Cheque Hold Policy Sample Clauses

Cheque Hold Policy. ‌ A cheque is not the same as cash. It is an instruction by a payor to its bank to pay you. We may hold amounts you deposit by cheque to give the payor’s bank time to confirm that the payor’s account has funds available to cover the cheque. Our hold periods are set out below. If we put a hold on your cheque, you cannot withdraw the amount deposited for the duration of the hold. Please note that you should only accept a cheque from someone you can trust because the payor’s bank can return it to your account at any time, even after we have removed a hold, for a variety of reasons, including because it is counterfeit, has a forged signature or endorsement, has been altered or is stolen. If that happens, we have the right to debit your account for the amount of the cheque1. If you are unsure about a cheque, ask for payment by cash or Interac e-Transfer. We may apply the same hold periods to other instruments you deposit, such as money orders and drafts. Cheque deposit hold details Hold Duration Encoded Canadian dollar cheques, money orders and drafts drawn on a Financial Institution located in Canada Cheque amount for $1,500 or less deposited in the branch with an employee Cheques may be held up to four business days² after the day of the deposit Cheque amount for $1,500 or less deposited through any other manner, including an ATM Cheques may be held up to five business days after the day of the deposit Cheque amount for greater than $1,500 deposited in the branch with an employee Cheque may be held up to seven business days after the day of the deposit Cheque amount for greater than $1,500 deposited through any other manner, including an ATM Cheque may be held up to eight business days after the day of the deposit New accounts (opened for less than 90 days) All cheques may be held up to seven business days after the day of the deposit Other types of Cheques Cheques that are endorsed more than once or are deposited six months after the date of the cheque Cheques may be accepted for deposit at our discretion and if accepted for deposit may be held up to nine business days after the day of the deposit Encoded U.S. dollar cheque drawn on financial institution located in Canada Cheque may be held up to seven business days Un-encoded or partially encoded cheque (Canadian or U.S. dollar) drawn on a financial institution located in Canada Cheque may be held up to 15 business days Damaged or mutilated encoded cheque (Canadian or U.S. dollar) drawn on financial institu...
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