Getting a cheque to clear

[btimbit]

Looking for advice.

My wife has a cheque written to her from a financial institution of just less than $10k. She needs at least half of that made available immediately, but CIBC needs to hold it for at minimum 4 days. I get that that's their policy but that simply doesn't work for us.

We were at a branch yesterday, were told by the teller that there was nothing she could do but the manager could help us out, and he'd be back in 25 minutes. We go back in 25 minutes, the manager says to give him 15 minutes and he'd get back to us. After another 20 he comes back and says he's not actually the manager after all and to call the real manager tomorrow. Thanks for wasting an hour of my evening, but alright, fine.

I'm expecting the Branch manger won't do anything either and that we were just told that because this other guy was too scared to say so, so we'll likely be closing all accounts with these jokers thanks to the lip service and time wasting they seem to constantly perform (Not just this instance) But that's for the gear grinder thread.

But anyway, TL;DR: Can't deposit the cheque normally, doesn't fit the time frame.

Are there any other options here? I can't certify the cheque at the bank it's written from, because it's from a branch in Toronto. Plus I didn't think you could do that anymore. Cash chequing places, well we'd like to avoid that for obvious reasons. We'll try contacting the institution that wrote the cheque and ask if they can provide a direct deposit, or something else. Any options I'm missing?

[nik-]

As long as you deposit it, withdraw the money and spend it before they notice, there's nothing they can do.

... I'm pretty sure that's how it works anyway.

[CaptainCrunch]

No other options, the bank isn't going to clear the check all at once, some will be held. For example with me, any check amount over 2000.00 is held by my bank.

I don't think there's any way to get around this.

Direct deposit or transfer is the only way that you'll get access to what you need.

[CaptainCrunch]

Originally Posted by nik-

As long as you deposit it, withdraw the money and spend it before they notice, there's nothing they can do.

... I'm pretty sure that's how it works anyway.

It won't let them withdraw all of it, the hold will prevent that, they might get access to funds under a certain amount though.

[btimbit]

Sorry a few details I left out

-It's a certified cheque from a bank, not a personal cheque
-The bank the wrote it said that it likely wouldn't be held at any bank, but since banks just tell you what you want to hear that's probably worth nothing anyway

[Flabbibulin]

Originally Posted by nik-

As long as you deposit it, withdraw the money and spend it before they notice, there's nothing they can do.

... I'm pretty sure that's how it works anyway.

How can he withdraw it if it is on hold?

Anyway, how much cashback do you have on your account? I think it is fairly easy to get 1K cashback on an account, but more than that may require certain conditions- ie. a certain amount to be present at any given time. Your best bet would be to try and increase your cashback to as much as possible so that you can withdraw as soon as you deposit a cheque- regardless of whether it is at a teller or machine.

[puckedoff]

I was given the impression once (from a non-branch manager at some bank) that if you went to the institution that issued the cheque (ie if it is an HSBC cheque, go there) they can add some type of verification to it that will allow CIBC to cash it in full upon deposit.

In the end I never went that route so the above may not actually work, but its what I heard.

Edit: the part about the cheque being certified above, I did not see.


If its only going to be 4 days, just use your overdraft and pay the couple of bucks interest?

[btimbit]

Originally Posted by puckedoff

I was given the impression once (from a non-branch manager at some bank) that if you went to the institution that issued the cheque (ie if it is an HSBC cheque, go there) they can add some type of verification to it that will allow CIBC to cash it in full upon deposit.

In the end I never went that route so the above may not actually work, but its what I heard.

My understating was that it has to be from the actual home branch, not just any location. This accounts home branch is in Toronto. This is a certified cheque anyway so don't think that'd do much

[CaptainCrunch]

Originally Posted by btimbit

Sorry a few details I left out

-It's a certified cheque from a bank, not a personal cheque
-The bank the wrote it said that it likely wouldn't be held at any bank, but since banks just tell you what you want to hear that's probably worth nothing anyway

Certified checks mean very little now.

I doubt that there will be a hold if its an institutional draft, its just strange because usually banks prefer to do wire transfers to other banks instead of writing cheques.

You should be ok, just ask your teller if there's going to be a hold when you deposit.

[Sliver]

Originally Posted by CaptainCrunch

No other options, the bank isn't going to clear the check all at once, some will be held. For example with me, any check amount over 2000.00 is held by my bank.

I don't think there's any way to get around this.

You can talk to the manager and have them put a note on your account if it's a recurring problem (I realize this won't help the OP). There's a note on my account at RBC to always clear cheques from certain companies as they have a track record of bouncing exactly zero cheques in 10 years. Waiting for them to clear was driving me nuts. When the manager added the note, she said some may still get held, but in the year or so I've had the note that hasn't happened.

[brocoli]

If you are in need of the money immediately (which you have said that you are), then have you tried going to TD and getting them to cash it? They will charge you a $20 non-customer fee, but you should be able to get all of your money that day as they can check to see if there is anything wrong with the cheque (stops or holds on it).

Most every bank is going to hold a cheque that large for at least 4 business days, so unfortunately your only bet is to go directly to TD. They will write your ID on the back of the cheque and you should be good to go (ex TD employee here, now with a competator).

[CaptainCrunch]

For some reason the exception to the rule are payroll checks. No matter the amount they always clear once you tell the teller that its payroll.

[brocoli]

Government of Canada cheques are also the exception as every bank must cash them without a fee

[btimbit]

This is something I have no experience with myself, but what if she endorsed the cheque to me and I deposited it at my bank? I have much higher limits than she does, better credit rating and have been with him my bank longer than she has hers. This was suggested to me by a coworker but it seems to me adding the endorsement is just an extra step and would take long to clear regardless.

Originally Posted by Sliver

You can talk to the manager and have them put a note on your account if it's a recurring problem (I realize this won't help the OP). There's a note on my account at RBC to always clear cheques from certain companies as they have a track record of bouncing exactly zero cheques in 10 years. Waiting for them to clear was driving me nuts. When the manager added the note, she said some may still get held, but in the year or so I've had the note that hasn't happened.

I've had to do that in the past as well, with success.
Like you said this doesn't do anything for me since it's not a reoccurring cheque but if anyone else needs this info I can vouch that it works.

Waiting for cheques to clear drives me nuts, but I don't let it bug me since it's just one of those things we have to deal with. This case though is driving us insane since it's an emergency situation and there's seemingly no way around it.

[GP_Matt]

I have had luck with a cheque that I needed cleared right away. I spoke with the branch manager and they were able to give me access to the money right away.

It is my understanding that they see it as a short term loan. If you have solid credit and a history with the bank then they are giving you access to the money with the understanding that if there is any issue with the cheque you are on the hook for the money spent.

It is probably easier to go to a TD branch instead and try to get them to cash it then walk the cash over to your bank. Just let me know what branch and time and I will have someone meet you to offer protection services for the walk.

[pylon]

Don't take no for an answer. I was in a situation once where I sold a used motorcycle, and needed the funds to complete the purchase of a new one.

Have them call the branch manager at the institution that issued the draft, and verify it is valid. Once the branch manager cleared the draft on the other end, they gave me the funds immediately.

[Bring_Back_Shantz]

Might not be a great option but perhaps you could open an account with the institution that wrote the cheque and immediately withdraw what you need. Presumably they won't have to wait for their own Cheque to clear???

You said you were going to close your accounts with CIBC so maybe that's a good way to start.

[btimbit]

Originally Posted by brocoli

If you are in need of the money immediately (which you have said that you are), then have you tried going to TD and getting them to cash it? They will charge you a $20 non-customer fee, but you should be able to get all of your money that day as they can check to see if there is anything wrong with the cheque (stops or holds on it).

Most every bank is going to hold a cheque that large for at least 4 business days, so unfortunately your only bet is to go directly to TD. They will write your ID on the back of the cheque and you should be good to go (ex TD employee here, now with a competator).

Even if the cheque is written from a bmo account? I'm a TD customer myself, not that that helps much since the cheque isn't written to me, but would that really work?

[calgarygeologist]

Originally Posted by pylon

Don't take no for an answer. I was in a situation once where I sold a used motorcycle, and needed the funds to complete the purchase of a new one.

Have them call the branch manager at the institution that issued the draft, and verify it is valid. Once the branch manager cleared the draft on the other end, they gave me the funds immediately.

We were in the same situation previously when selling and purchasing a vehicle. We sold a vehicle and received a draft from the buyer. Our bank wanted to put a hold on it but we were on our way to purchase a new vehicle that same day with those funds as a deposit.

After some amount of discussion the manager did offer to call the issuing bank and verify the draft and provide us with the necessary funds.

[btimbit]

Originally Posted by GP_Matt

I have had luck with a cheque that I needed cleared right away. I spoke with the branch manager and they were able to give me access to the money right away.

It is my understanding that they see it as a short term loan. If you have solid credit and a history with the bank then they are giving you access to the money with the understanding that if there is any issue with the cheque you are on the hook for the money spent.

That may very well still happen, she hasn't spoken to the branch manager yet. She'll try that on her lunch break today and we'll see where it gets us.

Originally Posted by pylon

Have them call the branch manager at the institution that issued the draft, and verify it is valid. Once the branch manager cleared the draft on the other end, they gave me the funds immediately.

Didn't know you could do this over the phone. We'll try this too