Cashing cheques

When you deposit a cheque, you want convenience, security, and fast access to your cash.

Cheque clearing

Whether you make a deposit using a Vancity branch, an ATM, or your mobile device, your cheque goes through the same clearing process. Depending on the type of cheque and where the originating financial institution is located, it can take time before we can confirm the availability of funds.

Cheque process diagram

Cheque holds

In some cases, we will hold cheque funds until the clearing process is complete. This helps to protect you from the consequences of withdrawing funds from a cheque that fails to clear.

For example, a cheque may fail to clear if:

  • There aren't enough funds in the cheque-issuer's account to cover the cheque amount
  • The cheque issuer has placed a stop-payment order on the cheque
  • The cheque is forged or unauthorized.

By holding the cheque until the clearing process is complete, we can help prevent an unexpected change in your bank balance and a possible overdraft on your account. While we will do our best to protect you from an overdraft, you are financially responsible for the cheques you deposit. Please make sure you know and trust the cheque issuer before accepting a cheque from an individual or a business.

Early cheque release

We may release some of the funds to you before the clearing process completes. The early release of funds depends on a number of factors, including:

  • The type of cheque you deposit
  • The currency in which the cheque is issued
  • The type of account you're depositing the cheque into
  • Your credit history or account history.