From the title you have already deduced that today’s rant will be about the Toronto-Dominion Bank (TD) holding cheques. You are probably wondering why that would even be an issue especially when it happens all the time.In my case it happened to a friend of mine who recently began working again, and started to drop in his cheques since June. He has been going to his home branch and had no problems after telling them he is working again and he should be bringing in his cheques on these dates when he receives them; this is to avoid them being placed on hold as you already know.
Now he dropped in a cheque this week, only to be told that it will be placed on hold until it is verified. I cannot go into too much detail, but let us just say he needs the money immediately.
The teller explained briefly why this is happening, which is that he does not bring in cheques often enough to have the funds sent into his account right away. Now it is hitting the 2 month mark since he has been bringing in cheques but I do not see why this should be happening, especially when he declared he is working and will be bringing in cheques every two weeks.
It could just be the branch he goes to did not take the time to verify it, but I do not think it is reasonable to be holding his money in this situation. Now if I were to take in a cheque of $xxx.00 amount I fully understand why a hold is necessary. This is not the case in this situation.
He is actually going back the branch to talk with the manager, which is what he should have done in the beginning to clear up this problem. I am hoping it goes well for him, which is should be because he has been banking at that branch for over 8 years.
When would banks not hold your cheques?
To my knowledge, if you have been depositing cheques of relatively the same value several times, then the bank sees this is a pattern and will allow the cheques to go through without holds. In my friends case, he deposited a few cheques for the past 2 months and as I said, it was 4 cheques in 2 months. This situation is very odd and hopefully when he speaks with the branch manager it will get sorted out.
I only wanted his story to be heard and curious to know if anyone had a similar story to share.
If you do have something to share with us, please email me at email@example.com.
image source: Telstar Logistics