Holds on CIBC LOC?
I just got a CIBC LOC (FINALLY!!) so I deposited a cheque into it to test. But then I found out that the entire cheque amount was on hold. So I called in and ask about my hold limit, and was told there aren't any for LOC accounts and all cheques are subject to a 5 day hold. Is the rep BS'ing me or is it true? Because that certainly wasn't the case with my TD LOC (I have a 3k hold limit).