Bank holding part of a deposit
February 20, 2005 2:52 PM Subscribe
Why would a bank hold part
(less than half) of a deposited cheque for an entire week after the cheque has been deposited at a bank machine? It was a paycheque, not a personal cheque. I had to go to a branch and look annoyed at the teller to get him to release the hold on my money. And he couldn't explain why they were holding the funds.
posted by SoftRain to Work & Money (20 answers total) 1 user marked this as a favorite
Here are the facts:
This is a Canadian bank, Canadian funds, from another Canadian bank account.
I get paid weekly and I work part-time so the amounts aren't that huge. (We're talking under $200.)
This has happened a couple of times and it is a pretty major inconvenience, not to mention embarrassing. (I'll go to pay for something that costs, like, $10 using debit and then it comes up insufficient funds). Is there any way I can make my bank stop doing this?
I know depositing at the branch is an option, but I would like to be able to deposit my paycheque when I am actually paid.