Christian Credit Union - Hold Policy Effective November 5, 2024

To prevent fraud, we will be applying a hold policy for all members effective November 5, 2024.

Here are some details on the policy:

When you make a deposit to your Personal, Business or Non-Profit account at Christian Credit Union, your account is instantly credited the amount of the cheque. You may not be able to access the full amount of the funds from that deposit immediately, as a hold may be placed on some or all your deposits.

The purpose for a hold to be placed on the deposit of a cheque is that a cheque is different from cash - it is a promise to pay from one party to another party. If the account the cheque is issued from does not have enough funds, or if the cheque is fraudulent, the cheque will be returned, and the member’s account will be debited the amount of the deposit.

The length of the hold will be 5 calendar days for cheques.

a) 5 calendar days for Remote Deposit
b) 5 calendar days hold for all ATM deposits and in branch deposits.
c) 10 calendar days for “out of province” cheques – in branch
d) 20 calendar days for US cheques – in branch
e) Federal Government of Canada cheques are not held – in branch.

We are unable to view the individual item(s) deposited at an ATM, therefore the hold applies to all of the items deposited. When you deposit via Remote Capture, we can view the cheque the next business day and remove the hold (in part or all), at our discretion, once we have viewed the cheque.*

Please note: e-Transfers and automatic deposits will not be held.

*Some exceptions may apply.

A hold allows us to confirm that the deposit is legitimate and that the funds are available from the financial institution upon which the funds are being drawn. If the account a cheque is issued from does not have enough funds, or if the cheque is fraudulent, the cheque will be returned, and your account will be debited the amount of the deposit.

The standard hold periods for diverse types of deposits are as follows:

ATM deposits: 5 calendar days (Note: an ATM deposit does not itemize what a deposit consists of.)
Cash Deposits: Immediate availability when done in branch; ATM holds still apply
Cheques (including government and bank drafts):
- Out-of-province cheques: 10 calendar days when deposited in branch
- US cheques: 20 calendar days (can only be deposited in branch)
- Federal Government cheques: not held when deposited in branch
- All other cheques: 5 calendar days when deposited in branch
- Provincial Government: stale dated after 6 months
Electronic Funds Transfers (EFTs) and Wire Transfers: Immediate to 1 business day.
Automatic Deposits and e-Transfers will not be held.
Remote deposit: 5 calendar days

Typically, direct deposits (such as payroll direct deposits), Interac e-Transfer® transactions and most Government cheques are not subject to a hold.

Deposits made by cheque, certified cheque, bank draft, money order, wire or other instruments are placed on hold. Also, deposits done by remote capture and ATM are held based on the time frames previously outlined.

If the funds from a bank draft are being used to pay out a mortgage, no hold will apply and the mortgage will be paid out immediately. If the bank draft is returned due to insufficient funds, the mortgage will be automatically reinstated until funds are provided to satisfy the debt. If a bank draft is deposited for personal use, a 5-day hold applies.

This is up to the discretion of a supervisor or your Personal Banking Advisor.

Yes, a 5-day hold is still applied. This deposit can be reviewed by a supervisor or Personal Banking Advisor and the hold time can be adjusted accordingly.

The portion of a deposit that’s available for withdrawal immediately depends on your banking relationship and credit history with us. Since this can change periodically, the amount we can make accessible may also change.

Note: In the event that the deposit is rejected, we may reverse the transaction in your account – even if the adjustment creates a negative balance. **May be subject to overdraft interest charges

On a computer, log in to your online banking and click on accounts near the top of your screen. From there, choose “View Accounts”. All your accounts will be listed, and each account will show “Current Balance” and “Available Balance”. To the right of these columns, click the chevron button next to the plus sign for account details. The amount of funds being held is listed here.

From the online banking app, log in to your account and choose accounts at the bottom of the screen. Choose the account to which you deposited and select “Details”. Your hold amount will be indicated here.

Yes, a hold will still be placed on the cheque.

If the cheque is deposited via ATM or remote capture, standard hold timelines apply. If it is deposited in branch, no hold applies.

See details of the hold policy above.

Monday | July 15, 10:51 AM