Can you cancel an etransfer if it hasn't been deposited?

Reclaiming Your Cash: How to Cancel an Un-deposited e-Transfer

Sending money via Interac e-Transfer is undeniably convenient, but what happens when you accidentally send it to the wrong person, enter the wrong amount, or simply change your mind? Fortunately, if the recipient hasn’t yet deposited the funds, you usually have the power to reverse the transaction. Reclaiming your money is often a straightforward process, involving just a few clicks within your online banking platform.

Here’s a step-by-step guide to cancelling an un-deposited Interac e-Transfer:

1. Access your banking platform: Log in to your online banking account either through the bank’s website or mobile app. The interface may vary slightly depending on your specific financial institution.

2. Locate the transaction: Navigate to the section displaying your recent e-Transfer activity. This is typically labelled as “e-Transfers,” “Sent Transfers,” or something similar. Find the specific e-Transfer you wish to cancel.

3. Select the cancellation option: Once you’ve found the un-deposited transfer, look for an option labelled “Cancel,” “Cancel Payment,” “Revoke,” or similar wording. The exact phrasing might differ between banks. Click on this option.

4. Follow the prompts: Your bank’s system will guide you through the cancellation process. You may be asked to confirm your identity or review the details of the transfer before finalizing the cancellation.

5. Confirmation: Once the cancellation is complete, you should receive a confirmation message, either on-screen or via email. The funds will then be returned to your account.

Important Considerations:

• Recipient Deposit: It’s crucial to remember that once the recipient has deposited the e-Transfer, you can no longer cancel it yourself. You would need to contact your bank and the recipient to discuss potential solutions.

• Time Sensitivity: While there isn’t a strict time limit, acting promptly is recommended. The sooner you cancel the transfer, the less chance there is of the recipient depositing the funds.

• Bank Specifics: The exact steps and terminology might vary slightly between different financial institutions. If you’re having trouble locating the cancellation option, refer to your bank’s online help resources or contact their customer support.

Cancelling an un-deposited Interac e-Transfer is a valuable feature that offers a safety net for those occasional slip-ups. By following these simple steps, you can quickly and easily reclaim your funds, providing peace of mind and control over your finances.