Is there a fee if eTransfer expires?

Don’t Let Your e-Transfer Expire: Understanding the Fees

Interac e-Transfers are a convenient way to send money in Canada, but what happens if the recipient doesn’t claim the funds? While the convenience is undeniable, there’s a crucial detail that often gets overlooked: expiry dates and associated fees. Many users are unaware that an unclaimed e-Transfer doesn’t simply vanish. It follows a specific process that could end up costing you.

An Interac e-Transfer will expire 30 days after it’s sent. You’ll receive a notification when this happens, informing you that the transfer is now expired and the funds are available to be cancelled and returned to your account. This is where the potential fee comes into play.

You have a 15-day grace period after the expiry notification to cancel the transfer yourself. This is key. During this 15-day window, you can retrieve the funds without incurring any charges. Simply log into your online banking platform and cancel the expired e-Transfer.

However, if you fail to cancel the expired e-Transfer within that 15-day grace period, Interac will automatically return the funds to your account, but a $5.00 fee will be applied. This fee covers the administrative costs associated with processing the return.

So, to avoid this unnecessary expense, be proactive. If you know the recipient hasn’t deposited the e-Transfer, remind them. If they still don’t claim it and the transfer expires, remember to cancel it yourself within 15 days of the expiry notification. This simple step can save you a small but avoidable fee.

In short:

• 30 days: e-Transfer expiry timeframe.
• 15 days: Grace period after expiry to cancel without a fee.
• $5.00: Fee applied if you don’t cancel within the grace period.

By understanding these timelines and taking a few minutes to manage your expired e-Transfers, you can ensure you’re not caught off guard by unexpected fees.