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Email this9:24 am
January 28, 2016
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I find that the current hold policies (usually 5 days) placed on funds transferred between financial institutions via EFT are overly excessive and unwarranted. In today’s age of internet technology it should / does not take 5 business days to determine if there are sufficient funds available from the incoming external bank. Case in point, when using Interac e-Transfer, funds are available in as little as 30 minutes. Therefore, I fail to see why when using EFT it should take any longer. I understand that the process between the two methods are different, however since both methods use the internet, I fail to understand how a financial institution can justify the huge difference in hold times. By imposing such lengthy hold times, when transferring funds between FIs, it inconveniences and prevents clients from using their money in a timely and efficient manner.
Unfortunately, until and unless clients demand that this practice be changed to reflect modern day technologies, some FIs will continue to hold client’s funds hostage. Of course not all FIs strictly adhere to a 5 day hold policy.
In fact CIBC does not place a hold on the funds which I transfer/deposit into my account regardless of its amount or source. Albeit, I have been one of their clients for over 40 years.
What are your feelings and opinion(s) on this practice?
5:26 pm
August 28, 2013
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I can understand hold on deposited cheques and wire (or whatever) transfers from outside Canada but not on transfers from well know Canadian banks to Canadian banks and teller deposits.
But venting your frustration here will not help. Write to PM, your MP, MPP, local counselor, local and national newspaper; start social network action; write to Bank's CEO. 1000 people in front of bank with posters 'no more hold' will not do a thing... actually you will be video recorded and conveniently classified as 'the usual suspect' for any future line ups. Smile 
7:50 pm
April 6, 2013
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The facts stated are not correct.
Neither Interac e-transfers nor EFT's use the Internet to transfer funds.
There are no holds on Interac e-transfers, EFT push transfers, and wire transfers. That's because those ways of pushing money are final. If the recipient refuses to agree to it, there's no way the sender can get the sent funds back through the banking system.
If one wires $1.5 million to someone by mistake and the recipient does not agree with the request to undo the transfer, then that is too bad for the sender! See New York Times: $1.5 Million Sent in Error to Money Manager (Both Are Missing).
In contrast, there may be holds on cheques and EFT pull transfers (pre-authorized debits) because they are not final. The owner of the account the money is being taken from can dispute the debit and have the debit from the cheque or pre-authorized debit reversed.
I don't think CIBC has no holds on deposited funds. If you deposit a $1 million cheque, I don't think CIBC will let you withdraw it out immediately. 
More likely, because of long history with them, CIBC like has set the personal hold policy to something like "5-day hold on deposits, first $30,000 available immediately."
Please write your comments in the forum.