When you deposit a cheque and the money appears in your bank account, you may not be able to access all of it immediately because of the 'cheque hold' period. Nevertheless, because of a regulation that came into force in August 2012, consumers who deposit a cheque in person at a federally regulated financial institution have access to $100 of it immediately. If the cheque was deposited at an automated banking machine, this amount is available on the next business day.
Moreover, the cheque hold periods are not as long as they used to be. The maximum on a cheque that is less than $1,500 is four business days if it is deposited in person at a branch, or point of service – and five business days if it is deposited at an automated banking machine. If the cheque is more than $1,500, the maximum cheque hold periods are seven and eight days, respectively.
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