What is the real definition of a "business day"?
March 2, 2009 5:25 PM Subscribe
Has my cheque gone through it's 5 business day holding period yet?
I'm wanting to make an RSP contribution to my ING Direct bank account from my Royal Bank of Canada savings account before the deadline in < 4 hours.
The problem is that the money I wish to use was deposited into my Royal Bank account on February 25th, and they have a "5 business day" holding period.
It's been barely more than 5 days, but has it been 5 business days?
The bank is open on the weekend, but something tells me that isn't their definition of a business day. Is it?
I'm wanting to make an RSP contribution to my ING Direct bank account from my Royal Bank of Canada savings account before the deadline in < 4 hours.
The problem is that the money I wish to use was deposited into my Royal Bank account on February 25th, and they have a "5 business day" holding period.
It's been barely more than 5 days, but has it been 5 business days?
The bank is open on the weekend, but something tells me that isn't their definition of a business day. Is it?
AFAIK business day = weekday - holidays. That's the way it's always been for me. I bank at TD, though.
posted by wsp at 5:36 PM on March 2, 2009
posted by wsp at 5:36 PM on March 2, 2009
Wait, why can't you simply try to transfer the funds and see if it gets rejected?
posted by gman at 5:52 PM on March 2, 2009
posted by gman at 5:52 PM on March 2, 2009
Or call the bank and ask what your available balance is and whether such a transfer would go through yet?
posted by zachlipton at 6:07 PM on March 2, 2009
posted by zachlipton at 6:07 PM on March 2, 2009
Response by poster: Wait, why can't you simply try to transfer the funds and see if it gets rejected?
Last time I did this too early, I got $40 NSF charge at Royal Bank and the brokerage I was transferring to. I'm trying not to do that again, but really, how hard would it be for the online banking to indicate when a cheque has cleared.
Or call the bank and ask what your available balance is and whether such a transfer would go through yet?
I'll see if it's not too late to do that.
posted by Sonic_Molson at 7:27 PM on March 2, 2009
Last time I did this too early, I got $40 NSF charge at Royal Bank and the brokerage I was transferring to. I'm trying not to do that again, but really, how hard would it be for the online banking to indicate when a cheque has cleared.
Or call the bank and ask what your available balance is and whether such a transfer would go through yet?
I'll see if it's not too late to do that.
posted by Sonic_Molson at 7:27 PM on March 2, 2009
RBC gives me a mesasge of: Transaction Failed: Funds available in 'From' account are $xxxx when I attempt to do this. One thing though, won't you have to do an Interac Email Transfer to get it between accounts tonight? And even then, it most likely won't arrive in time.
posted by gman at 7:48 PM on March 2, 2009
posted by gman at 7:48 PM on March 2, 2009
This thread is closed to new comments.
posted by rmhsinc at 5:35 PM on March 2, 2009