How do I reclaim a failed e-transfer?

How to Recover a Failed e-Transfer

e-Transfers are a convenient and secure way to send and receive money. However, sometimes transfers can fail due to various reasons. If you encounter a failed e-Transfer, don’t panic. There are steps you can take to reclaim your funds.

Steps to Retrieve a Failed e-Transfer:

1. Locate the Transaction: Log into your online banking account and navigate to your Interac history. Find the failed e-Transfer transaction.

2. Click “Cancel Payment”: Once you have located the failed transaction, click on the “Cancel Payment” button. This action will initiate the process of retrieving your funds.

3. Follow the Prompts: The cancellation process may require you to provide additional information or confirmation. Follow the on-screen prompts carefully to complete the cancellation.

Additional Tips:

• If you are unable to locate the failed e-Transfer transaction in your Interac history, contact your financial institution for assistance.
• If the e-Transfer was sent to an incorrect email address or mobile number, you may not be able to retrieve the funds.
• Failed e-Transfers typically take a few business days to be reversed. If you have not received your funds within that timeframe, contact your financial institution to inquire about the status.

Preventing Failed e-Transfers:

To minimize the risk of failed e-Transfers, follow these best practices:

• Verify the recipient’s email address or mobile number before sending the transfer.
• Ensure that you have sufficient funds in your account to cover the transfer amount.
• If sending large sums of money, consider using a different payment method, such as wire transfer.

By following these steps, you can effectively recover a failed e-Transfer and minimize the chances of future failures.