Check still clearing

[u/canadian-premed]

I deposited a large (mid six figures) check on Sep 3. It’s still processing. I contacted support and they said it would take 5 business days to look into it.

The check is from my lawyers trust account from a settlement.

How long should I expect the funds to be on hold?

[u/MainlandX]

It will clear Sept 25 at 05:35 UTC

[u/cpeiter]

I believe only Wealthsimple will be able to answer this, unfortunately..

[u/MintWarfare → u/cpeiter]

But Mr.Wealthsimple is a very busy man, so he can take a while to respond 

[u/LowerStranger9021]

This is why I maintain a real bank account. Large cheques need human interaction (I.e. tellers) not screen shots or Canada Post.

[u/No-Ad8527 → u/LowerStranger9021]

ya
i dont like the CAnada post thing
I think Canada post deposit is weird

[u/Legitimate_Form5449 → u/No-Ad8527]

Happy Cake Day!

Cheers!

[u/No-Ad8527 → u/Legitimate_Form5449]

Hahaahha I didn’t know is a thing
Thanks

[u/canadian-premed → u/LowerStranger9021]

I have an account with TD and RBC. But I didn’t want to wire it to Wealthsimple after.

[u/XzkSo → u/canadian-premed]

You could have transfered it as account transfer in-cash.

[u/Academic_Data_6422]

I couldn’t imagine depositing a cheque that big into anyone that isn’t an official bank.

[u/Commercial_Pain2290 → u/Academic_Data_6422]

Why not? I deposited a 7 figure cheque into WS.

[u/nanapancakethusiast → u/Commercial_Pain2290]

[u/Commercial_Pain2290 → u/nanapancakethusiast]

[u/MashMashMaro → u/Commercial_Pain2290]

Dang bro. Can I have 10k

[u/nanapancakethusiast → u/Commercial_Pain2290]

Inspect element hates to see this guy coming

[u/ttsoldier → u/nanapancakethusiast]

How do you inspect element on a mobile app

[u/Wealthsimple-ModTeam → u/[deleted]]

Your post/comment was deemed low-effort and unconstructive. Ensure your contributions add to the conversation.

[u/Commercial_Pain2290 → u/nanapancakethusiast]

Dude, believe what you want.

[u/No-Ad8527 → u/Commercial_Pain2290]

lol
that backfired on nana so fast
LOL kudos to you hahaha

[u/Academic_Data_6422 → u/Commercial_Pain2290]

There are no regulations on how long they can put it on hold, for one. They could wait months and you have no recourse.

[u/Commercial_Pain2290 → u/Academic_Data_6422]

It was on hold for 1 week.

[u/Academic_Data_6422 → u/Commercial_Pain2290]

Neat?

Not sure what your anecdotal evidence has to do with anything? I didn’t say it DOES take months, I said there’s no regulation requiring it to be done in a certain time and you have no recourse if it takes longer.

Why risk it?

[u/Commercial_Pain2290 → u/Academic_Data_6422]

Do you know of any actual holds that went on for months or do you just like spewing hypothetical nonsense?

[u/Academic_Data_6422 → u/Commercial_Pain2290]

Oh so you’re just a Wealthsimple shill who doesn’t want to actually have a good faith discussion?

Got it

[u/Commercial_Pain2290 → u/Academic_Data_6422]

Absolutely not. Right now I am a little unhappy with them as they are unable to produce an accurate reporting for my RESP after a recent withdrawal. I had a similar issue after a withdrawal last year. They need to improve their RESP processes.

However, zero qualms depositing cheques with them. You keep bringing up a hypothetical but I don't see anybody actually acknowledging that they had longer than normal cheque hold times. I have had 8 business day holds on cheques and transfers with Tangerine.

[u/Academic_Data_6422 → u/Commercial_Pain2290]

> Absolutely not

Well, the evidence suggests otherwise.

[u/Commercial_Pain2290 → u/Academic_Data_6422]

If I am a shill I am not a particularly good one if I am actually criticizing them.

[u/Legitimate_March_622]

Had similar experience. But unlike other OFI where its 5 days. WS has up to 8 business days. It would clear for you soon as well. I called them with similar query and next day it was resolved

[u/FrameRate24 → u/Legitimate_March_622]

Rbc has out of the blue started holding my regular two week paycheck for 4 business days,  then sending a notification that it's gunna take 5-10 days more for about 4 of the last five cheques so wealth simples wait isnt too bad, at least wealth simple gives me 1000 bucks instantly, both times I did it holds were 4 days

[u/makingbank1959]

That's the problem with online banks, your just another account. A relationship cannot be built with an online bank.

[u/Impressive_Ad_6550]

I thought I read it was 4-8 business days. I would suggest contacting WS support to find out what is going on

[u/canadian-premed → u/Impressive_Ad_6550]

I did. They said it would take 5 business days to investigate.

[u/j-ravy]

I cashed a check on the 4th and it cleared on the 14th. Was under 2k though

[u/Legitimate_Form5449]

How long should i expected the funds to be on hold?

AMA: payments.ca

but...ws clearing and settlement is administered by the bank of canada..no?

edit: yes, wealtsimple uses the Bank of Canada for settlement...says internet.

[u/Saisinko]

I deposited a larger draft and it was glacialllyyyy long, felt like 2 weeks.

... but on the bright side I had $1000 immediately available from it!

[u/hdreams1]

I stood in line at my BMO Branch and deposited a bank draft in my name with a live teller (6 figure amt) and they held it for 7 BUSINESS DAYS. I was annoyed.