Holds on Your Account
When you make a deposit by cheque, electronic funds transfer, or other negotiable item in Canadian currency, for funds drawn from a financial institution’s branch located in Canada, we may hold the funds for up to five (5) business days after the day you make the deposit. For all other negotiable items, the hold may be up to thirty (30) business days. During this hold period, we may limit your right to withdraw funds deposited by these means, and we may refuse to accept any deposit to an Account.
While there is a hold on your Account, and where permitted or required under applicable legislation:
- amounts may be released to your Account as indicated above, or at our sole discretion; and
- the hold period may also be extended in order to safeguard the security of your Account, or where an Account has been open for a period of less than 90 days.
When we receive new or updated personal information concerning your Account, we may put a hold on your Account in order to verify this information. We may also request supporting documentation so that we can confirm updated or new information. We may maintain the hold on your Account until your updated or new personal information can be confirmed. We may extend the maximum hold period if we have reasonable grounds to believe there may be illegal or fraudulent activity in relation to an account.
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