Comments on: What is the real definition of a "business day"?

Question: What is the real definition of a "business day"?

Sonic_Molson — Mon, 02 Mar 2009 17:25:47 -0800

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?

By: rmhsinc

rmhsinc — Mon, 02 Mar 2009 17:35:37 -0800

You should probably listen to "Something tells me": Business Day

By: wsp

wsp — Mon, 02 Mar 2009 17:36:04 -0800

AFAIK business day = weekday - holidays. That's the way it's always been for me. I bank at TD, though.

By: gman

gman — Mon, 02 Mar 2009 17:52:01 -0800

Wait, why can't you simply try to transfer the funds and see if it gets rejected?

By: zachlipton

zachlipton — Mon, 02 Mar 2009 18:07:10 -0800

Or call the bank and ask what your available balance is and whether such a transfer would go through yet?

By: Sonic_Molson

Sonic_Molson — Mon, 02 Mar 2009 19:27:11 -0800

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.

By: gman

gman — Mon, 02 Mar 2009 19:48:35 -0800

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.