Personal Finance

Cheque clearing with issuer account closed

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  • Mar 21st, 2022 7:24 pm
[OP]
Deal Fanatic
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Aug 23, 2004
9370 posts
2325 upvotes
London

Cheque clearing with issuer account closed

My friend in Toronto paid me back $2,000 and I received his cheque on March 17 and deposited it via atm, he is moving to the States and will close his bank account. We are wondering since my bank will hold the funds until March 24, is it safe for us if his bank account show the cheque is cashed before March 24 and he closed the account once it is shown cashed? Thanks.
3 replies
Deal Fanatic
Jul 26, 2007
6811 posts
4394 upvotes
Toronto
As soon as $2000 has been withdrawn from your friend's account, he can close it. Matter of your bank holding funds is for different reason. Say you deposited $2000 to your bank yesterday but it takes roughly 1 day to verify with other bank and finish the transaction. Counting for weekends when they don't work, instead of telling you this, they just tell you made up numbers like 10 business days and shoo you away.
Deal Addict
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Feb 23, 2004
3539 posts
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Calgary
peteryorkuca wrote: As soon as $2000 has been withdrawn from your friend's account, he can close it. Matter of your bank holding funds is for different reason. Say you deposited $2000 to your bank yesterday but it takes roughly 1 day to verify with other bank and finish the transaction. Counting for weekends when they don't work, instead of telling you this, they just tell you made up numbers like 10 business days and shoo you away.
Is there a law or policy for this 10 business days thing?
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[OP]
Deal Fanatic
User avatar
Aug 23, 2004
9370 posts
2325 upvotes
London
peteryorkuca wrote: As soon as $2000 has been withdrawn from your friend's account, he can close it. Matter of your bank holding funds is for different reason. Say you deposited $2000 to your bank yesterday but it takes roughly 1 day to verify with other bank and finish the transaction. Counting for weekends when they don't work, instead of telling you this, they just tell you made up numbers like 10 business days and shoo you away.
Thanks, my friend just told me it cashed from his account today, he will ask the bank tomorrow and close the account if it is ok. Thanks again.

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