Cheque Holds/Access To Funds Policy


Canadian Tire Bank holds cheques that are sent to us for deposit and funds that are transmitted electronically for a period of time before you can get access to the funds. The Terms and Conditions for Deposit Products provide details on those hold periods that Canadian Tire Bank employs and is reproduced below for your reference:

7. Holds on Funds

Since we do not have any branches or points of service at which you can deposit a cheque in person, you will need to mail to us any cheque that you wish to be deposited to your Account. Cheques sent to us for deposit to your Account or funds transferred electronically for deposit will be credited to your Account when processed by us, but before we can permit you to have access to those funds (this means that we hold those funds) we must first know that the cheque or electronic funds transfer has been cleared by the other financial institution.

Provided that both your Account and the cheque to be deposited to your Account satisfy the conditions below, the maximum hold period for cheques of $1500 or less is 5 business days and the maximum hold period for cheques over $1500 is 8 business days, although in either case you will have access to the first $100 1 business day after we credit the cheque to your Account.

  • qualifying account - For the above hold periods to apply, your Account must
    • have been open for 90 days when the cheque was deposited, and
    • not have been opened with an initial deposit exceeding $149,999 (or such greater amount that is prescribed under the federal Bank Act).

  • qualifying cheques - For the above hold periods to apply, the cheque that you deposit must
    • be printed on paper and encoded with magnetic ink,
    • not be damaged or mutilated such that it is unreadable by cheque clearing systems,
    • be drawn in Canadian dollars on a branch of an institution (as defined in the Access to Funds Regulations under the Bank Act) located in Canada,
    • not have been endorsed more than once, and
    • not be dated earlier than 6 months before it is deposited.

If your Account or the cheque does not meet the above conditions, or if the deposit is made by an electronic funds transfer, the hold period may be up to 10 business days, and you may not be entitled to access the first $100 during that time. We may, in our discretion, also increase the hold period beyond 10 business days if we need more time to make sure that your cheque or electronic funds transfer will be honoured. We may, at our discretion, accept cheques in US dollars (or some other currency) which we may hold for up to 30 business days.

The expiry of a hold period does not guarantee that the cheque or any other item deposited to your Account will not be returned for any reason after the hold period has expired. Ultimately, you are responsible to us for any items that are returned, regardless of whether the hold period has expired.