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[OP]
Deal Addict
Feb 9, 2013
1843 posts
1033 upvotes
Mississauga

Bank Draft to Clear

I deposited a bank draft to my CIBC LOC today. The teller said it will take 4 days to clear, but I see the balance online. Can I move the funds over to Investor's Edge or do I have to wait 4 days?
5 replies
Deal Addict
Dec 21, 2011
3478 posts
677 upvotes
Allenford
Try and see if they go to the edge account.

When you deposit the funds the balance updates regardless of the hold. If the draft clears you are good to move them, if not that new deposit amount will be deducted. Most likely it will take the 4 days to be able to move them.
Sr. Member
Feb 18, 2004
815 posts
295 upvotes
You can only use whatever is your "available funds", not your "balance".

Next time, you can request the teller to verify the draft and deposit it to your account without hold. Then the funds will be available for your immediate use.
Deal Addict
User avatar
Dec 8, 2010
2553 posts
982 upvotes
jdu0ng wrote: Just checked again today. the bank draft amount is still not in available funds.
Oh sorry about that, I'll clear it for you immediately. Ok... done.

Try now!
Deal Fanatic
Nov 22, 2015
6497 posts
6407 upvotes
It shouldn't be available yet. It's 4 full business days from the day after your deposit.

So tonight at midnight is when the hold should be released
Deal Fanatic
User avatar
Aug 29, 2001
5664 posts
1296 upvotes
rural ontario
I thought a bank draft is like cash (from a article about TD), it has to "clear"?

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