Can I cancel a CIBC e-transfer? is likely the query on your mind if you are here. Well, if the receiver has not yet accepted it, you can cancel an e-Transfer. The procedure is straightforward and largely the same as when making a transfer. There are certain situations, though, when you are not need to cancel in order to get your money back.
How to Cancel a CIBC e-Transfer
Consequently, if you already have a CIBC account, we’ll show you how to quickly cancel any CIBC Interac e-Transfer. Continue reading this article, then!
How to stop a CIBC Interac E-transfer
The recipient has 30 days from the time you give money to claim it. You may cancel the CIBC e-Transfer within that time. You must carry out the following:
- Log in to your account first.
- Choose the Interac e-Transfer category.
- Verify the status of the transfer. How? Go to Review and Manage Transfers in CIBC Online. Select Stop Transaction in Mobile Banking.
- You can only halt transactions marked as Sent by clicking on them.
- Select Next after stopping this Interac e-transfer.
- Read the terms and conditions, then accept them.
- Choose the account to which you want to return the funds.
- To stop the CIBC e-Transfer, check the confirmation box.
A CIBC e-transfer cancellation is it expensive?
Transfers and transactions are subject to fees; the former are $1.50 and the latter $3.50. So, be sure you have the funds available to pay them.
Additionally, take in mind that you won’t be able to get your money back if they offer the Autodeposit option. They will instead be added automatically to their account.
Conditions for Reclaiming a CIBC e-Transfer
We already said that the recipient has 30 days to accept the funds in their account. However, the money will be automatically sent back to your account if they do not claim it after the deadline.
You will also receive your e-Transfer returned in the following cases:
- if the recipient turned down the transfer.
- if they were unable to type the right response to the security question.
- or if the cell phone number or email address you provided for your contact is incorrect.
For these reasons, be sure you have recovered any funds before deciding to terminate a CIBC e-Transfer. Accidents like this can occur, but if that is not the case, carry on using the information you acquired from this article.