Posted on: 07-10-06 10:24:26
Quote:
Originally posted by Iceberg
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?
By electronic/direct deposits I meant payroll and govt benefits....not trf done by yourself....coz as far as bank is concerned there is no guarantee that the trf is authenticate...pl don't get me wrong....I am not pointing it at you but it's applied to all....However I strongly agree with your point that the hold should not be for 10 days....I have similar bank acct and when I trf funds..they are put on hold for 2 days and are available on 3rd day....I guess you should speak with them to clear the funds faster or take your business away....
Quote:
Originally posted by Iceberg
Quote:
Originally posted by reachash
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?
I guess in my ealier post...I did mention that 5 biz days is too long...but sadly I can't change it....
Quote:
Originally posted by Iceberg
And to your second point - that exactly is my point. Where is the standardisation?
Standard procedure are same for all the major banks...but the difference is the quality of customer service and how well do you present your case...it's not just the banks....I have personally found in N America that if you speak...you get more....else you have to settle for what is offered to you....IMHO
-----------------------------------------------------------------
Let's help each other to grow & prosper in Canada
