Banks

[Klause]

So We sold some grain through a broker... and they can only deposit to a big 5 bank... gave them our TD account info, the transfered funds on time as agreed to... and now the bank put a 100% hold on it.


I'm sorry... since when do WIRE TRANSFERS HAVE F**ING HOLDs???? That's not even legal!!!!

[15444]

Anything is legal with banks these days. They make their own rules. Quicker you realize this, the more likely you are to keep your sanity...and money.

[farmaholic]

Was it an international transaction? Not that I'd know why that should make a difference but it might?

[Klause]

No It was C.B. Constantini going into THEIR HOME BRANCH in Vancouver and depositing money from THEIR BANK ACOUNT TO MY BANK ACCOUNT in the SAME BANK.


Then again I just got off the phone with an idiot from TD trying to tell me they can hold Government of Canada cheques, and they have been known to bounce...

Apparently that story fell by the way side after I read him the pertinent part of the Bank Act....

International transfers? Oh those get interesting... been there done that... Just like Canadian banks won't trade Maple Leaf (that's Canada's gold bullion coin) at gold value without an appraisal... Dad ran into that a few times... BoC tends to get rilled up when you complain...

[farmaholic]

I'd bet if your bank account balance could cover the transfer, there would be no hold.

But why the hold on a wire transfer, how long? Maybe the wire transfer needs a day to clear? When you find out let us know.

"Processing time"?

[Koldkanuck]

I quit dealing with that scab outfit (TD Bank) years ago. About the same deal as yours Klaus. Sell grain, get paid by cheque or wire transfer from same bank, yet they would hold deposit for 7-10 days if it was out of province . Like really, in this day and age? Sometimes it's quicker to pay the bank 10-20 bucks, and get the check certified from the sender.

[TOM4CWB]

Or...,
Change to a bank that does not put a hold on deposits
ATB with a few conversations... Does not put holds on our deposits. I do ask the teller each time if a hold is on the deposit... And if the person is not understanding that there is no hold (it is noted in account notes) then the bank manager fixes the problem very quickly (in a matter of seconds)
All a matter of communication and trust.
If you cannot trust your bank... It would be intelligent to find a bank you can.
Cheers and happy new year!

[hobbyfrmr]

My CU was charging me $20.00 to accept wire transfers from a non CU .

[sumdumguy]

We have a no-hold account and get international transfers everyday, never a problem in 30 years. It wouldn't be too good for us to have banks holding our funds for however long they want. Furthermore C.B Constantini is bonded so what's the problem?

[Klause]

Tom, our CU does NOT hold funds...


However Constantini can't transfer to them, so I said ok, just transfer it to this account at TD, it'll be less hassle than sending a cheque in the mail.

OMG. was I wrong.

I had a 28 year old manager on the phone from the Vancouver branch... he doesn't even know you can't LEGALLY HOLD A BANK OF CANADA cheque... Doesn't know what a bonded grain company is... doesn't even know who or what CB Constantini is even though they bank there...

On top of that... the account is setup so 4 grand has no hold no matter what... which he couldn't tell me why they held the whole amount.

We're talking about a $6 grand cheque... for 1 load of oats.... the TD investing acct we have with them has 10x that amount in it... like wtf.

[samhill]

Agree with KoldKanuck,
I lasted one year with TD, worst bank manager I ever dealt with, then when asked the Ag department for help, was ignored. Terrible farm/agri department. Some of the news guys there tried to help and got nowhere.

[food4u]

When I settled my father's estate, the TD was the easiest to deal with.My father had money in several bank's in GICs.With some of them you would have thought it was their money that was being withdrawn.

[Rareearth]

I deposited money into a credit union in saskatoon and the teller had to get managers approval, over $5000 ...
Yes the global banking system is moving cashless, I see it more and more everyday

[sumdumguy]

Good grief $5000? Makes me ant to use cash for everything, just to tick them off.

[agchat]

I do no that it is the law to hold back some of the cheque being deposited even when you walk in with that cheque in the bank. It is all based on your accounts or some stupid thing like that. Myself, at my bank, anything in my checking account deposited over fifteen thousand there is a hold for five business days. Any savings account we have anything over two thousand there is a hold for five business days. I would imagine there would be a hold on any type of new deposit no matter how it is done.