Personal Finance

Tangerine put a hold on my cash deposit?

  • Last Updated:
  • Jan 10th, 2019 6:29 pm
[OP]
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Aug 30, 2011
1207 posts
216 upvotes
Edmonton

Tangerine put a hold on my cash deposit?

When I made the deposit there was no option to choose between a cash deposit and a cheque deposit. I checked Tangerine and it seems my $100 deposit was put on hold. I've never heard of a bank holding cash deposits unless it's not made during business hours. I made the deposit to pay for my BMO credit card which is due on January 7th. Will the deposit clear by then or am I screwed for 5 business days?
18 replies
Penalty Box
Dec 16, 2017
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tablo13 wrote:
Jan 3rd, 2019 10:11 pm
When I made the deposit there was no option to choose between a cash deposit and a cheque deposit. I checked Tangerine and it seems my $100 deposit was put on hold. I've never heard of a bank holding cash deposits unless it's not made during business hours. I made the deposit to pay for my BMO credit card which is due on January 7th. Will the deposit clear by then or am I screwed for 5 business days?
it's super common.......
depends. usually 2-3 days if fund is verified it's gonna be cleared.
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Jan 2, 2015
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tablo13 wrote:
Jan 3rd, 2019 10:11 pm
When I made the deposit there was no option to choose between a cash deposit and a cheque deposit. I checked Tangerine and it seems my $100 deposit was put on hold. I've never heard of a bank holding cash deposits unless it's not made during business hours. I made the deposit to pay for my BMO credit card which is due on January 7th. Will the deposit clear by then or am I screwed for 5 business days?
Banks do hold cash.

If you put cash into an ATM with an envelope, then the bank has no idea how much cash you put into the ATM. They only know that you said you put $100 into the ATM. People sometimes put empty envelopes into the ATM and spend the "cash" that they have deposited. The bank will know when a human being checks the cash, which won't happen until tomorrow at the earliest.

(Next time, use an envelope-free ATM if possible. That type of ATM scans the bills, so it knows how much you have put into the ATM.)

I am surprised they put $100 on hold. Banks don't normally put such a small cheque on hold. Even if you have a bad reputation with the bank (or are very new) they'll usually give you $100 to $200 (or more) up front.
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Dec 16, 2017
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Raincouver
FoFai2015 wrote:
Jan 3rd, 2019 10:47 pm
I am surprised they put $100 on hold. Banks don't normally put such a small cheque on hold. Even if you have a bad reputation with the bank (or are very new) they'll usually give you $100 to $200 (or more) up front.
actually federal law says $100 availability is a must. Tangerine also advertises $100 availability and even encourages people to split in multiple deposit to gain access lol
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Penalty Box
Dec 16, 2017
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Raincouver
FoFai2015 wrote:
Jan 3rd, 2019 10:47 pm
I am surprised they put $100 on hold. Banks don't normally put such a small cheque on hold. Even if you have a bad reputation with the bank (or are very new) they'll usually give you $100 to $200 (or more) up front.
actually federal law says $100 availability is a must. Tangerine also advertises $100 availability and even encourages people to split in multiple deposit to gain access lol
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dekvitaly wrote:
Jan 4th, 2019 1:00 am
actually federal law says $100 availability is a must. Tangerine also advertises $100 availability and even encourages people to split in multiple deposit to gain access lol
Actually, the specifics of the law are:
- first $100 OF CHEQUES immediately available IF DEPOSITED IN PERSON, otherwise next business day (which can mean 2 days if the deposit to ATM was after business hours).

This is a cash deposit at ATM and while it would generally follow the same process but the bank is actually allowed to verify the validity of the currency before crediting the account.
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robsaw wrote:
Jan 4th, 2019 11:04 am
Actually, the specifics of the law are:
- first $100 OF CHEQUES immediately available IF DEPOSITED IN PERSON, otherwise next business day (which can mean 2 days if the deposit to ATM was after business hours).

This is a cash deposit at ATM and while it would generally follow the same process but the bank is actually allowed to verify the validity of the currency before crediting the account.
Yes but what's the difference...
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[OP]
Deal Addict
Aug 30, 2011
1207 posts
216 upvotes
Edmonton
FoFai2015 wrote:
Jan 3rd, 2019 10:47 pm
Banks do hold cash.

If you put cash into an ATM with an envelope, then the bank has no idea how much cash you put into the ATM. They only know that you said you put $100 into the ATM. People sometimes put empty envelopes into the ATM and spend the "cash" that they have deposited. The bank will know when a human being checks the cash, which won't happen until tomorrow at the earliest.

(Next time, use an envelope-free ATM if possible. That type of ATM scans the bills, so it knows how much you have put into the ATM.)

I am surprised they put $100 on hold. Banks don't normally put such a small cheque on hold. Even if you have a bad reputation with the bank (or are very new) they'll usually give you $100 to $200 (or more) up front.
I can't tell which Scotiabank locations have envelope free ATMs. And one business day later, the deposit has not cleared. I regret depositing through Tangerine's ATM, I should've just deposited through my main bank's (TD) ATM and transfer by direct deposit.
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OP, you wanted to use cash to pay down BMO CC.
  1. go to BMO ATM, insert CC, insert cash, pay down card
  2. Depending on the balance, you could have gone to Canada Post, loaded cash to PayTM, then paid BMO CC from there
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[OP]
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titaniumtux wrote:
Jan 4th, 2019 3:15 pm
OP, you wanted to use cash to pay down BMO CC.
  1. go to BMO ATM, insert CC, insert cash, pay down card
  2. Depending on the balance, you could have gone to Canada Post, loaded cash to PayTM, then paid BMO CC from there
Wow, thank you. I learned this today. So I guess I don't need a BMO chequing account for instant payments
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tablo13 wrote:
Jan 4th, 2019 3:21 pm
Wow, thank you. I learned this today. So I guess I don't need a BMO chequing account for instant payments
You could use a BMO savings account, but then you're cycling cash through a bank account. Got cash? Pay the card directly.
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titaniumtux wrote:
Jan 4th, 2019 3:15 pm
OP, you wanted to use cash to pay down BMO CC.
  1. Depending on the balance, you could have gone to Canada Post, loaded cash to PayTM, then paid BMO CC from there
"Show the Canada Post clerk the QR code and provide them with a minimum of $10 cash (or your debit card). The clerk will enter the amount and scan the QR code. And that’s it, you’ll instantly see the amount in your Paytm Cash"

perfect for my Momentum Debit hahaha
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dekvitaly wrote:
Jan 4th, 2019 2:32 pm
Yes but what's the difference...
I thought that was obvious. Cash deposits at ATMs actually have NO prescribed limitation on hold time. Cheques have up to 2 business days in practice - even for the 1st $100. In person, you get the cash deposit and 1st $100 of cheque deposit immediately.
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robsaw wrote:
Jan 4th, 2019 5:00 pm
I thought that was obvious. Cash deposits at ATMs actually have NO prescribed limitation on hold time. Cheques have up to 2 business days in practice - even for the 1st $100. In person, you get the cash deposit and 1st $100 of cheque deposit immediately.
I guess my question is:
When it comes to fund verification of cash vs a cheque, what makes 1 more guaranteed than another? and what makes sense to you that cash and cheque are put in 2 different categories.
Tangerine is very public about giving $100 availability and encouraging you to do so in multiple envelope.

Taking into consideration of fund verification and cheque cashing processing, there is no difference here and such items shouldn't be discriminated as such.
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dekvitaly wrote:
Jan 4th, 2019 5:28 pm
I guess my question is:
When it comes to fund verification of cash vs a cheque, what makes 1 more guaranteed than another? and what makes sense to you that cash and cheque are put in 2 different categories.
Tangerine is very public about giving $100 availability and encouraging you to do so in multiple envelope.

Taking into consideration of fund verification and cheque cashing processing, there is no difference here and such items shouldn't be discriminated as such.
They deserve to be in different categories. Cash should faster than a cheque. As soon as someone has opened up the envelope and verified the amount of cash, they should update the system. It should not take more than one business day. However expecting the cash to be counted before the end of the next business isn't appropriate.

If they open up an envelope and see there's a cheque in there for, say, $100, it can still take a few business days for the cheque to clear. (They know the depositor didn't fraudulently deposit the cheque, but they don't know about the withdrawal.)

If you need to deposit cash and have access to it right away, you need either an envelope-free ATM or a teller. Either can verify the cash immediately (and unlike a cheque, there's no chance there's not enough money in someone else's account).
tablo13 wrote:
Jan 4th, 2019 2:40 pm
I can't tell which Scotiabank locations have envelope free ATMs. And one business day later, the deposit has not cleared. I regret depositing through Tangerine's ATM, I should've just deposited through my main bank's (TD) ATM and transfer by direct deposit.
Bank websites will tell you, and you can even tell the site to only tell you where envelope-free ATMs are.

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