How Long Do EFT Payments Take?
The complete timeline for Canadian EFT payments. When to submit, when funds arrive, and what causes delays.
Day-by-day EFT timeline
Here's exactly what happens after you upload an EFT file:
File submitted to your bank before their daily cutoff time (typically 4-6 PM ET).
Your bank checks the file format and queues it for the next ACSS clearing cycle.
Transactions are cleared through the Automated Clearing Settlement System (ACSS). Banks exchange funds.
Each receiving bank credits the recipient's account. Timing varies slightly by bank.
Funds are available in recipient accounts. Statement shows the deposit with your company name.
Real-world example: Friday payroll
| Wednesday 3 PM | You upload the EFT file |
| Wednesday 6 PM | Bank processes and submits to ACSS |
| Thursday | Clearing cycle runs overnight |
| Friday morning | Employees see deposits in their accounts |
Bank cutoff times
Miss your bank's daily cutoff and processing starts the next business day. That pushes delivery back by 24 hours.
| Bank | Typical EFT Cutoff | Notes |
|---|---|---|
| RBC | 6:00 PM ET | May vary by account type |
| TD | 5:00 PM ET | Business banking portal |
| BMO | 5:00 PM ET | Check with your branch |
| CIBC | 5:00 PM ET | May differ for large files |
| Scotiabank | 4:00 PM ET | Earlier than most |
| Credit Unions | 3:00-5:00 PM local | Varies significantly |
Pro tip: Always confirm your specific cutoff time with your bank. These times can change, and premium business accounts sometimes have later cutoffs.
What causes payment delays
When EFT takes longer than 2 days, one of these is usually the cause:
File errors
Invalid account numbers, wrong institution codes, or formatting problems cause rejection. You have to fix and resubmit—starting the clock over.
Missed cutoff
Submit at 5:30 PM when cutoff is 5:00 PM? Your file sits until tomorrow. That's an automatic extra day.
Weekends and holidays
No processing on non-business days. A Friday 6 PM submission won't process until Monday.
Large amounts
Payments over certain thresholds may trigger additional verification by your bank or the recipient's bank.
New payees
First payment to a new recipient may face extra scrutiny. Some banks hold first-time payments briefly.
Recipient bank processing
Even after clearing, some banks post funds slower than others. Credit unions sometimes take an extra day.
Payment planning calendar
When to submit EFT files for common payment dates:
| If funds needed by... | Submit no later than... | Buffer for safety |
|---|---|---|
| Friday | Wednesday (before cutoff) | Tuesday |
| Monday | Thursday (before cutoff) | Wednesday |
| 15th of month | 13th (before cutoff) | 12th |
| End of month | 2 business days prior | 3 business days prior |
Holiday planning
Before long weekends and statutory holidays, submit an extra day early. The system doesn't process on:
- All statutory holidays (federal and provincial)
- Weekends
- Bank-specific holidays (check with your bank)
How to speed up EFT payments
You can't change the banking system, but you can reduce your own processing time:
1. Validate before uploading
Catch errors before your bank rejects the file. Check account numbers, institution codes, and amounts. A rejected file means starting over.
2. Submit early in the day
Don't wait until 4:55 PM. Submit by noon and you'll catch any issues before cutoff.
3. Automate file generation
Manual data entry takes hours. Tools that convert your existing exports to CPA-005 cut prep time from hours to minutes.
4. Maintain accurate vendor data
Returned payments (wrong account number, closed account) waste days. Verify banking details upfront.
5. Consider same-day options for urgent payments
For truly urgent payments, wire transfers arrive same-day (but cost $15-50+). Interac e-Transfer takes minutes for smaller amounts.
EFT vs other payment methods: Speed comparison
| Method | Speed | Best for |
|---|---|---|
| EFT (batch file) | 1-2 business days | Payroll, vendor batches, regular payments |
| Interac e-Transfer | Minutes to hours | One-off payments, no bank details needed |
| Wire transfer | Same day | Urgent large payments, international |
| Cheque | 5-10 business days | When recipient insists (avoid if possible) |
For most business payments: EFT's 1-2 day timeline is fast enough when you plan ahead. The cost savings vs wire transfers and per-transaction platforms makes EFT the best choice for volume.
Summary
- Standard EFT takes 1-2 business days from file upload to deposit
- Cutoff times are typically 4-6 PM ET—miss it and add a day
- No processing on weekends or statutory holidays
- For Friday payroll, submit by Wednesday
- Delays usually come from file errors, missed cutoffs, or holidays
- Validate files before uploading to avoid rejection and resubmission
Need faster EFT file preparation?
EFT Flow converts your Excel or CSV exports into bank-ready CPA-005 files in minutes. Stop spending hours on manual entry—submit files earlier and meet every deadline.