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Long cheque clearing time
September 26, 2019
9:18 pm
Loonie
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I am currently waiting for a cheque to clear at Meridian.
(There may be another thread on this topic but i couldn't find it.)

I deposited the cheque IN PERSON at Meridian branch. It is drawn on MY OWN account at CIBC on a pre-printed 21stC cheque issued by that bank, where I have had this account for over 30 years without incident. The amount was five figures. While I was at Meridian, I had a friendly side chat with the manager, so the teller knew that I was known to the manager and that I was not a suspicious character.

I've had accounts at Meridian for over 3 years, have had well over this amount in savings before, and currently have well over this amount there in non-reg'd GICs. I have an excellent credit rating. I don't think there is anything that could make me a more secure sort of member for Meridian to deal with.

The cheque was cashed and debited from the originating bank immediately - on Sept 17.
On Sept 24, I received a regular statement from the bank on which the cheque was drawn, with image of the cashed cheque returned.

It is now more than 7 business days (9 calendar days) since this cheque was cashed and debited, but it STILL has not cleared at Meridian. Even a "pull" would have been faster than this!, but I used the cheque because the 3% rate was applicable immediately, which made the trip to Meridian worthwhile. (This had better been true!)

I have no plans to withdraw this money in a hurry, but having to wait this long for this cheque to clear - and still not knowing when it will - is just ridiculous. I imagine the pony express was faster than this.

September 27, 2019
3:46 am
3oakwest
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Loonie
This is another beef I have with Meridian. I deposited a cheque for $200.00 and the funds were kept on hold for eight business days. I had over $80,000.00 on deposit in my savings account at that time.

They said all deposited cheques had an eight day hold regardless of the amount of the cheque.

I don't understand their policies and will be depositing less and less as time goes by.

I also have a problem with statements. I got one for my savings account, but only one, about three months ago. I guess they are not available any more so I take a screen shot at the end of the month because since they do not have any faith in me, I don't think I should have any faith in them. It also surprises me that it will always be well into the second week after month end when we can gat our checking account statement.

September 27, 2019
5:53 am
Loonie
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You have my sympathies, 3oak.
Thanks for the info about cheques taking 8 days. I was too fed up to call and inquire.
They seem determined to make the process take at least 7 business days, and 8 if it's a cheque. In some ways, the EFTs are worse, because you are left in limbo for four business days waiting for something, anything, to show up on your Transactions. Nothing is shown as pending for all that time. Then, when it suddenly appears, you wait 3 more days for clearing.
I can perhaps understand the 3 days for clearing, but why the four days to make the transfer? It just seems that they intend it to add up to 7 or 8, no matter how they process it or pretend to.

It seems that their process is intended to be completely inflexible.

I can maybe help you out a bit with understanding the system with statements. Statements only come out every 3 months, so you will get one in October which covers July-Sept. Annoying, I know.

This week I was clering out a box of old financial papers, some of which go back to the 1980s. It was interesting to note the very clear trend over time in regards to statements. They seem to have gradually become harder to interpret and less frequent over time. Back in the '80s, they came every month. Nowadays, I have some that come only once a year, and they seem to begrudge even that (Oaken); and one account at TD where there is no statement OR online info at all - a USD account. I go in to TD every 3 months and force them to print out the balance. When i get around to it, i'll just get rid of that account - along with all the other money of mine that they used to have. I notice they don't send my birthday cards any more!

And while I'm thinking of that, Meridian does send these really ugly birthday cards which apparently everyone in the branch has to sign, poor things. What a waste of time, effort, and postage. I truly wish they would stop. It's the exact same ugly greyish card every year, with their name plastered across the front. (Hint to Meridian: we much prefer the chocolates from Oaken at Xmas.) I must ask them some day how many members belong to that branch and see how many cards that amounts to every month that they have to write...

With luck, they will clear my cheque today, but it will still likely be more than 8 days from when I deposited as nothing ever seems to clear there until well into the evening.

September 27, 2019
8:34 am
3oakwest
Ontario, Canada
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Thanks Loonie for the info. about statements.

September 27, 2019
8:39 am
Oscar
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Recently went through same issue with them . 5 figure cheque deposited into ATM in branch. After 8 business days called and was told 10 business days over a certain amount. Unable to provide me with the specific amount even after putting me on hold to check, so in future I will assume it's ten dollars. He was able to set up a GIC with the funds on hold so I will now phone them the day after deposit to avoid having to log in daily to see when funds clear as that seems to be the only way around it for GICs. As for your situation Loonie , I'm sure you're getting 3% if deposited to new savings account.

September 27, 2019
2:19 pm
Loonie
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It is now 8 full business days since my cheque was deposited and the amount withdrawn from originating bank, but the funds are still on hold at Meridian.

Based on your experience, Oscar, I should perhaps expect this to clear next Tuesday? - 2 full weeks (14 calendar days) since deposit, and that's without even a stat holiday.

Yes, I'm getting 3%, which is the only reason for putting up with this nonsense. So, there is no pain there. And I am not planning on buying a GIC with it.
However, I am waiting for this cheque to clear before depositing another one. I need to know the funds from the second one would be accessible, and the only way I can be sure of that is if the first one has cleared so that I could use that money if needed. I don't expect ro need any of it, but need to have a safety route just in case.
Ironically, the second cheque will be drawn on Motusbank, wholly owned by Meridian and operating out of the same building. But I have no hope that that will expedite the process!

I find it unconscionable that they would tell you there is a dollar limit which requires an extra two days to clear but won't tell you what it is. You are a "member", an "owner" of this organization, and they can't tell you this very basic information??

Spouse deposited a cheque at Meridian for a significantly larger amount than mine on the same branch visit, Sept 17. It will be interesting to see if that one takes even longer to clear or the same as mine, wheneever that may be.

September 27, 2019
3:27 pm
Doug
British Columbia, Canada
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Loonie said
I am currently waiting for a cheque to clear at Meridian.
(There may be another thread on this topic but i couldn't find it.)

I deposited the cheque IN PERSON at Meridian branch. It is drawn on MY OWN account at CIBC on a pre-printed 21stC cheque issued by that bank, where I have had this account for over 30 years without incident. The amount was five figures. While I was at Meridian, I had a friendly side chat with the manager, so the teller knew that I was known to the manager and that I was not a suspicious character.

I've had accounts at Meridian for over 3 years, have had well over this amount in savings before, and currently have well over this amount there in non-reg'd GICs. I have an excellent credit rating. I don't think there is anything that could make me a more secure sort of member for Meridian to deal with.

The cheque was cashed and debited from the originating bank immediately - on Sept 17.
On Sept 24, I received a regular statement from the bank on which the cheque was drawn, with image of the cashed cheque returned.

It is now more than 7 business days (9 calendar days) since this cheque was cashed and debited, but it STILL has not cleared at Meridian. Even a "pull" would have been faster than this!, but I used the cheque because the 3% rate was applicable immediately, which made the trip to Meridian worthwhile. (This had better been true!)

I have no plans to withdraw this money in a hurry, but having to wait this long for this cheque to clear - and still not knowing when it will - is just ridiculous. I imagine the pony express was faster than this.  

This doesn't surprise me, Loonie. Since Meridian seems to holding back by several business days or manually posting EFT payments, it stands to reason they'd do the same with paper-based payments cleared through the same system. 🙁

Nonetheless, I appreciate your continued Meridian (and Motus) posts. I suspect if this had been a Motus cheque, the situation would be the same. sf-cool

For clarity, I re-read your post, did the cheque get posted to your Meridian account? If so, I'm assuming the funds are still on hold? It's worth pointing out Meridian, as a provincially-regulated credit union, isn't subject to maximum hold times (there is clearly no issue for this cheque's hold time to be extended, if they were a bank). So, I suspect, this is Meridian's ultra-ultra-conservative credit risk policies with respect to long hold times. I wonder, if they pull this crap at Motus Bank, too? If they do, they could be challenged under Canada's Access to Funds Regulations and FCAC's Commissioner would likely investigate, review the particulars of the account and deposited cheque in question, then either issue a warning or a fine to Motus Bank for violating the Regulations when there was clearly no issue with account-level fraud, anti-money laundering concerns, a forged endorsement on the cheque itself, or a mutilated cheque. I hope this happens at Motus Bank so they can be taken to the regulatory mat on this! Fine the buggers!

Cheers,
Doug

September 27, 2019
9:40 pm
Loonie
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Hi Doug,
When this cheque finally clears, I will be depositing another one drawn on motus, so we will have an opportunity to see if it takes any less time to clear, but I too expect it will be the same story.

I suppose it's possible to deposit by cheque to motus, although I've never done so and have no plans to do so right now. But perhaps someone else can report on that effort.

If, as you say, Meridian is free to apply whatever hold periods they want, then it seems to me they are also free to reduce them when warranted, but it seems they make no effort in that direction. And, with such freedom comes a responsibility to tell you what their hold period is. I failed to ask the teller how long it would take because it didn't seem important, but I never expected it to take longer than an EFT.

In answer to your question, the cheque was deposited and credited the same day at Meridian. This surprised me as I went in late in the afternoon and thought it might not go through until until the next day. I would not have complained about that.
So, to clarify, the cheque was presented, deposited and credited at Meridian; and debited at source, all on the same day, Sept 17. Still waiting.

`

September 28, 2019
3:27 am
3oakwest
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When I originally set up my account with Meridian I already had an account with Motus. The CSR at Meridian told me to write a cheque on my Motus account payable to myself for the amount I wanted to deposit at Meridian. He said he could make that happen, and it did.
So apparently they have the ability to move faster and override their system.
I'm also sure they would not want everyone to be asking this on a regular basis, but maybe they should accommodate an occasional request.

September 28, 2019
4:07 am
Loonie
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Yes, they can definitely push some things through manually when they feel like it. I reported elsewhere that I was able to get an EFT expedited at Motus. But the only reason I had to do this was because their system had made 2 of my 3 online requests vanish; and the only reason I had made 3 online requests was because their system limited me to 10K each!

Perhaps, if they get enough requests, they will update their system, which is what really needs to happen.

In any event, to the issue at hand, I have an UPDATE:
my cheque cleared in the early hours of Sept 28, a Saturday.
I should be able to go in and deposit my motus cheque later next week.

We are still in the dark, however, as to what their schedule is for cheque-clearing. Oscar's took two days longer than mine.

September 28, 2019
8:39 am
Oscar
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Loonie
I thought that mine might have taken longer because I deposited through ATM on Friday before the long weekend. It was debited from source account on the 4th so it may have sat in the machine for the weekend. I say this because I deposited another cheque on the 3rd into the same ATM. First cheque was debited from source account on the 4th and second one on the 5th. Didn't keep an eye on hold time of 2nd deposit hold time .
So it doesn't seem to speed up processing by depositing in person based on your experience.
And as for pressing him on the threshold which increases the hold period , I had just had enough that day and felt it was pointless to pursue further , but I agree it was a mind blower to be told that there's a limit but we can't tell you what it is.
I had already posted about this delay under " last straw with Motus " thread post 21 as it seemed to be relevant at the time .

September 28, 2019
7:19 pm
Loonie
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Thanks for the clarification, Oscar. I thought there had been some other posting(s) about this issue but couldn't find them.

It seems that what this boils down to is 8+ FULL business days for a cheque to clear at Meridian, no matter how submitted. As 8+ full days always involves a weekend, that means 10 calendar days plus any stat holidays. Effectively, it will be the 11th day minimum before you can do anything with that money. Mine took 10.5 calendar days.

I will try to remember to report on how I make out with cashing the motus cheque next week. I expect it to take just as long, and am hoping to avoid the Thanksgiving stat holiday delay.

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