for a short period, usually up to 30 minutes. If the recipient has not yet claimed the transfer, the sender can initiate the cancellation process through their online banking portal.

How to Cancel an e-Transfer

1. Log in to your online banking account.
2. Navigate to the section for Interac e-Transfers.
3. Locate the e-Transfer you wish to cancel.
4. Click on the “Cancel” or “Recall” button.

Timing is Essential

It’s important to note that the cancellation process must be initiated within the cancellation window. If the funds have already been claimed by the recipient, the transaction cannot be reversed. Therefore, it’s imperative to act swiftly if you need to cancel an e-Transfer.

Refund Process

Once an e-Transfer is successfully canceled, the funds will be promptly returned to the sender’s account. The processing time may vary depending on the sender’s financial institution, but it typically takes a few minutes.

Conclusion

Interac e-Transfer cancellation provides a valuable safeguard for senders. By understanding the cancellation window and the steps involved, you can avoid unintended transfers and protect your funds. If you need to cancel an e-Transfer, remember to act promptly and follow the instructions provided by your financial institution.