EFT File Recall/Reverse |
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To recall or reverse an entire
file, the following minimum information is required:
Once the above information is entered, press the Search button. |
Electronic Funds Transfer (EFT) Recalls and Reversals |
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Your EFT payments should not be sent to Scotiabank until you are
certain all of the information is correct.
In the event that you discover an error after the payment file has
been sent, you may be able to initiate a ‘recall’ or ‘reversal’ of an
individual payment, a group of payments or the entire file of payments. The time period, within which a recall or
reversal can be initiated is governed by a combination of the payment(s) due
date, the input lead-time you provided and the inter-financial institution
EFT exchange times, as mandated by the Canadian Payments Association (CPA). ·
Each payment initiated for a given due date should be
assigned a unique cross-reference number (the unique identifier used by you
internally to identify your records) to simplify payment identification. ·
Initiate your request using the ScotiaConnect EFT Recall
function. If the payment(s) has
already been released for processing you may be offered the option of
initiating a reversal or be informed that no further action can be taken Recalls Recall of a single payment, group
of payments, or an entire file of payments can only be initiated while the
payment is still within the control of the EFT system. Once the system has released the payment(s)
for posting to Scotiabank accounts or to other financial institutions the
payment cannot be recalled. The time
period, within which a recall can be initiated is governed by a combination
of the payment(s) due date, the input lead-time provided and the Canadian
Payments Association (CPA) mandated inter-financial institution EFT exchange
times. Reversals Reversal of a single payment,
group of payments, or an entire file of payments can be initiated if the
payment(s) cannot be recalled (has already been released for processing by
the EFT system) and in accordance with CPA Rules, the reversal is
initiated within three (3) days of the original payment(s) due date. There is no finality with a reversal
transaction. You should have the
authorization of the intended recipient prior to initiating a reversal
transaction. The recipient of the
original payment, which will have been posted to their account, may have
already instructed their financial institution to return it, which will
result in them also initiating return of your reversal item. ·
The results of your request to recall/reverse a payment(s)
will usually be confirmed during the on-line ‘request’ session. ·
You can review the results of prior recall/reversal
activity, using the ScotiaConnect Recall History function. The recall/reversal charge, in accordance with the fees
outlined in the Scotia Direct Schedule of Rates, will be included on your
monthly Scotia Direct Customer Billing Statement. |
Related Topics |