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Monday, February 18, 2019. Provincial Holiday (or in some provinces, at the least) - Is this banking holiday nationwide?

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  • Feb 20th, 2019 2:09 am
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Monday, February 18, 2019. Provincial Holiday (or in some provinces, at the least) - Is this banking holiday nationwide?

Monday, February 18, 2019. Provincial Holiday (or in some provinces, at the least) -- Is this a banking holiday / day off nation-wide?

... as far as banks like BMO, CIBC, TD, Scotiabank, RBC etc are concerned for example?

... Like for example ... if you do something on Friday ... often it's not processed until Monday or Tuesday (if there is a national long weekend etc) ...

Anyone knows for sure?

I guess I can also call the bank and ask (if the call centre CSRs even know something like that, lol) :D
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RaymondReddington wrote:
Feb 13th, 2019 10:06 pm
https://www.bankofcanada.ca/about/conta ... -schedule/

Bank of Canada Holiday Schedule
Monday, February 18, 2019
Provincial Holiday
Provincial (British-Columbia, Alberta, Ontario & Nova-Scotia)
Yes....

I googled it ... and saw this already too. :)

But is it safe to assume that Monday February 18, 2019 will be "non-working" / "non-processing" day for all the Canadian banks (be it the banks physical branch ... or processing centre .. or back office or whatever)? :)
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Darkman wrote:
Feb 13th, 2019 10:11 pm
Yes....

I googled it ... and saw this already too. :)

But is it safe to assume that Monday February 18, 2019 will be "non-working" / "non-processing" day for all the Canadian banks (be it the banks physical branch ... or processing centre .. or back office or whatever)? :)
Whether it is "safe" depends on how much money is on the line here ... are we talking about trying to save 3 days interest on a few $k credit card payment? ... vs risking a late-fee/interest/hassle on the phone to convince them to reverse these?
... or ... some thing bigger?
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RaymondReddington wrote:
Feb 13th, 2019 10:26 pm
Whether it is "safe" depends on how much money is on the line here ... are we talking about trying to save 3 days interest on a few $k credit card payment? ... vs risking a late-fee/interest/hassle on the phone to convince them to reverse these?
... or ... some thing bigger?
If one writes themselves a cheque and deposits it late Friday ... the bank might not draw it until the next business day / morning.
Last edited by Darkman on Feb 19th, 2019 11:56 am, edited 1 time in total.
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Darkman wrote:
Feb 19th, 2019 1:32 am

If one writes themselves a cheque and deposits it late Friday ... the bank might not draw it until the next business day / morning.

Don’t try this too many times. Technically it is called kiting.
Last edited by titaniumtux on Feb 19th, 2019 10:44 pm, edited 1 time in total.
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Kiting ... what does it mean? (I guess I should google it)

And I don't try it often (or often enough) ...

( but why did you say: "Don’t try this too many times. Technically it is called kiting." --- What will happen if I try this, say, 4 times a year ... with money travelling to different directions, and not just TING - BMO direction? )

Just went to TING ... and the money is GONE now!

So that means between 12:04 am my central time and 10 am my central time ... TD / TD and TING auto-systems negotiated that cheque ... but not any time sooner ... -- Looks like when there is weekend or holiday involved ... those things are kinda on hold until the next business day.
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OK ... I googled "kiting".

But what's really wrong here?

One writes a cheque to to themselves (from another institution) ... and deposits it through the bank teller on Friday. Is it their fault if the bank doesn't draw it till the next business day / morning?
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Darkman wrote:
Feb 19th, 2019 11:53 am
But what's really wrong here?

One writes a cheque to to themselves (from another institution) ... and deposits it through the bank teller on Friday. Is it their fault if the bank doesn't draw it till the next business day / morning?
It's not your fault they don't draw it til the next day, but it is your fault if you have the money in 2 places at once and withdraw it from the source account (aka move it from chequing to savings).
If you withdraw it permanently that's obviously more "wrong" clearly ... but if you withdraw it from chequing to savings (even at the same bank) to get a bit of extra interest and then put it back it's technically no different than withdrawing it at the ATM, and then depositing it back later.

"You may be charged with an offence under the Criminal Code of Canada if you write a cheque when you know that there is not enough money in the account to cover the cheque. You may be prosecuted by summary conviction or by indictable conviction. For convictions by summary conviction, the fine may be up to $5,000 or 6 months in jail or both. Penalties for indictable convictions are usually much more severe."
[source: http://clg.ab.ca/programs-services/dial ... nsf-funds/ ]

They can make a pretty strong case you know it's NSF if you write the cheque to yourself, deposit it, then move funds out of chequing into savings to get a couple days extra interest :)

It's not like you gave a cheque to a person and said "don't cash this til X date, because otherwise it will bounce" ... that's not fraudulent, but with the bank you are just relying on them not being fast enough, or taking that holiday day 'off' ... if it was an envelope-free ATM that scanned your cheque and processed it within hours from the other bank you would have had an NSF on your hands.

So weigh the risks -- extra $$$ of interest versus the possibility of your banks catching on to you repeatedly doing this and deciding to disincentivize you from doing it further by bringing it to the authorities and costing you up to $5k and/or 6 months of jail time :)

Tangerine already has all the evidence they need to see you did this intentionally. They can see the date on the cheque you wrote (to yourself). They can see when the other bank accepted it at their ATM and when they received it for processing, and they can see when you transferred the funds in to cover the cheque.
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Personally ... I dindu nuffin' :D
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RaymondReddington wrote:
Feb 19th, 2019 11:59 pm

Tangerine already has all the evidence they need to see you did this intentionally. They can see the date on the cheque you wrote (to yourself). They can see when the other bank accepted it at their ATM and when they received it for processing, and they can see when you transferred the funds in to cover the cheque.
The cheque would have been deposited at the bank teller ... not ATM ... (not that it makes much difference here anyhow, I understand).
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Darkman wrote:
Feb 20th, 2019 12:17 am
The cheque would have been deposited at the bank teller ... not ATM ... (not that it makes much difference here anyhow, I understand).
It is processed slower when deposit using an ATM, compare to a teller. If you deposit after the branch is closed, then the ATM deposit will be processed the next business day.
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ml88888888 wrote:
Feb 20th, 2019 12:22 am
It is processed slower when deposit using an ATM, compare to a teller. If you deposit after the branch is closed, then the ATM deposit will be processed the next business day.
Yes ... I know ... but those BIG Banks' ATMs often don't take cheques in large amount ... lol ... they have maximum amount of deposit allowed (for example, I know for sure Scotiabank's maximum at ATM is $99999.99 .. per deposit (ya... stupid amount).

BMO assistant manager told me that she wasn't sure what the max was ... but the amount I wanted to deposit, that cheque would not be accepted at the ATM of theirs.
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Darkman wrote:
Feb 20th, 2019 12:14 am
Personally ... I dindu nuffin' :D
Yep, that works the first time no problem ... just don't make it a habit, or that excuse will be way harder to pull off ;)

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