Personal Finance

BMO Holds Envelope Free CASH Deposit?

  • Last Updated:
  • Oct 5th, 2017 10:25 am
[OP]
Deal Fanatic
Aug 3, 2014
5679 posts
3630 upvotes

BMO Holds Envelope Free CASH Deposit?

I opened a BMO account a few months ago and never used it. Today, I made a CASH deposit at an envelope free ATM. It counted all the money. Then I log in to online banking and see that all funds are on hold until October 12. I get thousands hold free at other banks even with cheque deposits, but BMO decides to hold all my cash. :facepalm: Why the hell do they even have this ATM?
20 replies
Deal Addict
Jan 30, 2012
1554 posts
906 upvotes
TORONTO
It is possible for someone to deposit counterfeit cash into the ATM - perhaps the ATM only has a simple counter and not more advanced counterfeit detection devices.
Deal Fanatic
Feb 15, 2006
8949 posts
3482 upvotes
Toronto
Why don't you ask BMO?
Deal Addict
Feb 29, 2012
2654 posts
1456 upvotes
Richmond
I've had BMO hold cash deposits made at the teller! They really are one of the worst banks for holds. My favorite is their 28-day hold on U.S. cheques, the longest of any of the Canadian banks.
Deal Fanatic
Jun 11, 2005
8560 posts
2335 upvotes
Mississauga
hvwozq wrote: I opened a BMO account a few months ago and never used it. Today, I made a CASH deposit at an envelope free ATM. It counted all the money. Then I log in to online banking and see that all funds are on hold until October 12. I get thousands hold free at other banks even with cheque deposits, but BMO decides to hold all my cash. :facepalm: Why the hell do they even have this ATM?
I would never put cash into an Atm. To many horror story's about cash missing and not credited. Search on this thread and you will see.
Deal Addict
Feb 17, 2017
1261 posts
1090 upvotes
Calgary
They hold all atm deposits for the first 30 days of account opening.
Deal Fanatic
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Aug 24, 2016
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The Prairies
antigua1999 wrote: I would never put cash into an Atm. To many horror story's about cash missing and not credited. Search on this thread and you will see.
With envelope free ATM, the cash is counted there and then, so there is no possibility of it going missing.
You even get a receipt showing the amount and denominations.
As for OP, I would demand an explanation from BMO.
I can recall many years ago, being a new BMO customer, I was told ALL new customers were 100% holds for 5 business days regardless of credit history.
I think you could request a release amount after 6 months or so?
But now with the new ATMs that can verify the contents of the deposit, there shouldn’t be any holds on cash deposits.
In fact, I thought I read somewhere that one of the features of this new ATM, were that it verifies the cash at the machine, and therefore places no hold on it.
Though in OP’s cash this is probably 100% because he is a new customer.
Deal Fanatic
Jun 11, 2005
8560 posts
2335 upvotes
Mississauga
coolintheshade wrote: With envelope free ATM, the cash is counted there and then, so there is no possibility of it going missing.
You even get a receipt showing the amount and denominations.
As for OP, I would demand an explanation from BMO.
I can recall many years ago, being a new BMO customer, I was told ALL new customers were 100% holds for 5 business days regardless of credit history.
I think you could request a release amount after 6 months or so?
But now with the new ATMs that can verify the contents of the deposit, there shouldn’t be any holds on cash deposits.
In fact, I thought I read somewhere that one of the features of this new ATM, were that it verifies the cash at the machine, and therefore places no hold on it.
Though in OP’s cash this is probably 100% because he is a new customer.
We wont know the reason until op posts back. So you answered both yes for a hold and no for a hold? Which is it?
Deal Fanatic
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Aug 24, 2016
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The Prairies
antigua1999 wrote: We wont know the reason until op posts back. So you answered both yes for a hold and no for a hold? Which is it?
I didn't answer anything.
I only said there shouldn't be a hold on cash deposits at the new ATM's. That was suppose to be one of the features.
But if OP is experiencing holds, I suggested it's because he is a new customer.
Until he calls BMO, all we can do is speculate.
Member
Sep 28, 2003
204 posts
62 upvotes
M8Rxmjsik wrote: It is possible for someone to deposit counterfeit cash into the ATM - perhaps the ATM only has a simple counter and not more advanced counterfeit detection devices.
BMO's current atms will reject invalid bills, so no, that's not the problem here.
Member
Sep 16, 2017
354 posts
239 upvotes
Your account oculd be on auto hold. Generally new accounts have autohold status which will hold everything, including cash. Generally is first 30 days but you need to use the account since the person who opened it will remove it.

call them, they can verify and pull up the deposit and release the hold.
Deal Fanatic
Mar 24, 2008
6053 posts
2306 upvotes
Toronto
I was surprised when BMO blocked me from making a payment of ~$5000 to one of my credit cards, citing "Daily Bill Payment Limit of $3500". I had 10k+ of "available" balance in my account. There is no logic to some of this stupidity that these banks pull.

Close your accounts and go to the bank that releases "thousands" of hold-free dollars for you immediately, problem solved. :lol:
Illegitimi non carborundum
[OP]
Deal Fanatic
Aug 3, 2014
5679 posts
3630 upvotes
To confirm, when making a deposit at a new ATM, in most cases, cash will be recognized and credited to your bank account immediately with no holds.

However, this does not currently apply to new customers or if there is an autohold on your account (as in this instance). For your reference, the hold will expire on the 12th of October.

As you have had your account for more than 6 months, I invite you to visit your local BMO Bank of Montreal branch to discuss the autohold on your account.
The account is not even 5 months old. The rep says it is more than 6 months old. So, she is probably also wrong about it being "autohold" vs. the "new customer hold," which is already ridiculous at 6 freaking months. :lol: It could make some sense for cheques, but holding cash that one of your new overhyped ATMs just counted is unbelievable. Well, my first deposit with BMO has just become my last deposit with BMO.
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Aug 24, 2016
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hvwozq wrote: The account is not even 5 months old. The rep says it is more than 6 months old. So, she is probably also wrong about it being "autohold" vs. the "new customer hold," which is already ridiculous at 6 freaking months. :lol: It could make some sense for cheques, but holding cash that one of your new overhyped ATMs just counted is unbelievable. Well, my first deposit with BMO has just become my last deposit with BMO.
Your frustration is certainly understandable.
If the cash is verified at the ATM, then there should be no hold on such funds, new customer or not.
I'm happily banked elsewhere, and never looked back.
Deal Addict
Feb 17, 2015
1024 posts
379 upvotes
Windsor, ON
With BMO whoever sets it up can set limits, some of it is definitely based on either a soft or hard check with Equifax, I got no holds $1000 first 30 days now I have no holds on $5000 the branch manager did say it was based on qualifying for world elite MasterCard and beacon score on file, Scotia and RBC had me pretty locked down when I banked with them, CIBC PCF BMO no problems ever
Jr. Member
Dec 7, 2016
106 posts
35 upvotes
Tangerine bank does the same, they hold cash for at least a week, when it's deposited into the ScotiaBank ATM. They also put a hold on any money put into a new account for 3 months. Sure wish I knew that before I signed up.
Deal Expert
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Jan 27, 2004
46868 posts
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T.O. Lotto Captain
REal scoop.


There is a 30 day new account hold period after your first deposit (not 30 days after you open the account). During this period... All ATM deposits are on hold for 7 business days, including cash. Call up your branch or customer contact center and get them to release the hold if its cash. They can look it up on their online image retrieval system and see if its a cash ticket voucher or a check.


After this 30 day period, there is no holds on CASH b/c new ATM's detect cash and release instantly. Check holds depend on whatever limits are set on your card based on your relationship or credit check. Most likely 99.9% of the time its done by credit check. The only way to circumvent this is if you were referred to the bank by a well known, well liked customer with a full BMO relationship. But thats rare these days b/c not many people step into the branch that much to be that well known except the older people or the odd few who just like coming in.

This is documented on your account opening documents. Which can now actually be viewed online (if you signed up for online banking @ the time of account opening and accepted E-Documents).

Going to the branch a lot does have some secret perks...
[OP]
Deal Fanatic
Aug 3, 2014
5679 posts
3630 upvotes
UrbanPoet wrote: This is documented on your account opening documents. Which can now actually be viewed online (if you signed up for online banking @ the time of account opening and accepted E-Documents).

Going to the branch a lot does have some secret perks...
"In order to view your documents online, please visit your local branch to update your eDocuments preferences."

:lol: Even Scotiabank wouldn't ask you to go to a branch for this.
Deal Expert
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Jan 27, 2004
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hvwozq wrote: "In order to view your documents online, please visit your local branch to update your eDocuments preferences."

:lol: Even Scotiabank wouldn't ask you to go to a branch for this.
You can also do it through online banking or the call center.

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