Holds on transfers | Page 4 | General financial discussion | Discussion forum

UkrainianDude said

At first there was no hold in my online banking account. So I went to the bank and ask if I can withdraw cash or money order (if charge is waved). And RBC decided to put money on hold. I complained to rbc hotline about this and manager personally called me on Friday (deposit was made on Monday and Tuesday), and told that the fund were cleared. Just my real life experience. If weren’t to withdraw the funds there was probably no hold.

That hold was not a regular hold on deposits.

A regular deposit hold is applied when the deposit is accepted. Not when an attempt is made to withdraw the funds from the deposit.

A regular deposit hold on a Canadian deposit item is four or five days starting with the business day after the day the deposit was accepted, according to the RBC Hold Policy Guide.

You had access to the funds from both deposits on Friday. That's only a hold for three days and two days, counting from the day after the deposits on Monday and Tuesday.

I suspect the holds applied were for the suspicious attempt to withdraw funds from the "Misc Payment" direct deposits by cash or money order. I think the RBC staff would not have been as suspicious had the attempt been to withdraw in cash direct deposits with the type "Payroll Deposit" or "Pension".