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This includes personalizing content on our mobile apps, our website and third-party websites.The financial institution's policy must contain the following information: the maximum amount of time it may hold funds for a cheque that is issued in Canadian dollars and drawn on an account at a financial institution's branch in Canada the maximum amount of time.To csn insättning tid qualify, a business must have: authorized credit of less than 1 million annual revenues of less than 50 million fewer than 500 employees.There may also be additional delaysfor example, if the cheque is written on an account located in another province or country.If the cheque does not clearfor example, because of non-sufficient fundsthe money will be debited from your account.Federally regulated financial institutions (frfi) are required by law to limit the hold period for funds that consumers or small and medium-sized businesses deposit by cheque, provided the cheque is: in Canadian dollars drawn on an account from a financial institution's branch within Canada paper-based.You can also request a written copy of the policy at any time.Tell the bank you want to make a complaint.This can happen for a number of reasons: non-sufficient funds (NSF)when the amount written on a cheque is more than the amount in the cheque writer's account irregular signatureif the signature the cheque writer signs on the cheque differs from the specimen signature in the.If the cheque writer or cheque writer's financial institution is located outside Canada, the cheque can take much longer to clear.Call fcac toll-free at for more information.
For example, if a cheque is deposited in an automated banking machine (ABM) or during extended branch hours (evenings or weekends clearing the cheque can take longer.
This can happen even after the maximum hold period on a cheque has expired.
The amount of time depends on the amount of the cheque and how it was deposited.