Not too many banks do that now. The grace period is computed off the payment method. Cheque in the mail is the cheque date or postmark - whichever is later. Bill payment is the previous day, pay at a bank or thru transfer and it’s the current biz day - no grace.
They will waive interest if you’re a day late and you call, but only if you paid the balance in full
Do any of you know why is it that when I deposit monthly/recurring cheques at my BMO Home branch, it gets processed/released the day of.
But when I go to any other BMO branch, they make me wait 4-6 days?
I've asked my home branch about this and they didnt have an answer. I suspect it is just because they know me since 2008 and have that trust factor but do not want to admit it lol. Strange...
I had another teller tell me that there is an initiative to get rid of/ phase out paper cheques so they may be introducing a mandatory 7 day waiting period soon?
And to GreyGhost/Mike's point - agreed, the transfer method appears to reflect online much quicker vs the biull payment method that take atleast 1.5-2 business days to reflect.
Every customer has a release amount that is immediately released when you cash a cheque. The default is about $500, any cheque bigger than that can be held. Your local branch makes a decision based on you release amount, your bank balance and the source of the cheque - they often release full amounts. Any other branch will follow the your profile to mitigate their loss risk.
What to do? Go to your home branch and ask them to increase your release amount. TD and CIBC do this automatically, other banks will leave you at $0 for the first 90 days, then automatically raise it to $500 if you were responsible. Any more is upon request. You can also try calling telebanking - some banks do it over the phone.
Gov cheques are the exception - they are full release unless you’ve done bank fraud or the cheque appears suspicious.
Tbh, I haven't been to any of my home branches in a decade or more (more than two decades for my main chequing account). I deposit everything with a phone. Cheques all get held for me but the banks let me access part instantly (3-10K depending on bank). Etransfer or wire has no hold.
If you have credit products either the bank and your revolving credit utilization is low, your bank will typically set your release about 1/2 your credit. Not guaranteed, but your local branch manager will likely do this.
Caveat: if you have deposited a rubber cheque in the last 24 mos, if you’ve exceeded ODP in your chequing account, or you’ve been delinquent on a credit payment - don’t even ask - that can trigger an immediate reduction or full hold on all future cheques.
I keep getting those BMO emails prompting me to do online banking via my phone. But the problem is I dont trust my phone.
I've only ever used my home computer for online banking and go to the bank branch as much as possible for other queries/transactions. Too old fashioned despite working in technology XD.
What to do? Go to your home branch and ask them to increase your release amount. TD and CIBC do this automatically, other banks will leave you at $0 for the first 90 days, then automatically raise it to $500 if you were responsible. Any more is upon request. You can also try calling telebanking - some banks do it over the phone.
My CIBC M/C payment doesn't show for ages but a phone call to the number on the card gets you the latest input. The call has to come from your listed number.
1) Punch in your card number
2) Unless you redirect the call, they give you your bank balance and latest entry. If you keep an eye on your activity you'll notice if anything is out of line.
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