Once you become a client at CIBC, you should learn how to cancel an e-transfer CIBC. For example, sometimes you could get the wrong details of the recipient, send money to an unintended person, or have an agreement with the recipient to send a different amount. Knowing how to cancel the transaction comes in handy at these times.
As a CIBC client, canceling an e-transfer is easy. You first must sign in to your mobile banking app, check the transfer status, review and select the account to cancel the transfer, and confirm the Stop of payment. However, note that you can only cancel the transfers labeled “sent.” Also, you cannot stop an e-transfer if the recipient has received the cash.
Before looking at how to cancel an Interac e-transfer, it is essential first to learn how it works. Interac e-transfer is a funds transfer system for Canadian residents who use online banking services like CIBC.
The money transfer system works like Wise and mobile banks; you can send and receive money from one bank account to another. Once you send money using Interac, funds are deducted from your account immediately.
When sending an e-transfer, you must sign on to online banking or use the mobile banking app. You will then select Interac e-transfer to send money. The next step is choosing a contact, which is your recipient.
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Your recipient must have mobile banking with one of the Canadian banks. Ensure you are extra keen when selecting the recipient because a slight mistake could lead to substantial monetary losses.
Once you have cross-checked the recipient’s name, enter the amount you want to transfer. Next, select the account you want to send money from, and set a security question. Ensure you set a hard-to-guess security question to protect yourself from transfer scams. Also, do not use personal details like passwords to answer security questions.
Also, do not include the answer to your secret security question in the question. Instead, use a safer method of communication, like a phone call to ensure it does not land in the wrong words. Once you review the correct details, you can tap “send.”
The recipient will get an email or text message to notify them that the money has arrived. E-transfers take seconds or minutes to complete, but some transactions delay due to the bank’s slow systems or internet.
Once the recipient gets notified that the money is ready to be released into their account, they must answer the security question correctly to get it.
Sometimes you could get the recipient’s details wrongly or send money to the wrong person, forcing you to cancel an e-transfer. However, you cannot cancel some e-transfers.
For example, you cannot cancel the transfer if the recipient has signed up for direct deposits. Also, if the money is already in the recipient’s account, you cannot cancel the e-transfer. If you send money to the wrong contact, this easy-to-follow guide will help stop the transaction.
The fee for canceling an e-transfer as a CIBC client is $3.50. Some banks charge zero fees for cancellation, and others have high costs of up to $50. Once you cancel a transfer successfully, money will be returned to your account within 30 minutes.
The recipient should accept the money within 30 days if the cancellation is unsuccessful. If 30 days pass and the recipient does not receive the transaction, the sender can reclaim it.
Even though you know how to cancel e-transfer CIBC, you must be keen on the sender’s contact details. This reduces the need to cancel the transfers, saving you the extra $3.50 you would pay.
Besides knowing how to cancel e-transfers, it is also advisable to learn the security measures to take when using e-transfer. Cybercrimes increase, and since e-transfers use the internet to transact money, you could fall victim. Some safety tips to consider are;
Always use a safe internet connection to access your bank accounts and money transfer systems. You can use only your phone’s cellular data instead of public Wi-Fi to ensure your bank details and passwords are safe. Internet thieves can hack your phone or computer on public Wi-Fi and steal your data.
You should also avoid using shared computers to log into your bank accounts or access Mobile Banking Apps. Although you can erase the information, some people know how to trace erased data and steal your information.
Avoid sending money through e-transfer to strangers and only transact with businesses you trust. Some can use your details to commit fraud. Also, be keen on the transfers you receive on your phone. If you suspect a transaction, do not reply. You can call your bank to confirm whether it is safe.
You should also avoid clicking on any links because they could be from fraudsters. For example, if you get money from a company, double-check the email and contact them to ensure it is safe to accept. Ensure you also contact other senders using different means of communication to ensure safety.
Activating auto-deposit makes using Interac e-transfer more convenient. You won’t require some steps when sending cash, like setting and answering security questions to receive money. Money sent to you is deposited directly to the account, so fraudsters will have difficulty intercepting the transfer.
If you have not activated auto-deposits, ensure your security questions are not obvious. Avoid asking personal questions like your birth year or your sibling’s names. Do not also set questions whose answers are your password or question suggestions from other websites.
Once you set the question, send the answer to the recipient using other means of communication. You can call them or send a text message, but dot uses social media or emails to send the answers. This reduces the chances of the solutions landing in the wrong hands.
Sending money using Interac e-transfer is fast and safe but not free. You will pay a fee of $0.50 to send up to $100 and $1.00 for more than $100. The bank levies this fee.
On top of the cost of sending CAD, you might incur extra charges if you transact using foreign currency. You will pay a currency conversion fee which depends on the conversion rates.
To get favorable foreign exchange rates, use Knightsbridge FX to convert your money. We offer affordable foreign exchange rates without extra charges and additional fees.
Knowing how to cancel an e-transfer CIBC is as essential as knowing how to send money. It is a safe way to prevent money loss when you send it to the wrong recipient or change your mind about making certain purchases. Canceling e-transfers is fast, but it is limited to transactions that have not been received and those of recipients without auto-deposit.
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