Access your money more quickly

When you deposit a cheque and the money appears in your bank account, you may not be able to access all of it immediately
because of the 'cheque hold' period. Nevertheless, because of a regulation that came into force in August 2012, consumers who
deposit a cheque in person at a federally regulated financial institution have access to $100 of it immediately. If the cheque was
deposited at an automated banking machine, this amount is available on the next business day.

Moreover, the 'cheque hold' periods are not as long as they used to be. The maximum on a cheque that is less than $1,500 is four
business days if it is deposited in person at a branch, or point of service – and five business days if it is deposited at an automated
banking machine. If the cheque is more than $1,500, the maximum 'cheque hold' periods are seven and eight days, respectively.

More information about cheque hold periods is available at the Financial Consumer Agency of Canada website, itpaystoknow.gc.ca.

If you need more information on this or other mortgage matters please call us at 250-862-1806 or email at [email protected].

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About the Author

Laurie Baird and Tracy Head are mortgage brokers with Verico Complete Mortgage Services. Together they have over 45 years of experience in the mortgage industry.

As mortgage brokers, Laurie and Tracy spend time getting to know the people they work with and help them understand the mortgage process. They support their clients before, during, and after a home purchase.

Laurie and Tracy are able to offer their clients advice and options. With access to over 40 different lenders, Laurie and Tracy are able to match the needs of their clients with the right mortgage package. They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit:

Visit Laurie's blog at: https://www.okanaganmortgages.com/blog

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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