What happens to a failed Interac transfer?

What Happens When an Interac Transfer Fails?

Interac e-Transfers are a convenient way to send and receive money within Canada. However, occasionally, transfers may fail for various reasons.

Automatic Reversal

If the recipient rejects the payment or closes their receiving account before accepting it, the Interac transaction will be reversed automatically. This reversal process is immediate, and the funds will be returned to your sending account.

Closed Sending Account

In the event that your sending account is closed before a transfer is complete, you will receive an email from Interac containing instructions on how to retrieve the funds. It is important to follow these instructions promptly to ensure the return of the money.

Steps to Retrieve Funds

If you have received an email from Interac regarding a failed transfer due to a closed sending account, follow these steps to retrieve your funds:

1. Click the link provided in the email. This will take you to a secure website where you can input your information to request a refund.
2. Enter the requested information. This may include your personal information, such as your name, address, and phone number, as well as the details of the failed transfer, such as the amount and transaction date.
3. Submit your request. Once you have entered all the necessary information, click the submit button to send your refund request to Interac.

Processing Time

Once you have submitted your refund request, Interac will process it within 2-5 business days. You will receive an email confirmation once your refund has been issued.

Note: You may need to provide additional information or documentation to Interac to complete the refund process. It is important to respond to any requests for information promptly to avoid delays in receiving your refund.