Hold periods | Simplii Financial | Discussion forum

Jimmy said
Do certified, money orders and drafts have standard holds placed on them like regular cheques?

I always thought they were as good as cash and would be available immediately, but I noticed Simplii put a hold on them. Not sure if it's their processing time as I deposit it through CIBC bank machine.  

Yup. "Cheques" is a catch-all term that includes instruments like money orders, drafts, and certified cheques. If you have a very good relationship with your bank (more specifically your bank manager) and do an in-person deposit, they might on the strength of that relationship release make the funds immediately available.

But generally speaking, everything gets held. I think with Simplii it's 5 business days, with day 1 being the first business day after the deposit (and if you deposit into an ATM after 6pm add another day).

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RetirEd said
Itellyouwutt: Was that your portrayal of a Hold Period?

I've always taken my certified cheques and transfers to the bank in person. They always call the issuing institution and have never placed a hold. But the last time I did that was several years ago.  

Yes! It was performance art...(or actually it was a deleted post!)

Yes I do the same with drafts. Frankly, I don't like drafts and get a bit irked when some FIs send account close-out funds using them (for example, CWB does it that way). I much prefer a boring, conventional cheque. Worst case scenario with a lost cheque is that it gets cancelled. Drafts are a whole different story.