Can You Cancel an E-Transfer After It’s Been Sent?

A 2022 survey by payments company Interac revealed that almost 90% of Canadians have used Interac e-Transfer. In fact, Interac e-Transfers have become the standard method Canadians use to transfer funds between family and friends.

But with so many Canadians relying on e-Transfers as a way to move money, there may come a time when you need to have an e-Transfer cancelled or reversed after sending it. Is that even possible? In this article, I explain the process for cancelling e-Transfers at Canada’s major banks.

Can an E-Transfer be Reversed?

Generally, once an Interac e-Transfer has been deposited into the recipient’s account, it cannot be reversed. When you send an e-Transfer, it is processed by your financial institution and sent to the recipient’s financial institution. The recipient then receives a notification that they have received the funds and can deposit them into their account.

However, if the recipient has not yet accepted the transfer, you may be able to cancel it. To do this, you’ll have to log in to your online or mobile banking account and bring up your e-Transfer payment history. From there, you should be able to locate the pending e-Transfer transaction and select cancel. You may be charged a fee for the cancellation process.

Because each financial institution has its own process, I’ve included the steps to cancel an Interac e-Transfer at Canada’s Big Five banks below.

How to Cancel An E Transfer

If you send money via an Interac e-Transfer and need to cancel it, you should be able to do it if the recipient hasn’t deposited the funds in their bank account. Here are the instructions to cancel an e-transfer at Canada’s largest banks:

How to Cancel an e-Transfer at BMO

1. Log in to your BMO online banking account.
2. Click on the “Payments & Transfers” tab.
3. Click on “Interac e-Transfer History.”
4. Find the pending e-Transfer you want to cancel and click on it.
5. Click the “Cancel e-Transfer” button.
6. Confirm that you want to cancel the e-Transfer.

How to Cancel an e-Transfer at CIBC

1. Log in to your CIBC online banking account.
2. Select “Interac e-Transfer.”
3. Check the status of the transfer.
4. Select “Stop this Interac e-Transfer” then “Next.”
5. Confirm the stop payment, and select “Stop Interac e-Transfer.”

How to Cancel an e-Transfer at Royal Bank

1. Log in to your RBC online banking account.
2. From the Banking tab, go to “Pay Bills and Transfer Funds.”
3. Select “Payment History”
4. Select the confirmation code of the Interac e-Transfer you wish to cancel.
5. On the Interac e-Transfer detail page, select “Cancel Payment.”

How to Cancel an e-Transfer At Scotiabank

Start by logging in to Scotiabank online banking

1. From your Accounts page, select “Transfers.”
2. Select “Interac e-Transfer.”
3. Select “History & Pending.”
4. Find the transaction you want to cancel and select “Stop Transfer.”

How to Cancel an e-Transfer at TD Canada Trust

1. Log in to your TD Canada Trust online banking account.
2. Go to your Interac e-Transfer History on EasyWeb or the TD app.
3. Go to the Money Sent or Money Requested section.
4. Select the transaction you wish to cancel and follow the instructions.

Note that unless you cancel within 45 minutes of sending, you will be charged a $5 fee.

Can You Cancel an Auto-Deposit e-Transfer?

Autodeposit is an added feature of Interac e-Transfer, which allows you to receive an e-Transfer into your bank account without having to accept the funds manually via your email account.

You cannot cancel or reverse an e-Transfer if the recipient has set up Autodeposit for Interac e-Transfer transactions. This is because as soon as the transfer is sent, the funds are deposited instantly into the recipient’s account. In this case, you would need to contact the recipient directly and ask them to send the funds back to you.

What Are the Fees for Cancelling an e-Transfer

The fees for cancelling e-Transfers vary between financial institutions, and you may or may not be charged. For example, TD Canada Trust charges a $5 cancellation fee, but if you successfully cancel the e-Transfer within 45 minutes of sending it, you will not be charged. Check with your bank to find out how their fees surrounding e-Transfers work.

To avoid cancellation fees, it’s best to double-check the recipient’s email address or mobile phone number before sending an e-Transfer. If you’re unsure if the recipient has received the transfer, you can check the transfer status in your online banking account.

Remember that if you cancel an e-Transfer, the funds will be returned to your account, but it may take a few business days for the money to be available.

Can E Transfers be Traced?

Yes, e-Transfers can be traced by the financial institution, but it depends on the circumstances. For example, if you suspect that an e-transfer was sent fraudulently, you can contact your bank and ask them to trace the transfer. They may be able to determine who sent the transfer and where it was deposited.

Additionally, if you receive an e-transfer and there is a dispute over the funds, the sender may be able to trace the transfer to see if it was deposited into the correct account.

It’s important to note that while e-transfers can be traced, it’s not always a straightforward process. There may be limitations on what information can be obtained, and it may take time to gather the necessary information.

A best practice is to only send e-transfers to people or businesses you trust and to be cautious of any requests for e-transfers from unknown sources. If you suspect fraudulent activity, contact your bank immediately to report it.

Final Thoughts

In summary, it’s impossible to cancel or reverse an e-Transfer after it has been deposited into the recipient’s account. possible. Once the recipient has accepted the funds, the transaction is final and cannot be reversed. Your only option is to ask the recipient to return the funds to you.

If you have made a mistake and sent money to the wrong person, you should contact your bank immediately to see if there is anything they can do to help you. However, there is no guarantee that they can reverse the transaction.

FAQs

How long after sending an e-Transfer can you cancel it?

If the recipient has not yet accepted the transfer, you can cancel an e-transfer. The amount of time you have to cancel an e-transfer varies depending on the financial institution. For example, TD Bank allows you to cancel an e-transfer up until the recipient accepts it, while RBC gives you up to 30 days after sending the transfer to cancel it. It is important to check with your bank to determine their specific policies.

Is it possible to reverse an e-Transfer after it’s been deposited?

No, it is not possible to reverse an e-transfer after it has been deposited. Once the recipient accepts the transfer, the funds are immediately transferred from your account to theirs, and there is no way to reverse the transaction.

Can an e-Transfer take as long as 24 hours?

Typically, e-Transfers are processed within minutes, but it is possible for them to take up to 24 hours to be deposited into the recipient’s account. This can happen if there are issues with the recipient’s bank or if there are technical difficulties with the e-Transfer system. If you are concerned about the status of an e-Transfer, it is best to contact your bank for more information.