Cheque Hold Policy

In branch deposits.

When depositing cheques in branch, Vancity will provide you with access to the first $100 of the cheque deposit amount. In some cases, the remaining balance of the cheque deposit funds will be held until the clearing process is complete. The standard hold-funds period for cheques drawn on a financial institution are outlined below.

The hold funds period may be extended in specific circumstances. An example of a specific circumstance can include but is not limited to situations where an investigation as to the validity of a cheque is required. In these instances Vancity will hold the funds from the cheque deposit for a minimum of 21 calendar days.

The factors that can influence the decision to hold funds from a cheque deposit such as:

• The length of time you have been a member at Vancity.
• The amount of funds in your account relative to the deposit.
• The amount and characteristics of the cheque being presented.
• Transactional activity in your account

Vancity will inform you when processing the cheque deposit if funds are being held, the amount of the hold, and time period of the hold. In some circumstances cheques may be sent on “collection”, which means that the funds will be credited to your account only once the cheque clears the other financial institution and Vancity has received the funds.

ATM and mobile deposits.

The first time you receive your ATM card in branch, your ‘deposit hold limits’ are determined by Vancity based on a risk assessment performed during account opening. These limits are shared with you, and tell you how much funds are available to you when you make a deposit through the ATM or online by Mobile Deposit. From time to time, at your request, Vancity may review your deposit hold limits and assign a new hold limit based on a review of your account.

When depositing through an electronic channel, the hold amount is based on the accumulative deposit amount for the different channels (ATM, mobile deposit) made in a 24 hour period.

When we remove the hold after the hold period, the funds are available to you. A cheque can be returned after the hold period. If the cheque is returned for any reason, we will debit your account for the full amount on the day it is returned to Vancity.