Personal Finance

Electronic Funds Transfer (EFT) question

  • Last Updated:
  • Mar 8th, 2018 6:29 pm
Deal Addict
Sep 19, 2009
2280 posts
991 upvotes
Toronto

Electronic Funds Transfer (EFT) question

Hi everyone,

I am having hard time getting clear answers form first level CSRs about what happen when an EFT fails and I hope someone can share their own experience with something like this.

So, the case is like this;
  • on bank1 I have a link established to bank2
  • logged on bank1 I initiate a transfer from bank2
  • bank2 declines the transfer
Usually the deposit gets posted on bank1 account and reversed couple of days later when it fails to clear trough the Automated Clearing Settlement System (ACSS). I know that banks charge two different types of fees, "non sufficient funds" and "returned item" fee, and they can be charged on both accounts.

I had a long conversation with a Tangerine CSR on this topic and he assured me no "non sufficient funds" fee would be charged in this case (assuming Tangerine as bank1). He was not sure about the "returned item" fee although.

I am looking for more info on this topic, especially from people have been through this very specific situation.

Thank you.
3 replies
Deal Guru
Jan 19, 2017
10058 posts
6150 upvotes
andrew4321 wrote: Hi everyone,

I am having hard time getting clear answers form first level CSRs about what happen when an EFT fails and I hope someone can share their own experience with something like this.

So, the case is like this;
  • on bank1 I have a link established to bank2
  • logged on bank1 I initiate a transfer from bank2
  • bank2 declines the transfer
Usually the deposit gets posted on bank1 account and reversed couple of days later when it fails to clear trough the Automated Clearing Settlement System (ACSS). I know that banks charge two different types of fees, "non sufficient funds" and "returned item" fee, and they can be charged on both accounts.

I had a long conversation with a Tangerine CSR on this topic and he assured me no "non sufficient funds" fee would be charged in this case (assuming Tangerine as bank1). He was not sure about the "returned item" fee although.

I am looking for more info on this topic, especially from people have been through this very specific situation.

Thank you.
Last time the exact situation happened to me. No fee was charged by either bank.
Deal Addict
User avatar
Dec 17, 2008
2781 posts
2300 upvotes
Winnipeg
ml88888888 wrote: Last time the exact situation happened to me. No fee was charged by either bank.
I pulled money from Another bank to Simplii financial and it failed as well...and no fees from either bank either, the transaction was just reversed (as long as your account isn't in overdraft, you should be fine)
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Deal Addict
Sep 19, 2009
2280 posts
991 upvotes
Toronto
Anyone had this kind of experience with Tangerine as pulling bank? Please share.

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