What if I sent an e-Transfer but not received?

The E-Transfer Limbo: What Happens When Your Money Doesn’t Arrive?

E-transfers are a quick and convenient way to send money, but what happens when your recipient hasn’t picked up the funds? It can be a frustrating experience, leaving you wondering where your money has gone and what you can do about it. The good news is that e-transfers don’t disappear into the digital ether. There’s a built-in safety net and a process for retrieving your funds.

Most e-transfer systems operate with a 30-day holding period. This means the recipient has a month from the date you sent the e-transfer to deposit the funds into their account. During this 30-day window, your money isn’t lost; it’s simply in transit, waiting to be claimed.

If you’re concerned the recipient hasn’t noticed the e-transfer notification, most online banking platforms allow you to resend the notification email. This serves as a helpful reminder, especially if the original email ended up in a spam folder or got overlooked. Log into your online banking account and locate the e-transfer details. You should find an option to resend the notification, prompting your recipient to claim the funds.

The key thing to remember is the 30-day timeframe. This is the automatic return window for unclaimed e-transfers. If the recipient doesn’t deposit the funds within 30 days, the money will be automatically returned to your account. You won’t need to contact your bank or file any paperwork. The system is designed to handle this automatically.

While 30 days might seem like a long time, it’s a crucial safeguard. It protects both the sender and the recipient in various scenarios, such as forgotten passwords, temporary account access issues, or even situations where the intended recipient might not be the one who ultimately receives the email notification.

So, if you’ve sent an e-transfer and haven’t seen it deposited on the recipient’s end, don’t panic. Resend the notification through your online banking and wait for the 30-day period to elapse. In most cases, the funds will be automatically returned to your account, putting your mind at ease. If, however, you encounter any issues beyond the 30-day mark, it’s always a good idea to contact your financial institution for further assistance.