Posted on: 04-10-06 21:28:29
Any CD's working with a bank?
My experience with banks has never been good- in India and also in Canada. i India I used to pissed by the level of customer service. But here the non standardised banking rules take the cake. What is the the correct time for a cheque to clear? In India if you deposit a cheque, in two business days the cheque is credited to your account. Come rain or shine. Period.
But in Canada - 0 to 10 days. Anything depending on your credit history. What I do not understand is what has MY credit history to do with a third party issuing me a cheque. Why cannot the banking system get the cheque cleared in a proper time limit through a clearing house and credit my account in two or three days. The so called free banks suck at this. One bank does not hold my funds any more while another holds even electronic funds transfers for 10 days!!!!!!! Where is the standardisation ?????
And when you speak to the CSR they talk like parrots - what they have been trained to say. I think they have been brain washed so much that they have lost their logical thinking ability and to rationalise issues.
In my opinion the banking system can be added to the long list to negatives of Canada.
Iceberg,
Nice summary of the banking system. Also to add the banks here have acquired many banks in Small Caribean Island and they do all sorts of money laundering there..
Mercury
One of the bad banking system. Each and eevry one knows oly rule of thumb without any logical thinking and rationale behind it. Being a practicing accountant I often face such situations which takes lot of precious time without solution.
-----------------------------------------------------------------
Live and Let Live. Together we can make a difference.
DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)
In India, the SLA for the clearing of cheques of mandated by the RBI. I remember back in early 90's I worked for a software company in Bombay, specialized in Banking automation. There were some Co-operative banks in India, that had 2 shifts (8.30 to 10.30 & 4 to 6). High value cheques deposited in the morning before 10am (or so), got cleared the same evening, so you could actually withdraw funds around 5pm.
Having worked in a bank here too, I find it totally upto individual banks when it comes to cheque clearing, and putting a 'hold' on funds.
-----------------------------------------------------------------
SS
Reiki Grand Master
I bank with BMO..they even hold any cash deposits that i make through the ATM's....
Quote:
Originally posted by kipanga72
I bank with BMO..they even hold any cash deposits that i make through the ATM's....
There is a reason for banks to do that....in the past there were some few bad people who would deposit EMPTY envelopes in the bank machine and then withdraw cash the next moment....all the banks suffered losses coz of that....and as such the system of putting a HOLD on cash deposits at bank machines...after all banks are in the business to make money....answerable to their shareholders.....
But I agree with one point that it should not be for 5 BIZ days....that's too long....
Anyhow...based on your credit history...banks would release some amount out of your deposits and you may not have any problem....electronic/direct deposits are never put on hold....if any bank is doing that...obviously they will be out of business soon....
Hold on chq issued by any bank in Canada is 5 biz days
Hold on chq issued by any bank in USA is 15 days
Anywhere else...25 days....
But there are other ways where authenticity of negotiable instrunment can be vrfd quickly and hold removed.....depending on which bank the chq/draft is drawn on...some banks do that....some don't....moral of the story....choose the right bank.....
-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada
Quote:
Originally posted by reachash
electronic/direct deposits are never put on hold....if any bank is doing that...obviously they will be out of business soon....
A so called free bank holds my EFT for 10 days!!!!!!!!!!!!!!!!!
Funds transferred from my bank account to this account are held for 10 days!!! What can be more inefficient?
Quote:
Hold on chq issued by any bank in Canada is 5 biz days
Hold on chq issued by any bank in USA is 15 days
Anywhere else...25 days....
But there are other ways where authenticity of negotiable instrunment can be vrfd quickly and hold removed.....depending on which bank the chq/draft is drawn on...some banks do that....some don't....moral of the story....choose the right bank.....
Why 5 biz days? Banking system has got be advanced in this G8 country. Why not 2 -3 days like in any developing country?
And to your second point - that exactly is my point. Where is the standardisation?
