Friday Nov 21, 2014

TD Wrongly Holding Cheques

27 July 2009

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 sensei@banknerd.ca.

image source: Telstar Logistics

About the Author

Sensei

My favorite weapon of choice is the samurai sword. I use it to cut my chicken during dinner, cut my hair and periodically carve my name into stone when I am bored. I love meditating on top of a 15ft high pole and eating those sushi’s with smoked salmon on top. I love everything there is about Canada and everything financially related to Canadians. I write deily posts from Canadian Banks to Credit Card information.

Comments (39 )



S Emerson Wrote:

Any bank will hold cheques if you don’t have money in the account or another account with the bank where they can collect the money if the cheque bounces.

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Sensei Wrote:

That is completely true, however it was not like he did not have enough money in his account to cover the cheque. He had a little bit over what his check was worth, and needed the cheque to cover his other bills coming out this month.

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Francis Wrote:

If he goes to his ‘domicile branch’ (The one where he opened his account) they as a branch do have the ability to remove a hold. Its a judgment call on the branch’s part to lift a hold.

The branch where he deposited his cheque, likely has been burnt by fraudulent cheques in recent weeks.

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Alex Wrote:

believe it or not, the individual bank always have discretion about holding of ANY cheque (including government cheq). they have the same right as how you (as customer) have the right to deposit the cheq to them. their reputation and business is on the line if they accepted a fradulent cheq (WHICH happens all the time) and they can suffer loss if they gave cash but the chq was in the end fraud. some considerations you might not know, the bank is always at risk whenever they are accepting manual cheques because there is time gap in between negotiation with the other party’s bank acct (the chq could be fraud, the other party could have no $ in the acct, the other party could have cancelled the chq… etc), but sometime they are willing to take on the risk to give customer the funding if they feel the customer is trust worthy;

they consider the customer’s credit rating;
customer overall porfolio (investment acct, credit card, rrsp, mortgage… etc.)
customer’s relationship with the branch (past history; any bad cheqs, late payments, impersonation… etc.)
customer’s age / job / income (whether the deposits happens regularly & more than 1 source)

chances are your friend is extremely weak on the above considerations or simply do not meet the conditions. having bank there for 8 yrs doesn’t really mean anything if the relationship don’t build on any of the above conditions.

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techm Wrote:

Yep, this happened to me today too. As per usual, the poor of this world (including myself) are the ones that pay the price. Obviously i need the money yesterday to pay my rent, which is a month overdue. They couldn’t give a damn if I starve or not.

If I had millions they would be falling all over themselves to brown their noses on my behind.

This is the information age. Banks can quite easily communicate with one another and determine if the funds are present or not but they don’t because they want to make interest on the backs of others misery.

Its just another way institutions make life easy for the rich and impossible for the poor.

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Derek Wrote:

Cheque-holding is BS. Funds come out of your account within 1-2 business days of someone depositing your cheque into their bank (regardless of if it is the same banking institution). I’ve had cheques come out the same day they were deposited.

Yet banks continue to enforce a hold relative to the size of the cheque. 3-5 business days for smaller deposits. Six business days for cheques over $2500, and even longer for larger deposits (sometimes 10 business days for a $10,000 cheque).

Why does the bank hold a deposit for several days longer than it really takes to clear? So that they can make extra money on it at your expense of course. Any money that is “held” for a fixed length of time is able to be used by the bank for short-term investing.

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JJ Reply:

You are providing very false info. I’m quite familiar with the Canadian Payments Association and there is no way a cheque from another financial institution within Canada is posted the same day. You have never seen that. Releasing funds from a presented cheque is a credit decision & since your rent is a month overdue, it is likely you have a poor credit rating. Chances are, if you had millions, you’d have better credit. Unfortunately, the chequing system in North America is quite archaic; the banks can definitely not, without risk, guarantee funds are going to come to them from another institution. You should understand the facts before you rant about your experiences.

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jpakert Reply:

As much as I agree with your statement, cheques CAN clear the issuers bank account the same day. After 911 happened and cheques where grounded, the ANSI commitie along with the federal reserve created Check21. This law was adapted by the CPA in 2006 understander standard 006. All checks are now imaged captured and can be verifiered almost instantly, thus no more paper copy cheques are being flow arond the world for verification. There are only 2 major cheque processers in Canada; Symcor and Intria Items. Symcor does the process from most banks, while Intria items is for CIBC. Cheques are picked up by the bank and run most likely thourgh a IBM 3980. As long as the MICR line is intack most cheques will clear the same night or next day. ATM deposits take longer as their pick-up times vary. Should the MICR line be damaged or unreadable the cheque will be “kicked-out” of the reader sorter and the clearing of the cheque will be delayed as the cheque will have to me manually corrected. The MICR line of a cheque contains all this information need to clear a cheque, transit #, finacial instituation, bank account #, and the bank the amount field is encoded.
So in all YES, a cheque can hit the payers account the same day, just after normal banking business hours.

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Jordan Wrote:

I received a CERTIFIED check for $12,000 dollars and TD still held it for 5 days… wtf is the point of getting a check certified if they’re going to hold it anyway, it’s bs… i’m switching banks.

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JJ Reply:

Banks have had many fraudulent drafts, money orders, government & certified cheques. Agreed: what’s the point however, it’ll happen at every institution.

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Anne Wrote:

I have just come back from my own branch with the same issue.  I finally received a settlement from a well known Government agency in the amount of $9000 and went to deposit it only to be told the funds would not be available until May 6th.  This is insane as I require those funds to pay rent, bills etc.  I have been a loyal customer of TD Bank for over 20 years.  I was always under the impression that Government issued cheques couldn’t be held.

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JJ Reply:

Banks have had many fraudulent drafts, money orders, government & certified cheques. Agreed: what’s the point however, it’ll happen at every institution. Money should be more electronic…

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xBanker Wrote:

Your rights
Under Canadian law, you have the right to cash your Government of Canada cheque for free. You can cash a Government of Canada cheque for free at any bank,
even if you are not a customer.

The bank can hold the cheque over $1500 or if fraud is suspected. Bank is required by LAW to issue a written letter detailing why it will not cash the cheque.

For those who cash their cheques (Government) at places like Money Mart – your FOOLS! A government cheque can be negotiated at any financial institution WITHOUT FEE up to $1500.

http://www.fcac-acfc.gc.ca/eng/publications/CashingGovCheque/AboutCashingGovCheque-eng.asp

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Karen Wrote:

The TD Branch on Hamilton Street in Regina is HOLDING my daughter’s Federal Government Tax Refund cheque for one week. Can they do this? My daughter is 20 years old and has had a bank account with this branch for over 4 years now.

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JJ Reply:

Yes they can. To avoid the hold, your daughter should’ve signed up for direct deposit from the government. They include this option in every tax return package each year as well you can request it any time of the year.

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Karen Wrote:

Just to let you know, my daughter’s Tax Refund is less than $700 and they are holding it for one week. TD sucks!!

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JJ Reply:

Impressive comment from a Mother. Obviously you haven’t done your research on cheques being held nor on the options available to you to not have your cheques held (direct deposit). However, you have the ‘wit’ about you to say the bank sucks for your lack of pro activeness. Well done?

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CF Reply:

JJ do you work for TD?? Big banks do suck!! Can’t they just pick up the phone and phone the branch where the cheque is from to make sure that there is sufficient funds to clear the cheque? Oh sorry, that might be a little too much work…Holding a gov’t issued tax refund cheque is total BS! For you to speach a Mother for saying TD sucks, shame on you. I bank with TD, and I think they suck as well….I will be changing to a credit union in the near future. Keep your comments to yourself, JJ. Who do you think you are!!

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Bank Guru Wrote:

Hi Karen,

Banks can place a hold on any cheque they want. They do this if they have concerns over unusual account activity or potential fraud. It all depends on your daughters account, each individual is different. USUALLY (but not always) banks don’t place a hold on cheques valued under $1000.

Just ask TD to release the hold on the cheque and any future cheques. If you daughter has been at TD since she was 4, I doubt they’d have an issue with it. Unless of course they have concerns with her account.

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Passerby Wrote:

It’s an old blog post but regardless, some info…

Strictly speaking about TD, I can say Alex is absolutely correct about how they decide to hold cheques. Telling the bank in advance you’ll be receiving cheques every two weeks does nothing because you could do that with fraudulent cheques as well.

Derek, the cheque amount affects whether it will be held, but not how long. Clearing is done in the 5 business days the hold lasts for, unless the cheque is out of province in which case it may last anywhere from 10 business days to 30 business days. If a cheque was taken out the same day it was depositied, it was most likely a TD cheque and posted. That’s because non-TD cheques don’t get shipped out from the branch immediately after you deposit them.

Government cheques can be held under some circumstances, but at the same time anyone who places a 5 business day hold on it when you really need the money isn’t doing their job. The government has a phone number for banks to verify cheques, and even if they’re closed the teller can usually call the next morning to verify.

For certified cheques, anyone can easily write “CERTIFIED” on a fraudulent cheque, it doesn’t change your cheque. What certifying does is allow the cashing bank to call up the originating bank and ask, “hey is this cheque good?” It does seem ridiculous you have to pay $10-15 just for that, but unless you certify the cheque the bank cannot release any information about the account a cheque is drawn on, such as whether the account has enough money to cover the cheque. If you’ve certified the cheque it’s different because the money is already taken out of the account, and they only need to release information on the certified cheque.

As for whether or not you need the money immediately, nothing changes for the bank. It doesn’t matter if you need the money to feed your family, the hold policy has been there all along. That said, some people are more willing to accept risks on your behalf (and essentially placing the customer over the bank, both of which they’re accountable to). If you’re unable to cash the cheque still, you may have to consider places like Money Mart.

Sorry for the long post. It’s useful to be informed about the banking process. Banks protect themselves in many ways including holding and verifying cheques, plus the Privacy Act doesn’t make bank-to-bank interaction the simplest thing. Banks are businesses too, and knowing how they work will save you a lot of headaches in the future. Of course, if the bank can do better but they’re not, you should fight for it.

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Retail Ops Banker Wrote:

Out of all the commentary so far, I have to commend Passerby, Bank Guru, and xBanker for the information contained in their posts. By and large, its quite correct (a few minor details which are specific to each and every of the major banks). By and large, the majority of difficulties encountered by clients, concerning holds on funds deposited can (and should be) addressed at the first point of contact – either by clarifying the details with the staff member you’re interacting with, the shift supervisor, or, if all else fails, “The Manager” (I find it amusing how many people later say “I spoke with the manager!” only to find out that the person they spoke with was actually just “someone with marginally more authority than the first person they spoke with”), although I generally tend to advise against this since, typically, this aspect of the business isn’t a branch manager’s forté and they’re likely to be a less-than-stellar experience for the client (more often than not, their role is largely administrative).

Now! On to the good stuff. If you encounter a difficulty with your bank, don’t presume you know better – it creates more problems than it solves. The Canadian banking system is sophisticated and there are myriad technical traps and policy pitfalls awaiting the uninitiated. Instead, begin by -asking- (read: not demanding) that the bank explain the problem clearly, and how it appliesto your -specific- situation. Be willing to compromise – the bank is /not/ a public service (atbb legislation aside) and they are permitted to protect themselves where it is reasonable to do so. If you are unwilling or unable to reach a compromise with your bank, ask them directly what your recourse and options are (generally-speaking, they are policy-bound to provide this information to you; they are legally obligated to provide you, upon your asking, instructions for registering a formal complaint). Lastly, I would point out to everyone who’s encountered a problem with their bank that “things change”; no more, no less. The bank is not required to advise every client of every policy change -always-. To do so would be a logistical nightmare, and an environmental catastrophe (just think of all those mailouts! You know, the ones people don’t even open before tossing away?). Sometimes this will affect you, the client. Sometimes, it won’t. Never be afraid to ask if there has been a recent change – although I believe, more often than not, you’ll find that it isn’t so much a -new- change as an increased attention to one or more policies that were, perhaps, falling by the wayside. I will close off by saying, again, that there are some really valuable little bits of information in the three posts I mentioned at the beginning, but all things considered? You’re likely to have a much smoother ride with your bank if you approach them as a business relationship rather than a necessary evil.
You don’t have to be rich, but you /do/ have to have an identifiable relationship with them (sorry, having only a deposit account with bugger all in it over a fifteen year tenure doesn’t carry a lot of weight). Credit cards are good (they dont have to have obscene limits), registered savings (again, they dont have to be substantial, even a few hundred dollars will do) are better. Best? Long-term agreements, like home equity lending, mortgages, and personal loans do a lot to say “I’m an upstanding, reliable, trust-worthy client”. Its in your own best interest to ask the questions that matter.

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Bank Guru Wrote:

Thanks for the kind words.

Very well stated argument!

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Jon Wrote:

My TD bank onlylk holds my cheques if they are over $5000. My business cheques are almost always coming from the same companies so the bank is used to seeing them and the amounts are fairly steady.
Not sure why they’d hold them longer than 5 days ever.
On a side note I did find a way to reduce the cheque costs for my businesses by switching from the banks cheque supplier Davis & Henderson to an alternative company called Print and Cheques Now Inc out of Calgary.
They ship across the country and offered me 25 or 50% more cheques free on all my orders, and I earn some AIRMILES at the same time.
If anyones interested you can find them at http://www.chequesnow.ca

Jon

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t Wrote:

TD Bank is a horrible bank.

I’ve been with them since 2001, taken out and paid off (in less than a yr) a $10,000 business loan.
I do not have great credit however, I’ve always paid off debts, and money is always in my account to cover rent, bills, etc.
Yet, TD treats me like crap. I’ve been depositing cheques with them from a certain government funded body monthly since ’07 and now when I deposit them through their ‘Green machine’ they hold the cheques for 5 or more days- when they haven’t in the past.
They have an email on file for me that, not only is it not mine- it is an old business partners that was never involved with this account, or around when I opened it ?!? I have NO idea how or why they have this person’s email under my account. I’ve brought it to their attention several times without any change! Isn’t this illegal in some way?
Meanwhile,
I just received a US certified bank cheque for $5000 and they told me that they would have to hold this as well! It is a certified cheque!!! The Teller and Manager actually told me that US banks don’t cooperate with Canadian banks and this was why they would have to hold the certified cheque. That and, “..we can’t verify the signature..” It was more like, “..we don’t want to move our fat arses to try and help you out!”
I always, always feel discriminated at this bank, and made out to be a bad person due to the low credit score.
I quite literally hate this bank, their lies, and plan to take my funds else where as soon as they are released. I do not trust TD Canada Trust!

My question is- aren’t Certified Bank cheques as good as cash? And, where in TD’s policies does it state that they won’t accept US certified bank cheques because US banks don’t cooperate- WT?! Then why do they offer USD bank accounts?!?

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JJ Reply:

You asked questions…Good start! Did you look for your answers? Or were you too lazy to? Let’s debunk your claims:

1-If you don’t have good credit, then you don’t have good credit. If you have bad credit & take out a $10k loan & pay it back the next day, that does not mean you have good credit again. Credit is a privilege, not a right

2-Canadian banks can barely deal with certified cheques from other Canadian banks, let alone US banks. They are often fraudulent. US funds (certified or whatever) are highly risky and will face 30 business day holds in Cdn banks. There is no guarantee by speaking to someone from the US branch that will ‘guarantee’ it

3-TD clearly states their Hold Funds Policy on the web & in branch. Pg 1 Section B(2) explains this in detail & on Pg 2 there is a chart for you to understand the US hold period http://www.tdcanadatrust.com/accounts/FST.pdf

4-In my opinion, you’re the type that should only deal with Money Mart since you’re too lazy to look into things before you argue about them. You won’t even notice Money Mart’s fees probably

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rob Wrote:

Holds were originally created to thwart bounced cheques… now they hold it for 5 days and then bounce it anyways. During the 5 days they were supposed to check in to the available funds and attempt the transfer if everything adds up. This is just greed by banksters as they have done since the times of the romans if not earlier. They are the biggest crooks of society and always will be. Lawyers come in a close second.

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Sensei Reply:

You are right, it does seem like some banks do not do their due diligence throughout the hold period, only have the customer suffer in the end.

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JJ Reply:

Guys….there’s no support from Bank to Bank. If bank A where you make your deposit calls ‘Martha’ at the bank B to verify a cheque that you’re depositing, there is no guarantee or recourse from bank B if they made a mistake or if something else happened to your account (like a second cheque or insurance debit went thru the bank B account later that afternoon, leaving no funds for the cheque being deposited (cashed) at bank A. It boils down to what Alex wrote above which was well done.

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Aaron Wrote:

I’m having this freaking problem right now. I’ve deposited checks from the same source every two weeks for 4 or 5 months now yet they usually still hold them. The account the checks are written from is also a TD account. My employer confirmed the check cleared yesterday yet they’re still holding it till the 10th. (deposited on the 3rd.)

When I call them they give me all this BS about different branches can’t just call each other up and clear checks etc (with snark, TD staff are often rude compared with BMO where I also bank). Obvious nonsense since we live in 2011; checks aren’t carried between branches by horse and carriage. Today I asked why it won’t clear since it has cleared on the other end. They just said it’s a systemic thing blah blah as if the computer is an autonomous machine which they just take orders from.

Not to mention the fees. (Although I think this might be a Canadian thing; where I come from (New Zealand) even $5 in my account earns me interest.)

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Sensei Reply:

Wow if that is happening to you, then there is definitely a problem. If I was in that position I would consider talking to the branch manager at the local branch you visit, maybe they can resolve the issue.

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JJ Reply:

The only problem here is that people don’t understand what they’re dealing with. Cheques in North America are only a small step ahead of the horse & carriage. Whether it’s ‘cleared’ on the other end is unknown to the branch. The banks don’t communicate with each other due to privacy and the fact that they’d have to spend money for extra employees, systems & resources. Read Alex’s comment to understand why, & fix yourself (by educating yourself) to find your solutions. You work by fixing or building your credit; have a savings plan in place so you have funds for emergencies; acquiring a Line of Credit or ODP etc….

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Mark Robson Wrote:

2009-2011 My current employer pays by cheque, They use to deal with BMO and issue BMO cheques, so i opened BMO chequing account to make the cashing transaction easy, from my first cheque which was $1000 BMO never held any amount was available immediately and the gave me due dilligence $3000 release amount at any BMO issued cheque after 3 months and $300 release any other cheque.

June 2011 – The employer switched to TD Canada Trust to issue its cheques, so i went to TD to open account and when i went to TD for my first $1500 cheq deposit the teller said $1300 is going to be held 5 business days and it will take, when i asked ‘wtf it TD cheque’ the teller just went to branch manager and he came outside angry and stressing the hold policy, i took my cheque to bmo next door which know me better who gave me $300 on spot and the rest got cleared in 24hrs after i gave them my employers number to verify quickly , i realised TD branch manager just freezed my account when i went to grocery store,
i realized TD client card was hacked at petro canada station a week before also were somebody just spent $20 although they investigated coincedently same week the issue happening, came back to branch realy angry took my money out and requested to close them down. After 2 days TD were calling from sri lanka to sell me insurance product (the number was unusual, as it didnt begin with 18** numbers).

The whole cheque clearing system is Canada is rubish, BIG 5 banks realized Canadian people have no clue about their crime on clients, in USA banks like Wells Fargo, Bank of America, TD Bank USA (yes yes owned by TD Financial parent TD Canada Trust), RBC USA (yes RBC Royal Bank ownes) all use envelope cheques free digital scanning & verified same minute deposit & clearing system.
http://www.ncr.com/newsroom/resources/goodbye-envelopes-ncr-deploys-10-000th-intelligent-deposit-atm-in-u-s

in Canada the problem is we dont have simple cheque verification digital technology because it favours clients but not banks and because they make money while being rubbish and think clients are rubbish as well to be there. And clients realy have even no clue why they pay so much for inferior service and hardcore interogation when depositing a cheque like teller asking or running to branch manager as if you are guilty of fraud (whats this for? Deposited before?Do you know hold policy).

One of my closiest friends who works at major bank had once told me ’5 in 10 clients in line at bank branch are there for ill complaints and 3 work out dissapointed after charged crook fee’.

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Nicole Wrote:

Oh my god!!! Im so glad that i am not the only person to have this problem with them. I live in kelowna BC, and they are usually okay here. They dont even hold cheques from my grandma, ahah. But this past summer I lived in Montreal for 6 weeks, on an exchange thing. I asked them to put a note on my account saying to accept cheques from my employer (they said this was fine), then, when I brought in my SECOND cheque, the guy told me that he had to hold it for 8 days due to the weekend. Sorry, but for a 17 year old girl, living in a city across the country, money should have been the least of my worries. I later called the TD phone banking thing and asked the girl why this happened, and she didnt have a clue. Thank god she was able to get them to process my cheque immediately… Ughh. I have had other problems with them when I lived in Vancouver, like a disappearing cheque. Nightmare!!!

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Sensei Reply:

It definitely isn’t any fun having to wait for money especially after being told you won’t have to. But, a disappearing cheque? Can’t even begin to imagine how that happened.

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JJ Reply:

1st off – Sensei, you’re losing some credibility here by commenting on Nicole’s post but not addressing her claims. I’ll do that for you:

“They dont even hold cheques from my grandma” – well, for starters, your G’ma could have a banking relationship w/ TD for many yrs &/or great credit history, therefore, most certainly, her cheques would not be subject to a hold, especially because they could ‘post’ the chi real time

Next: you’re 17…perhaps 16 during the Montreal trip…you HAVE NO CREDIT. You are not worthy of having cheques cashed in whole w/out a hold on it.

Next: Banks don’t take directions from people, especially 17 yr olds, to accept chqs because the customer says so. Banks make that decision on their own. Someone told you that it was fine? Speak to their Manager…but I bet you forgot their name…or perhaps nobody said it was fine at all?

Next: if money should’ve been the least of your worries, perhaps you should’ve planned better to ensure if anything went wrong (perhaps the employer wouldn’t be able to pay you on time)

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Rob Campbell Wrote:

On Friday April 27th 2012, I stood at the teller at TD Bank and deposited a cheque for $8500 into my business account (for which I pay almost $24 month in fees) at the TD Canada Trust at 25 Mill Street. And they put it on hold. HOWEVER I explained politely that I need that money to start a project for my client, and the project is already overdue. But I have learned, as I’m sure all TD customers eventually come to learn, you can expect NO help from this bank.

The teller and then the bank manager herself explained how they must hold my funds, paralyzing my business, for five days in order to guarantee the money exists… Its flimflam. Its bunkum and it hurts.

RE: Tenure
I’ve brought the same cheque (the same amount from the same company) to the same bank on two occasions prior to this one. They held those cheques too. But there is NO reason to hold them ! The cheques are good. There is an established history of the deposits with two previous precedents. And furthermore in the entire time I have banked here, there has NEVER been any problems with any of my deposits. But of course they’re not worried about their own financial stability, its assured. And my account is small potatoes. This action is more about making sure I stay financially unstable, and not just me, but all Canadians in my situation, for their profits to increase.

I starting to believe its systemic. It could very well be a policy set to harm small business and make them pay more in fees for being risky.

The only reason to hold the money is so that I cannot proceed with my business, and so that I will incur more debt, and ultimately bounce cheques and be subject to their $45 NSF fees. They can sit back and look at the data and see the growing profits from these policies as they affect small business across Canada, without burdening their conscious about the crippling effects these policies have on the actual day-to-day operations. The effect is ruinous.

In the coming week, with a five day hold on all my funds, my business will incur great difficulties. I have the onerous task of calling suppliers and merchants and asking them to wait until the following Monday to cash their cheques. Should I miss one, then I will incur NSFs fees . And I will be deemed a risk again ,and that’s perfect for the bank – they can charge me higher fees going forward, in addition to the NSF fees they will collect.

TD Bank is certainly NOT a friend of my small business.

http://forums.redflagdeals.com/hold-cheques-td-bank-do-your-cheques-get-put-hold-when-you-deposit-1066425/2/#post14653755

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Ron Power Wrote:

I have a large amount of money at RBC and they still hold my cheques for one week. I do not like this but I live with it.

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Sensei Reply:

It is interesting though; realistically if you can handle the deposit (through your own funds) then there really shouldn’t be a reason for them to hold it. Then again, life isn’t so simple it seems.

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Vlad Wrote:

I just switched to td from my local credit union, since my credit union isn’t available where I go to university. Td consistently holds my pay cheques, even though I carry thousands of dollars and have a perfect credit score across 5 accounts. With credit union, my cheques were always cleared the day of or next morning, even instantaneously if I went to a teller. This is not the case with td in my experience.

I love the mobility with td, but the way they handle my money is inconvenient.

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