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Email this6:02 pm
March 15, 2019
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Kidd said
I can not speak of Scotia bank but TD have atm limits.
I wasn't aware of TD but Scotiabank did or maybe still have a $100,000 limit on their ATM deposits. Now maybe this has changed. I wish they had a sign on the ATM saying that there is a limit because the staff don't know.
Also, the Scotiabank ATM touch screens are heat sensitive which is a problem if you come in with cold fingers because it is January and cold outside.
8:36 pm
April 6, 2013
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Loonie said
Kidd, I'm surprised the ATM didn't just swallow your cheque and THEN refuse to process it, which you would not have known about until days later.
The updated TD Green Machine ATM's will scan the cheque and do character recognition to try to read the amount of the cheque. If the client confirms the amount and there is a limit, the ATM can reject the cheque immediately.
The same ATM's will also scan cash deposited and try to determine denomination. I found such ATM's will reject Canadian bank notes that are too old, like one from the Journey series I tried to deposit.
On the plus side, at CIBC we deposited a cheque via app for about $2,000 the other day and I see that there was no Hold put on it at all. The cheque was drawn on a credit union, so it wasn't their own; and it was from a third party, not me-to-me. I don't recall this happening before.
Perhaps, after having the same account for almost 35 years, often with large sums, and no NSFs, they've decided we're trustworthy customers! No rush, eh?
CIBC does have customer-specific hold policies. ozzie16 wrote on RedFlagDeals.com that he is able to access the first $5,000 of deposits immediately at CIBC and ScotiaBank.
I have something similar with Simplii. I deposited a large cheque at a PC Financial ATM and the first several thousand was available immediately. A week later the hold on the rest of the deposit ended.
10:26 pm
October 21, 2013
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It's interesting to know of others' experiences with deposits and holds.
I'm guessing that the fact that I opened a CIBC savings account last summer during a promo and had a lot of money in it then might have prompted my upgrade, although there is zero in that account now.
Like most people, we don't receive a lot of cheques any more, but it does make CIBC a more attractive place to deposit them. Too bad they don't do pushes though.
Does Simplii do pushes? I'm wondering if this no-hold policy might extend to Simplii if I had an account there, which I don't at this time.
1:01 am
September 6, 2020
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Yes Simplii does PUSHES/PULLS. When I got this account PC Financial told me I got the highest no limit hold available.
Have a Great Day
2:51 am
September 29, 2017
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Loonie said
...
Too bad they [CIBC] don't do pushes though.
Does Simplii do pushes?
...
It is only the big brick and mortar banks (6 or so) that do not provide the ability to push or pull funds to/from online-only banks.
ALL online-only banks do pushes and pulls. That is the very nature of their business. Otherwise, they would be fully dependent on other banks to operate. Simplii is an online-only bank.
4:24 pm
March 15, 2019
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smayer97 said
Loonie said
...
Too bad they [CIBC] don't do pushes though.
Does Simplii do pushes?
...Simplii is an online-only bank.
Simplii does allow cheques to be written on your chequing account or at least they did in the past.
4:29 pm
September 29, 2017
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COIN said
Simplii does allow cheques to be written on your chequing account or at least they did in the past.
Being an online-only bank does not preclude the ability to write cheques. Tangerine has had cheque writing for a long time. Others may too.
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