Why are you charging a fee for this service? The old online funds transfer service was free.

Interac® eTransfer is a service provided by Interac® and the fee is levied by them.  The fee is a standard charge that all financial institutions using this service pass along their members or clients. Alterna is in line with the industry in regards to the fee, and is offering this service at no charge until March 1, 2013 to help you get accustomed to using it. 

Will you still offer the Transfers - to another Canadian Financial Institution service?

The current Transfers - to another Canadian Financial Institution funds transfer service will be available until March 1, 2013, after which time it will be discontinued.

What are the limits that apply to sending Interac® eTransfer transactions?

  • $3,000.00 per transaction
  • $10,000.00 per week
  • $20,000.00 per 30 days

These ‘rolling’ limits apply from the date of a transaction, and expire 7 or 30 days after that initial transaction takes place. For example, if an e-Transfer is completed on January 10th at 12:00, then the 7 day limit will be in effect until January 17th at 12:00 and then reset. At the same time, the 30 day limit will be in effect until February 9th at 12:00 at which time it resets.

Limits were based on our members’ average history for this type of transaction, and $3000.00 will be sufficient for the majority of our members. Industry standard transaction limit is $1,000 to $1,500 per transaction.

The old service allowed up to $5,000.00 per day.  Why is the e-Transfer service lower?

Since the funds are transferred as soon as the recipient accepts and receives the funds, there is an increased risk for loss. 

Is Interac® eTransfer available on weekends and holidays, and if so, will the transfers I send be processed right away or on the next business day?

Interac® e-Transfers can be done anytime, day or night, weekends or holidays. Recipients are notified by email usually within 30 minutes after an e-Transfer is sent, and funds are immediately available to be deposited into their account. Funds are withdrawn from the sender’s account on submission of the e-Transfer. Any applicable service fee(s) will be withdrawn from the sender’s account at the end of the business day they initiated the transfer(s), and is non-refundable. Refer to our service fees for details.

Can anyone use Interac® e-Transfer?

Anyone with an email address, access to online banking and a Canadian bank account can send money with Interac® e-Transfer. If you don’t have these, your options to send money are by wire or cheque. You may send money to someone’s mobile phone if you don’t know their email address or if they don’t have one. Funds may be received by recipients that don’t use or have access to online banking, as long as their Canadian financial institution provides the Interac® e-Transfer service (processing will take longer – visit interac.ca for more information).

Can I save email addresses from previous or frequent transfers?

Yes. The Interac® e-Transfer service allows you to set up multiple receivers, and keeps the information on file. When sending an e-Transfer, simply select your recipient from the drop-down list. Recipients can be edited or updated at any time.

Why can I not see the Alterna Bank login when I click the link in the notification email to accept my deposit?

If you’re already logged into Alterna Savings when you open the notification email and click on the link to receive funds, the Interac® page that appears will not take you to the Alterna Bank login (you’re already logged into Alterna Savings). To receive funds to an Alterna Bank account, you will need first to log out of Alterna Savings, then login to Alterna Bank. You can then proceed with receiving the funds.

What do I do if I suspect fraud?

If the transaction has not yet been received by the recipient, you can choose to cancel the transaction from the Pending e-Transfers screen. If the transaction has already been completed and funds deposited to the receiver, then contact us.

Can a transaction be cancelled after it’s been completed and received?

e-Transfers can be cancelled only if the recipient has not yet accepted the funds.  Once a transaction is completed, it can’t be reversed. If it is a fraudulent transaction, please contact us.  

How can I trace an e-Transfer? 

Online banking keeps a record of e-Transfer history, as well as pending transfers. You can look up past transactions by logging into online banking, selecting the Interac® e-Transfer option, then choosing View History above the e-Transfer entry box. Simply select the period of time you wish to view history for, up to a maximum of 24 months.

Is there any recourse to retrieve funds once they have been transferred?

If you suspect you’ve been defrauded, contact us.  

How long does someone have to receive an e-Transfer?

Interac® e-Transfers expire 30 days after they’re sent. After 30 days, the recipient will not be able to receive and deposit the funds. Senders can send reminder notices to recipients from the ‘Pending e-Transfers’ screen in online banking. If a recipient fails to receive and deposit funds within the 30-days, the sender will be notified by email to deposit the funds back into their account, with the exception of the non-refundable service fee(s).

Why can’t I see the Cancel or Resend links for the e-Transfer I just sent?

The Cancel and Resend links will appear once the e-Transfer has been received and processed by Interac, and the notification email has been sent, which may take up to 30 minutes*. Until then, you’ll be able to only view the e-Transfer in a ‘Requested’ state.

Once the sent transfer has been processed by Interac, you have the option of cancelling the transfer or resending the notification email. If your recipient has not received their notification 2 hours or more after you submitted the transfer, resend the notification.

When the entire process has been completed, and funds received/deposited by the recipient, the e-Transfer will show a ‘Completed’ status. Once completed, transactions cannot be cancelled by the sender.

The recipient I’m sending to uses a financial institution that doesn’t offer Interac® e-Transfers. Can I still send them funds?

Yes! Even if the person you’re sending money to doesn’t use a participating financial institution, you can send money through Interac® e-Transfer following the same steps you normally would. When the recipient goes to receive the funds and clicks on the link in the notification email, they will see Other Options at the bottom of the Deposit Your Transfer page. They’ll then be able to use the option to “Deposit without using online banking” if they wish to continue once they’ve read the details (NOTE: The service fees, limits, processing time and other requirements when using the “Deposit without using online banking” feature are levied and controlled by Interac® and not Alterna). Should you have any questions or concerns about the information on this page, please visit interac.ca.

* Depending on the volume of e-Transfers being processed by Interac, this process may take as long as 2 hours, but on average you can expect processing within 30 minutes