How to Cancel an E Transfer at Desjardins

When sending money to friends and family or to complete a business transaction, many consumers prefer using the e-transfer method offered by Interac. This method of sending money allows consumers to send and deposit funds into a bank account within minutes, making it one of the most convenient payment methods available today.

However, if you’ve sent an e-transfer from your Desjardins account that you need to cancel, you may be wondering how to cancel the e-transfer from Desjardins. Fortunately, canceling this type of transaction only takes a few moments to complete, so keep reading below steps to cancel e-transfer and other related FAQs. 

When should an e-transfer be canceled?

There are many reasons why a consumer may wish to cancel an e-transfer they sent. For instance, if they accidentally sent more money than they owed the other person, they’ll want to cancel the transaction to ensure they don’t end up sending more than necessary.

Another common reason for canceling an e-transfer is if the information a consumer entered for their recipient needs to be corrected. Not canceling the transaction may risk having their funds deposited into someone else’s account. 

Yet another reason why a person may need to cancel an e-transfer is if they no longer owe money to their recipient, either because they canceled their purchase or if they decided to pay with cash or use another alternative payment method.

How to cancel an e-transfer at Desjardins

If you’d like to cancel an e-transfer from your Desjardins account, you can easily do so by following a few simple steps on the Desjardins website. You can also follow the same method from the Desjardins mobile app. 

For how to cancel an Interac e-transfer on Desjardins, follow the steps below:

1. On your computer or device, open the Desjardins website and log in to your account
2. On the home page, select the Manage Active e-Transfers option
3. From there, select the e-Transfers in Progress option and choose the transaction you wish to cancel
4. On the e-Transfer Information page, select Cancel e-Transfer
5. Finally, click on the account where you’d like to deposit the money, and click Confirm 

Note that while you can cancel any unaccepted e-transfer from your Desjardins account, you cannot cancel transfers that have already been deposited by the recipient. 

If the recipient has already accepted the money, you must coordinate with them to send the funds back to your bank account, either by having them send an e-transfer to your account or by selecting another alternative payment method. 

Can all Desjardins e-transfers be canceled?

If the e-transfer you’ve sent to your recipient hasn’t been accepted, you can easily cancel the transaction using the above mentioned method. If you send money to your recipient and 30 days have gone by without them accepting it, the funds will be automatically deposited back into your personal bank account. 

However, if the person you’ve sent the money to has already deposited the funds, you cannot cancel the transaction and must coordinate with that person to have the money sent back to your account. 

Therefore, it’s recommended that you only use Interac e-transfers to send and receive money with people that you trust to prevent a loss of funds. 

Other related FAQs

Now that you know how to cancel e-transfers on Desjardins, you likely have other questions about sending e-transfers. 

For instance, how can you decline an incoming e-transfer to your Desjardin account? Does Desjardins charge for Interac e-transfers? To learn the answers to these and other related questions, keep reading below:

How can I decline an incoming e-transfer to my Desjardins account?

If you’ve been sent an Interac e-transfer that you don’t want to accept to your account, you can decline the transfer from your Desjardins account by answering the security question when the deposit arrives. 

After answering the question, you can decline the transfer, automatically sending the funds back to the sender’s account.

Alternatively, you can ignore the notifications sent to your phone or email requesting that you accept the e-transfer. After 30 days, the money will be returned to the sender’s account. 

Does Desjardins charge for Interac e-transfers?

Desjardins account holders with a monthly plan will not be charged when they send and receive e-transfers. However, each program has a limited number of Interac e-transfers that can be sent free of charge. 

Therefore, if you’ve exceeded the number of e-transfers included in your plan for the month, you will be charged a small service fee when sending an e-transfer. It is free to be a recipient, as there is no limit to receiving transfers. 

How long do recipients have to accept Desjardins Interac e-transfers?

Once an Interac e-transfer has been sent from a Desjardins account, recipients have 30 days to accept the money into their bank account. 

If 30 days have passed and they haven’t deposited the money, it will automatically be returned to the sender’s bank account. After 30 days, you’ll have to coordinate with the sender to have them re-send their e-transfer to your account to accept the money. 

Can I send e-transfers to people who aren’t Desjardins members?

Yes, you can send an Interac e-transfer from your Desjardins account to someone who doesn’t have an account with Desjardins. As long as the bank they have an account with is compatible with Interac, they can accept the money.

Currently, Canadian banks and financial institutions that are compatible with Interac are ATB Financial, BMO (Bank of Montreal), CIBC, DC Bank, Envision Financial, HSBC, Meridian Credit Union, Peoples Trust Company, RBC (Royal Bank of Canada), and TD Canada Trust. 

If the person you’re sending an e-transfer to has an account with any of the above banks, they can accept the funds into their account. Always be sure to check however, as each bank may have different e-transfer limits. 

Are Interac e-transfers safe?

Sending money via Interac e-transfer is a very safe process. While you receive notifications through text or email that money has been sent to your bank account, the funds are not sent through these means but through an encrypted deposit system.

Once the funds have been sent, recipients must undergo authentication before accessing the sites required to accept the funds and then answer a security question before they can be officially deposited into their account. 

Furthermore, Interac and Desjardins have special technology in place to monitor suspicious activity and unusual transactions to ensure all funds deposited are not being retrieved by fraudsters. 

Conclusion – How to cancel e-transfer on Desjardins

If you want to cancel an e-transfer from your Desjardins account, you can do so either online or through the company app. It only takes a few minutes to complete and can be done for any transaction that hasn’t yet been accepted into the recipient’s account.

However, if the person you’ve sent the funds to has already deposited the money into their account, you cannot cancel the transaction. If you need to reverse the transfer, you’ll have to contact the recipient to arrange to send the funds back to your account on their end.

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