I work for a small company and I get an actual cheque not direct deposit for my pay and Scotia's policy is to hold cheques for 5 days. 0000010488 00000 n /Filter/FlateDecode 0000000936 00000 n /OP true 0000007395 00000 n 5 days is the standard hold policy. 0000008838 00000 n %���� Scotiabank, for example, states that the maximum hold it will place on a U.S. dollar check drawn on a bank branch in Canada is 10 business days, compared to five days for a Canadian dollar check. Cheque holding time is an industry standard that is meant to be a fraud screen. 20 days for US accounts domiciled in the US. When you’re done, you’ll get a confirmation that your deposit has been accepted. My biggest complaint about Scotiabank is their cheque holding policy. 0000003661 00000 n 2 0 obj There are conditions to this bank holding the cheques as explained to me from two bank managers, two customer service reps, and one complaints supervisor up to six months ago. ]R/c�Ԙ��w��M��MR�,�Yd�tN�C�@{j�� 0000001333 00000 n Due to Scotia's great hours I had to do this on a Saturday. Choose the best service for your lifestyle. We 5 days is the standard hold policy. /Length 7853 %%EOF 0000003068 00000 n H�\��n�0E���Y&����H��CbчJ��R�b,C�}g. After a hold ends, you're free to use the money. 0000001528 00000 n Depending on whether the U.S. dollar check is drawn on a Canadian, U.S. or foreign bank account, your bank can hold the check until funds are released. 0000016938 00000 n All banks have a hold policy. *Please note all cheque deposits are subjected to the Scotiabank Hold policy which can be found here. 0000006006 00000 n How long the hold period will last and whether it will apply in the first place depends on the particular bank’s cheque holding policy. Scotiabank offers Cheque Image Services, Cheque book ordering, direct deposit, overdraft protection and safety deposit boxes. Cheque Hold Policy - Scotiabank member banks - Scotiabank LOOK FOR THESE MEMBER BANKS ON YOUR TRAVELS. endstream endobj 88 0 obj <> endobj 89 0 obj <>stream %PDF-1.4 1. Alternatively, you can set up CRA direct deposit online here. X��Ym��Ƒ�>�b�x�Ql��I^rVp߂���b�ɇ�m N�?�f�q�j�5ÑF>A��[���z����������a��m���iߏ���������i����m����q�����]g|ӏ�aI雟�=������L�]�x7����]�ps���m��=(]c}?��t���?�L�[��q These investments are not insured by the Canada Deposit Insurance Corporation or any other government insurer nor guaranteed by CIBC. 77 32 Box 2000 Matane, QC G4W 4N5. startxref If you were simply changing branches you don't need to open a new account. If you were simply changing branches you don't need to open a new account. /Type/ExtGState 0000011308 00000 n 0000005542 00000 n Your personal profile in the bank travels throughout the entire bank with you. /OPM 1 The cheque hold policy tells you how long the financial institution can hold the cheques that you deposit. 0000004817 00000 n Using your smartphone, cheque deposits can be made from wherever you are. 0000005146 00000 n /Type/ExtGState Cheque Holding Policy Cheques presented for cash or deposit to your account may not always be cashed right away. 0 Scotiabank’s Cheque Reconciliation services give you fast, accurate information on cheques cleared through your Scotiabank accounts. Scotiabank’s Cheque Hold Policy on cheque deposits made to a personal deposit account When you deposit a cheque (including a negotiable item such as a certified cheque, bank draft or money order) into your personal deposit account through a Scotiabank branch or ABM, you may not always be able to access or cash the funds right away. RBC Royal Bank’s “hold” policy allows the Bank to verify that funds will be available from the account at the other financial institution on which a cheque or other negotiable item is drawn. The reason we have a hold funds policy is that a cheque is not the same as cash - it is a promise to pay by one party to another party. It doesn't matter if you've been with the bank for one day or 50 years, they hold cheques for 5 business days. Payday loan companies and other cheque-cashing outlets charge a fee to cash a Government of Canada cheque. 0000002475 00000 n 77 0 obj <> endobj 0000008097 00000 n Unless you have a history of cheques bouncing then you can speak to a manager to have this resolved. When you deposit a cheque into your personal deposit account, you may not always be able to access or cash the funds right away. H�\�͎�0���݃�"e�)���f�8Y� By�uQь�Hರ�_56�v����������N]�N�:ܦ&�c8w}�����[�ͥ�4N>ܯs���ӐT�KƗ�y���M;�s�~��0u��=���]z����p ��Vn�vm8E�������.�^�m|����8�sį�\��3�4C�c݄���!�V�Z��=^�$������SOI�}��W+�xoױ���/c?_-��D�J� I can see that this particular question now links to a PDF about the cheque hold policy. If the first party doesn't have sufficient funds in their account at another financial institution, or if the cheque is fraudulent, that other financial Jt��!i(f`Pg��ܥ�0��A_^�EH1��`���@͢}F��\���+�:β�����!�1�\���E�j �� �� endstream endobj 78 0 obj <>/Metadata 5 0 R/OpenAction 79 0 R/PageLayout/SinglePage/Pages 4 0 R/StructTreeRoot 7 0 R/Type/Catalog/ViewerPreferences<>>> endobj 79 0 obj <> endobj 80 0 obj <>/Font<>/ProcSet[/PDF/Text]/Properties<>>>/Rotate 0/StructParents 0/TrimBox[0.0 0.0 612.0 792.0]/Type/Page>> endobj 81 0 obj <> endobj 82 0 obj <> endobj 83 0 obj <> endobj 84 0 obj <> endobj 85 0 obj <> endobj 86 0 obj <> endobj 87 0 obj <>stream << When you’ve confirmed this, write “Deposited” on the front of the cheque. 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