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Depositing cheques with Apps: Limits
April 2, 2022
9:33 am
Loonie
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DUCA CU doesn't permit cheque deposits greater than $10,000 per cheque. If your cheque is larger than that, you have to go to a branch - or an ATM if you have a card.

What have people experienced at other FIs ? Do they all have cheque deposit limits with apps?

April 2, 2022
9:57 am
Norman1
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EQ Bank has a $100,000 per cheque limit for their mobile cheque deposit app.

TD Bank has customer-dependent daily and rolling 30-day limits for their mobile cheque deposit service.

I expect one will have mobile deposit challenges with cheques that approach the Payments Canada ACSS clearing maximum of $25 million per cheque (Rule A1, section 13).

April 2, 2022
10:22 am
canadian.100
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One FI told me just to deposit the cheque (even if it exceeded the limit) and enter the limit amount on the keypad. The FI said the deposit will be revised/corrected the next day to reflect the actual amount of the cheque. They said that depositors either by ATM or APP make frequent mistakes in the amount of the cheque, or in depositing before the indicated date, or in a foreign currency, or no signature on the cheque, so corrections are quite common by the FI.

April 2, 2022
10:52 am
KamWest
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If there was a limit that would be a problem for institutions like motus where there are no physical locations.

I agree with @canadian.100 just key in the limit and deposit it.
There is a hold period anyways and as long as the cheque clears hopefully there will be no issues.

April 2, 2022
11:33 am
Norman1
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Some financial institutions may not want the risk of clearing a $1.2 million bank draft for a personal banking client just on the images of the draft taken by a phone. It can be six years before all the reasons a cheque can be returned for expire.

With motusbank, I would deposit a large, over-the-limit cheque into an ATM or deposit such a cheque elsewhere for clearing.

Hubert Financial doesn't offer mobile cheque deposit. If one wishes to deposit a cheque, one has to mail it to them in Selkirk, Manitoba.

April 2, 2022
1:21 pm
Loonie
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Interesting feedback; thanks. I would never have guessed that it was advisable to submit an amount lower than the actual cheque - or that it would work! I guess I'd be willing to try it for a me-to-me cheque, which most of mine are, as I can easily replace it or send the money by another route if necessary. I think I'd be more comfortable just "accidentally" dropping a digit than typing in the FI's limit - e.g. 12345 becomes 1234, not 10000. You'd have to be extra-careful that your longhand and numerical entries were the same!

In this case, we already went to the branch - and indulged in a yummy lunch on the way home on a nice sunny Spring day, so all was not lost!sf-smile Free parking at the Finch and Yonge location. The interest earned by not waiting until Monday or re-routing through another FI paid for it.

Spouse just read somewhere that CIBC has 250,000 limit.

I don't know what they would do at motus or similar. I don't think I've ever deposited a large cheque there.

April 2, 2022
1:23 pm
savemoresaveoften
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Spouse just read somewhere that CIBC has 250,000 limit.  

I can confirm at least 200k is real 🙂

April 2, 2022
1:54 pm
canadian.100
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Loonie said
Interesting feedback; thanks. I would never have guessed that it was advisable to submit an amount lower than the actual cheque - or that it would work! I guess I'd be willing to try it for a me-to-me cheque, which most of mine are, as I can easily replace it or send the money by another route if necessary. I think I'd be more comfortable just "accidentally" dropping a digit than typing in the FI's limit - e.g. 12345 becomes 1234, not 10000. You'd have to be extra-careful that your longhand and numerical entries were the same!

I don't know what they would do at motus or similar. I don't think I've ever deposited a large cheque there.  

I think it was smart of you to deposit your big cheque at your branch, and not via app or ATM when the cheque exceeded the limits. While it might have worked out ok eventually, there is a risk of it being held up and that would not be comforting if the cheque was for say $500K or $1M. I would prefer to deposit it with a teller in a bank or CU branch.

April 2, 2022
3:00 pm
Loonie
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Yes, that was kind of what I thought too, and the accumulating interest is not insignificant so that every lost day matters. The teller did not even blink an eye at the large cheque, so it was very easy.

I am, however, thinking ahead to the next couple of weeks when I will have a couple of lower five digit deposits to make. I may try the alternative technique for one of those. Or perhaps just re-route it through CIBC as there is less interest at stake and CIBC appears to have lifted the Holds on my deposits as I haven't seen one for a long time.

April 2, 2022
3:30 pm
AltaRed
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savemoresaveoften said
I can confirm at least 200k is real 🙂  

Via mobile app deposit? I would find that extraordinary. FWIW, Scotia has a $5000 limit on mobile app deposits but $500k on ABM deposits.

April 2, 2022
4:47 pm
savemoresaveoften
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AltaRed said

Via mobile app deposit? I would find that extraordinary. FWIW, Scotia has a $5000 limit on mobile app deposits but $500k on ABM deposits.  

yup mobile edeposit, the amount was 200 < X < 250

On the other hand, I was not able to edeposit <100 amount from the same outgoing bank to EQ for whatever reason. EQ denied it twice and I ended up moving it to CIBC and again no issue. Then do a internet transfer to move from CIBC to EQ. Costs me a few $ in lost interest...

And I have to use check edeposit as the out going bank wont direct link to big 5.

Not sure if my history with CIBC makes any diff in the amount "allowed" and "trusted" by them.

April 2, 2022
5:15 pm
Alexandre
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AltaRed said

FWIW, Scotia has a $5000 limit on mobile app deposits but $500k on ABM deposits.  

Once, I wrote cheque to myself for $50,000 and tried to deposit it to my Tangerine account through Scotiabank ABM. That amount was not accepted by ABM, even with Tangerine stating one can use Scotia ABM for deposits.
That should mean, for Tangerine these cheque deposit limits are set for less than $50K.

April 2, 2022
7:09 pm
canadian.100
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AltaRed said

Via mobile app deposit? I would find that extraordinary. FWIW, Scotia has a $5000 limit on mobile app deposits but $500k on ABM deposits.  

I have read the Scotiabank site re mobile deposits and nowhere does it talk about a $5000 limit for mobile deposits - it really does not sound right for Scotiabank to have only a $5K limit. On the internet I noticed a 1st National Bank of Scotia that does have a $5,000 limit on mobile deposits - that is not Scotiabank. 1st National Bank of Scotia is a US bank. Perhaps that is where you picked up the $5K limit.
I also read the Tangerine site - again no indication of $ limit on mobile or ATM deposits. There are limits on transfers out. One should probably contact the respective bank to confirm if any limits if one is interested.

April 2, 2022
8:27 pm
AltaRed
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You are right that I got that wrong. I finally found a link https://www.scotiabank.com/ca/en/0,,9656,00.htm?intcmp=MobileChequeDeposit_iphone_Mobile_retail%7C16_1?intcmp=MobileChequeDeposit_iphone_Mobile_retail%7C16_1 that gives the mobile cheque deposit limit of $99,999.99

April 2, 2022
9:52 pm
Loonie
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Apparently federally regulated FIs (this would not include most CUs) are allowed one extra day before clearing a cheque deposited at ATM, as opposed to depositing it in person. This may affect some people's decision as to how to proceed with a high value cheque.
https://www.canada.ca/en/financial-consumer-agency/services/rights-responsibilities/rights-banking/cheque-hold-access-funds.html

April 3, 2022
7:00 am
phrank
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I recently received a $50 USD check. I was surprised to learn that I couldn't deposit it online with any institution into a CAD SA and TD said I couldn't deposit it in person unless I opened a USD account. So I went elsewhere to deposit it in person.

April 3, 2022
7:08 am
savemoresaveoften
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phrank said
I recently received a $50 USD check. I was surprised to learn that I couldn't deposit it online with any institution into a CAD SA and TD said I couldn't deposit it in person unless I opened a USD account. So I went elsewhere to deposit it in person.  

yeah Cad banks are 3rd world from that perspective. Only way to do it is thru a USD capable ATM machine into a USD account, if u have one.

April 3, 2022
7:42 am
Norman1
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RBC Royal Bank no-envelope ATM's will accept deposits of US$ cheques, drawn on a US financial institution, into a Canadian dollar account.

I've done that many times. The ATM recognises it is a US cheque and not a Canadian one. It says there will be an adjustment for the exchange rate in a day or so.

Years ago, I was able to deposit a US cheque into a Canadian dollar TD account in person. Teller converted the US$ to C$ on the spot and accepted the deposit.

April 5, 2022
1:03 pm
dentgal
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Some institutions only let you transfer perhaps $50,000 on their app, so you have to do multiple transfers, but you can do them on the same day.

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