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?
- Last Updated:
- Dec 16th, 2017 1:20 pm
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- SCORE
- jdu0ng [OP]
- Deal Addict
- Feb 9, 2013
- 1843 posts
- 1033 upvotes
- Mississauga
5 replies
- snow00774
- 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.
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.
- gabbycup
- 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.
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.
- daverobev
- Deal Addict
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- Dec 8, 2010
- 2553 posts
- 982 upvotes
- KanataKG
- 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
So tonight at midnight is when the hold should be released
- rilles
- Deal Fanatic
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- 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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