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Email this7:37 pm
May 18, 2021
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i made a mobile deposit, my spouse wrote the cheque and it is payable to me, the funds are at another bank, joint between me and my spouse. because i do not have any cheque, otherwise i could had written it myself. I got an email from Manulife bank, it is called source of funds declaration, they ask me to email back and provide where is the funds from. I replied back but they did not email me after. does anyone experience this? My funds in the other bank's chequing (no interest). i just don't want at the end of day they don't take it and i lose interest for the days that i leave the funds in chequing and waiting for them.
2:22 pm
October 21, 2013
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I suppose that if the cheque was over $10,000 AND they considered it like cash, this might account for the request as part of anti-money-laundering efforts, but it doesn't really make sense to me. It's obvious where the funds are coming from - from another bank! - presumably a Canadian one. What more could they need to know?
5:07 pm
April 6, 2013
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It could look suspicious that the joint account cheque is signed by another joint holder and not by the depositor who is also one of the joint account holders!
If spouse was not able to give one of her unused joint account cheques, then how was she able to give one of the cheques filled out and signed?
5:50 pm
May 8, 2021
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All 3 of my daughters worked in banks as tellers. $10,000 I believe you are supposed to ask but perhaps not mandatory. But they have told me that for other high amounts less than $10,000 could be asked where the funds came from. And that could be based on appearance.
But:
1. What's $10,000..not much today really. I move funds like that every month or so.
2. Who goes in a bank any more? I guess the online FI's need to put on a show too!
And who would be stupid enough to say they robbed a gas station, sold a bunch of drugs or??
5:51 pm
March 15, 2019
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Some institutions are really picky.
Example 1: The number and the words of the amount didn't match. Rejected.
Example 2: Made a change by hand and initialed. Rejected.
5:54 pm
May 8, 2021
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Just to change direction a bit.
Has anyone noticed how easy it is to cash a flawed cheque using a banking app where you take the picture of it and submit??
7:41 pm
October 21, 2013
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$10,000 may not seem like much to you, but I believe it's the figure set by regulators as the maximum for cash transactions that are not sourced.
7:52 pm
May 8, 2021
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Loonie said
$10,000 may not seem like much to you, but I believe it's the figure set by regulators as the maximum for cash transactions that are not sourced.
That was not my opinion of the value of $10,000. But with the new values of homes, cars, phones.....$10,000 is not that much.
And yes from what I understand the declaration was set be "some one" but I have never been asked.
Point being....if they are supposed to...why is it not done all the time???
8:02 pm
September 29, 2017
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COIN said
Some institutions are really picky.Example 1: The number and the words of the amount didn't match. Rejected.
Example 2: Made a change by hand and initialed. Rejected.
That's where ATMs are easier (and more risky) the process is so automated and due to the sheer volume, cheques are only assessed for the Arabic numeral amount, not the words, and the digitization at the bottom of the cheques. All else is ignored.
They rely on the complaints process to address any issues that may arise... customer's complaining about early deposit of post-dated cheque, name or other info changed, etc. Otherwise it just goes through.
Learned that the hard way a few times, some minor issues, some major.
8:09 pm
May 8, 2021
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Most likely you are correct. And the app is similar. We have found that BMO envelopeless deposits and the cheque readers can be finicky and need to take to a teller to deposit.
7:24 am
March 15, 2019
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PubMob said
Most likely you are correct. And the app is similar. We have found that BMO envelopeless deposits and the cheque readers can be finicky and need to take to a teller to deposit.
The Scotiabank ATM's are the worse. They are not sensitive at all. You can touch it with a bare finger --- nothing. You can knock on it --- nothing. Those touch screens are a pain to deal with. Also, deposits of $100,000 or greater are rejected.
On the other hand, the CIBC ATM's are great.
10:19 am
February 16, 2013
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COIN said
The Scotiabank ATM's are the worse. They are not sensitive at all. You can touch it with a bare finger --- nothing. You can knock on it --- nothing. Those touch screens are a pain to deal with. Also, deposits of $100,000 or greater are rejected.
On the other hand, the CIBC ATM's are great.
Agree with you 100% @COIN. I have tried numerous times to deposit to my Tangerine chequing account via Scotiabank ATMs. If I was ever lucky enough to get to the actual deposit screen (rarely), it still would not accept my cheque. The message was some gibberish about the cheque not being completed correctly. Drive over to the CIBC ATM - no problem whatsoever. 
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