Bank of Nova Scotia : Put hold on my income tax refund cheque!

[echoesofmercy]

I just deposited my CRA refund cheque of $3000
The teller told me we can release $1700 of it now but you will have to wait for 5 business days for it to clear before the rest is available to you.
Is this new? Is it because of counterfeit cheques?

 

[semibolt]

@echoesofmercy This is strictly related to your account details, zero to do with CRA. Next year, sign up for direct deposit!

 

[mckay]

@echoesofmercy Why do you not have direct deposit. It’s 2024

 

[emarie]

@echoesofmercy How old is your account with the bank? Usually newer accounts have holds placed on them

 

[echoesofmercy]

@emarie 3 years

 

[prophetjul]

@echoesofmercy Call them and ask for an increase. 3 years is a long time to still have such low limits.

 

[echoesofmercy]

@prophetjul

 

[nylde0705]

@prophetjul I've had accounts with Scotia since 1986. They still hold my cheques for 5 days except for the $100 they're legally required to release.

 

[tacocat]

@echoesofmercy About six months ago, Scotiabank got real strict with me on holding cheques for 5 business days.
Before that, was always able to deposit up to $2000 without a hold. Account open for 10 years.
Direct deposit is the way to go.

 

[echoesofmercy]

@tacocat Ok Thanks I did register for direct deposit but must have missed their deadline.

 

[missbennett]

@echoesofmercy You probably have details on your file that basically prompted them to do that, have you ever had non sufficient funds occur or chargebacks or anything like that,poor credit history as well, they can all contribute. Even if it’s a gov chq banks will still make those decisions

 

[theomatician888]

@echoesofmercy I've had this happen a few years ago with CIBC before with a cheque that was an advance from work for business travel. I had to fight with them about it to release it and they only would because I get payroll from the same place.

 

[audmanout]

@echoesofmercy I know you have to go to the bank and sign a paper to use. Usually most people have it set on their account at $500 a day so if you need to make a big purchase you Gotta stop at the bank first but but yeah just I would take the check to a liquor store. I have never heard of Bank not Giving you your money little bit sooner but you probably have set on your account like ever ow money and overdraft. Do you have bad Creditor they should be used to seeing a government check?

 

[jonojim1337]

@echoesofmercy This is a government certified cheque, shouldn't have any hold. Banks are scammers!!

 

[audmanout]

@jonojim1337 Walk down the street to Rbc and see what they say. Walk a little further, and go to another bank and see what they say.

 

[echoesofmercy]

@jonojim1337 Exactly!

 

[lingkinghenry]

@echoesofmercy https://www.canada.ca/en/financial-...rights-banking/cashing-government-cheque.html

The government has clear guidelines for cheque cashing

 

[echoesofmercy]

@lingkinghenry Good to know thx

 

[gsbc1]

@echoesofmercy True!!! Banks are scammers! People hard earned money is being used by the bank. That’s why it has a holding period. Non the less it should be automatically deposited and cleared after 24hrs.

 

[echoesofmercy]

@gsbc1 I agree , those greedy bastards ha!