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Federal Budget

Rockslinger

Banned
Apr 24, 2005
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Apparently, one of the announcements in the Federal Budget is to require banks to reduce their "hold" period to no more than 4 business days. Anybody else hear the same thing?

P.S. I hate that fucking C.G.A. TV commerical that they have been playing for the past 30 years.:mad:
 

Dragon.i

New member
Jan 10, 2010
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Apparently, one of the announcements in the Federal Budget is to require banks to reduce their "hold" period to no more than 4 business days. Anybody else hear the same thing?

P.S. I hate that fucking C.G.A. TV commerical that they have been playing for the past 30 years.:mad:
"The budget also included a commitment to review consolidated tax reporting in Canada which will reduce the administrative burden for businesses.

The following measures raise concerns that the CBA will be discussing with the government to ensure that the proposed measures are in the best interest of all consumers:

Reducing the Maximum Cheque Hold Period from Seven to Four Days

Cheque holds protect the customer. If a cheque is returned, the customer's account will be debited which can cause inconvenience and potential hardship if the customer has already used those funds. Moving to a four-day cheque hold period could create substantial risks that need to be considered. Current cheque hold policies are an important part of the banks' efforts to control cheque fraud."
 

danmand

Well-known member
Nov 28, 2003
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Cheque holds protect the customer. If a cheque is returned, the customer's account will be debited which can cause inconvenience and potential hardship if the customer has already used those funds. Moving to a four-day cheque hold period could create substantial risks that need to be considered. Current cheque hold policies are an important part of the banks' efforts to control cheque fraud."
BS. I have experienced that a certified cheque drawn on the TD bank deposited to an account in the TD bank was held
for 7 days. I guess that the bank liked to keep the float.
 

Rockslinger

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Apr 24, 2005
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BS. I have experienced that a certified cheque drawn on the TD bank deposited to an account in the TD bank was held for 7 days.
I ran into a similar problem when I deposit a cheque issued by Wood Gundy (a CIBC subsidiary) drawn on a CIBC bank account deposited to my CIBC bank account. Maybe they were concerned that their wholly-owned subsidiary might not have sufficient funds to cover the cheque.
 

Gentle Ben

Senior Member
Jan 5, 2002
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not saying I'm for or against, but with respect to the Certified cheques, a good freind of mine sold a motorcycle some years ago, took a certified cheque. deposited into his acct. it was bogus, a fake certified cheque.he was out $18,500.Unfortuneatly ,fake certified cheques exist
 

Rockslinger

Banned
Apr 24, 2005
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it was bogus, a fake certified cheque.he was out $18,500.Unfortuneatly ,fake certified cheques exist
Always ask your bank to ask the certifying bank to confirm the authenticity of the certified cheque.

Query: What kind of motorcycle costs $18,500?
 

Rockslinger

Banned
Apr 24, 2005
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it was bogus, a fake certified cheque.he was out $18,500.Unfortuneatly ,fake certified cheques exist
Here is another idea. Ask the purchaser to give you a bank draft from a reputable Canadian bank. This is a cheque payable to you issue by the bank (not the purchaser) itself and the bank stands behind the cheque. Of course, one could ask for cash but beware of fake bills.
 

Dragon.i

New member
Jan 10, 2010
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BS. I have experienced that a certified cheque drawn on the TD bank deposited to an account in the TD bank was held
for 7 days. I guess that the bank liked to keep the float.

As the quote from CBA states, "CBA will discuss with the Government...."
may suggests that the banks have not yet fully implemented that specific requirment?
 

newguy27

Active member
Feb 26, 2005
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i think 7 days is silly. With electronic processing, there is ample time to do this in 4 days or less. TO hold people's money ransom at the Bank's disposal while not crediting the account holder is another way banks have the upper hand unnecessarily.
 

Rockslinger

Banned
Apr 24, 2005
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i think 7 days is silly. With electronic processing, there is ample time to do this in 4 days or less. TO hold people's money ransom at the Bank's disposal while not crediting the account holder is another way banks have the upper hand unnecessarily.
Did the Budget say anything about reducing the wait time for RRSP transfers from 6 weeks to something shorter? Also, has anybody ever tried to get a stock certificate in physical form? How long did that take?
 

Dragon.i

New member
Jan 10, 2010
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Did the Budget say anything about reducing the wait time for RRSP transfers from 6 weeks to something shorter? Also, has anybody ever tried to get a stock certificate in physical form? How long did that take?
The physical forms are probably either way of the dinosaurs or they'd have to peel off old certs used as wall papers. I dont' believe many companies issue them anymore, but I could be wrong.
 
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