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December 27, 2023
12:06 pm
Jimmy
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Do certified, money orders and drafts have standard holds placed on them like regular cheques?

I always thought they were as good as cash and would be available immediately, but I noticed Simplii put a hold on them. Not sure if it's their processing time as I deposit it through CIBC bank machine.

December 27, 2023
3:14 pm
Itellyouwutt
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Jimmy said
Do certified, money orders and drafts have standard holds placed on them like regular cheques?

I always thought they were as good as cash and would be available immediately, but I noticed Simplii put a hold on them. Not sure if it's their processing time as I deposit it through CIBC bank machine.  

Yup. "Cheques" is a catch-all term that includes instruments like money orders, drafts, and certified cheques. If you have a very good relationship with your bank (more specifically your bank manager) and do an in-person deposit, they might on the strength of that relationship release make the funds immediately available.

But generally speaking, everything gets held. I think with Simplii it's 5 business days, with day 1 being the first business day after the deposit (and if you deposit into an ATM after 6pm add another day).

December 27, 2023
3:29 pm
rpotter28
Kingston, ON
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Itellyouwutt said

Cheques, money orders, drafts, and certified cheques.

Which all can be forged, or not real or whatever according to the finance people in my industry. Apparently, it is also possible to cancel a Interac transfer?

December 28, 2023
9:05 am
Itellyouwutt
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December 28, 2023
4:04 pm
RetirEd
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Itellyouwutt: Was that your portrayal of a Hold Period?

I've always taken my certified cheques and transfers to the bank in person. They always call the issuing institution and have never placed a hold. But the last time I did that was several years ago.

RetirEd

December 28, 2023
4:14 pm
Itellyouwutt
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RetirEd said
Itellyouwutt: Was that your portrayal of a Hold Period?

I've always taken my certified cheques and transfers to the bank in person. They always call the issuing institution and have never placed a hold. But the last time I did that was several years ago.  

Yes! It was performance art...(or actually it was a deleted post!)

Yes I do the same with drafts. Frankly, I don't like drafts and get a bit irked when some FIs send account close-out funds using them (for example, CWB does it that way). I much prefer a boring, conventional cheque. Worst case scenario with a lost cheque is that it gets cancelled. Drafts are a whole different story.

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