How to Cancel an Interac e-Transfer with RBC: A Comprehensive Guide

Interac e-Transfers have become an integral part of our financial transactions, offering a quick and convenient way to send money. However, there may be times when you need to cancel a transfer. If you’re an RBC customer, this guide will walk you through the process of canceling an Interac e-Transfer, as well as provide important information about limits and expired transfers.

Understanding Interac e-Transfer Cancellation

Before we dive into the cancellation process, it’s crucial to understand a few key points:

1. You can only cancel an e-Transfer if the recipient has not yet deposited the funds.
2. You have 30 days from the date of sending to cancel a transfer before it expires.
3. If you don’t cancel an unclaimed e-Transfer within 15 calendar days after notification of its expiry, a $5.00 reclaim fee may be applied.

Methods to Cancel an Interac e-Transfer with RBC

1. Using RBC Online Banking

1. Log in to your RBC online banking account.
2. Navigate to the “Payment and Transfers” tab or select the “Payment History” tab.
3. Locate the specific e-Transfer you want to cancel from the list.
4. If the recipient has not deposited the funds, you will see a “Cancel Payment” option. Click on this button.
5. Verify the details and confirm your cancellation.

2. Using the RBC Mobile App

1. Open the RBC Mobile app on your smartphone and sign in.
2. Tap “Move Money” in the Navigation Bar.
3. Select “Send Interac e-Transfer” and then go to the “History” tab.
4. Find the e-Transfer you want to cancel and select it.
5. Scroll to the bottom and tap “Cancel Transfer”.
6. Follow the on-screen instructions to complete the cancellation.

3. Calling RBC Customer Service

If you encounter any issues with online banking or the mobile app, you can always reach out to RBC’s customer service:

1. Call RBC’s customer service at 1-800-769-2555.
2. Inform the representative that you wish to cancel an e-Transfer.
3. Provide the necessary transaction details.
4. The representative will process your request.

What Happens When You Cancel an e-Transfer?

When you successfully cancel an e-Transfer:

• The funds will be returned to your account.
• Any sending fees associated with the transfer will be refunded.

Daily Limits and Cancellations

While canceling an e-Transfer is not directly affected by daily limits, it’s important to be aware of RBC’s e-Transfer limits:

• The default daily limit is often set at $1,000, though some accounts may have higher limits (e.g., $2,500 for certain clients).
• You can check and modify these limits through the RBC Mobile app, Online Banking, or by contacting customer service.
• There are restrictions on how often you can change these limits (typically three temporary changes per year).

Handling Expired e-Transfers

If an e-Transfer expires because the recipient doesn’t claim it within 30 days, here’s what you need to know:

1. Expiry Notification: You’ll receive an email or text message notifying you that the transfer has expired.
2. Reclaiming Funds: To reclaim the funds, you need to manually cancel the expired transfer within 15 days of the expiry notification. Follow these steps:
3. Sign in to your online banking or mobile banking app.
4. Navigate to the “Pending Interac e-Transfers” or “Transfers” section.
5. Find the expired transfer and click on the “Cancel” button.
6. Choose the account for the reclaimed funds to be deposited.
7. Review, confirm, and complete the cancellation.
8. Automatic Redeposit: If you don’t manually cancel within 15 days after the expiry notification, the funds will automatically be credited back to your account, but a $5.00 fee may be charged.

When a Recipient Declines an e-Transfer

If a recipient declines your e-Transfer, the process is straightforward:

1. The funds are automatically returned to your original sending account.
2. You’ll receive a notification (usually via email) informing you that the transfer was declined.
3. If your original account is closed, INTERAC will email you with instructions on how to reclaim the money.
4. For active accounts, no additional action is required – the funds will be automatically deposited back.

Final Thoughts

Understanding how to cancel an Interac e-Transfer with RBC is essential for managing your finances effectively. Whether you’re using online banking, the mobile app, or need assistance from customer service, RBC provides multiple options to ensure you can cancel transfers when necessary. Remember to act promptly, especially with expired transfers, to avoid potential fees and ensure your funds are returned as quickly as possible.

By following this guide, you’ll be well-equipped to handle any situation involving e-Transfer cancellations, expirations, or declined transfers with your RBC account.