You’re presumably here because you want to know if you can cancel a CIBC e-transfer. Cancelling an e-Transfer is feasible if the receiver has not yet accepted it. The procedure is straightforward and mostly similar to that of a transfer. There are few circumstances where you do not have to cancel it in order to obtain your money back.
How to Cancel a CIBC e-Transfer
So, if you already have a CIBC account, we’ll show you how to cancel any CIBC Interac e-Transfer quickly. Continue reading this article!
How to Cancel a CIBC Interac E-Transfer
The recipient has 30 days after you transfer money to claim it. You can cancel the CIBC e-Transfer within that time. This is what you must do:
- Begin by logging into your account.
- Choose the Interac e-Transfer option.
- Check the status of the transfer. How? Navigate to Review and Manage Transfers in CIBC Online. Select Stop Transaction from the Mobile Banking menu.
- Click on the transaction you wish to cancel (just the Sent ones).
- Select Next, stop this Interac e-transfer.
- Examine and accept the terms and conditions.
- Choose the account to which you wish the money returned.
- To cancel the CIBC e-Transfer, check the confirmation box.
Is there a fee to cancel a CIBC e-transfer?
Fees for transfers and transactions are $1.50 and $3.50, respectively. As a result, be sure you have enough money to pay them.
Remember that if they have the Autodeposit option, you will not be able to retrieve the funds. Instead, they will be transferred into their account automatically.
Situations in Which You Can Reclaim a CIBC e-Transfer
As previously stated, the receiver has 30 days to accept the funds in their account. If they do not claim it within the time restriction, the monies will be immediately returned to your account.
Other scenarios in which you will get your e-Transfer include:
- If the recipient refused the transfer.
- If they were unable to write the right response to the security question.
- Or if the email address or phone number you provided for your contact is incorrect.
For these reasons, before canceling a CIBC e-Transfer, make sure you have reclaimed the funds. These mishaps can happen, but if they don’t, stick to what you’ve learned in this essay.