Personal Finance

Tangerine put a hold on my cash deposit?

  • Last Updated:
  • Jan 10th, 2019 6:29 pm
[OP]
Deal Addict
Aug 30, 2011
1207 posts
216 upvotes
Edmonton
FoFai2015 wrote:
Jan 4th, 2019 6:44 pm
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).


Bank websites will tell you, and you can even tell the site to only tell you where envelope-free ATMs are.
How can you find that with Scotiabank? It doesn't say
Deal Addict
Jan 2, 2015
1355 posts
384 upvotes
Toronto, ON
Looks like I spoke too soon. I'm with Simplii, and was able to find that feature on the CIBC website. I assumed that Scotiabank, a larger bank, would have a better website. The Tangerine website also didn't offer that feature.
Newbie
Nov 14, 2014
41 posts
14 upvotes
Mississauga, ON
I believe the Oliver Square branch is the only one in Edmonton so far.
[OP]
Deal Addict
Aug 30, 2011
1207 posts
216 upvotes
Edmonton
cirrux wrote:
Jan 4th, 2019 9:06 pm
I believe the Oliver Square branch is the only one in Edmonton so far.
Yeah spoke to customer service on Facebook and the ATMs in my area will be upgraded the first week of February

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