What happens if I decline a money transfer?

What Happens if I Decline a Money Transfer?

When you decline an Interac e-Transfer, the sender is immediately notified of your decision. The funds will be automatically returned to their account, and you will have the opportunity to send a personalized message explaining your reason for declining the transfer.

Here’s a more detailed breakdown of what happens when you decline an e-Transfer:

1. The sender is notified. The sender will receive an email and/or text message informing them that you have declined their transfer. The message will include the transaction details, such as the amount and the sender’s name.
2. The funds are returned to the sender’s account. The funds will be automatically deposited back into the sender’s Interac account. This process usually takes a few minutes, but can sometimes take up to 24 hours.
3. You can send a message to the sender. When you decline an e-Transfer, you have the option to send a personalized message to the sender. This is a good opportunity to explain why you chose to decline the transfer, such as if you don’t recognize the sender or if you’re not comfortable receiving the funds.

If you accidentally decline an e-Transfer that you meant to accept, you can contact the sender and ask them to resend the funds. However, there is no guarantee that the sender will be able to do this, especially if they have already redeposited the funds into their account.

To avoid accidentally declining an e-Transfer, be sure to carefully review the details of the transfer before making a decision. If you’re not sure who the sender is or why they are sending you money, you can contact them to confirm the details before accepting the transfer.