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Cheque hold periods

Cheque hold periods

What is the Meridian cheque hold policy?

When you deposit a cheque (or any other negotiable instrument) through any method (i.e. at a branch, through an Automated Bank Machine (“ABM”), or via online mobile deposit capture), the funds from the cheque may not be immediately available. Meridian Credit Union (“Meridian”) may place a hold on your cheque to facilitate clearing of the item. If we hold your cheque, we will generally apply the Cheque Hold Periods noted in the table below:

What are the hold periods for cheques?

Cheques less than $1,500
Deposited in branch4 business days after deposit
Deposited any other way5 business days after deposit
Cheques greater than $1,500
Deposited in branch7 business days after deposit
Deposited any other way8 business days after deposit
Cheques drawn on foreign financial institutions30+ days
Cheques issued in non-Canadian dollar funds30+ days

Meridian may apply holds outside the above periods for reasons including:

  • Your account has been open for less than 90 days; 
  • The cheque has been endorsed more than once (Note: Meridian does not accept third-party cheques); 
  • The cheque was deposited more than six months after the date of the cheque; 
  • The cheque is not in Canadian dollars; 
  • The cheque is issued by an institution outside of Canada; 
  • Meridian has reasonable grounds to believe that the deposit is being made for illegal or fraudulent reasons.  

More hold policy information for Members

Members are responsible for all cheques (and other negotiable instruments) deposited to their account. Even if we release the funds to you after the cheque hold period has expired, it is possible the cheque may be returned, and we may charge the amount of the cheque to your account. Please refer to your Membership agreement and/or contact your account representative if you have any questions.

Timing for cheque holds

Cheques deposited Monday-Friday during business hours are posted to the account on the same day. Cheques deposited after business hours or on weekends/statutory holidays are posted to the account on the following business day.