Daily limits, holdbacks and authorized transits

It is a prudent practice for a financial institution to hold back funds from a cheque or other type of deposit to ensure that the funds have in fact been deposited into the account.

The holding period varies from four to eight days depending on the amount deposited and the method used to make the deposit.

DAILY LIMITS AND HOLDBACKS

Access to the first $100

The first $100 of a deposited cheque can be withdrawn:

• Immediately if you deposit it in person at the counter.
• The next open business day if you deposit it at the ATM or via mobile deposit.

If you deposit more than one cheque in the same day:

• You can immediately withdraw the first $100 on the first cheque deposited.
• The next day, you can withdraw the first $100 on each of the other cheques deposited. 

Maximum holdback time for foreign currency cheques

The maximum holdback period for a foreign currency cheque deposit is 25 business days.

This applies to cheques deposited in Canada that are:

1. encoded with magnetic ink to allow character recognition.
2. not so damaged or mutilated as to be illegible by cheque clearing systems.
3. drawn from a business location for an institution located in Canada.
4. issued in Canadian dollars.

UNI is not required to comply with the above if:

1. we have reasonable grounds to believe that the deposit is being made for illegal or fraudulent purposes in connection with the account.
2. the account has been open for less than ninety (90) days.
3. the cheque has been endorsed more than once.
4. the cheque is being deposited six (6) or more months after the date of the cheque.

AUTHORIZED TRANSIT

Authorized transit is an amount determined by UNI to allow an individual to cash cheques without funds being held back. Apply for authorized transit now, if you have not already done so!¹

For details on daily or other limits, contact your advisor or the Client Contact Centre at 1 888 359-1357.

• Holdback for an item in U.S. currency²
• Withdrawals from ATMs
• Direct payments
• Cashing government cheques

1. An analysis of your situation by the branch will determine an authorized transit amount and a funds freeze at the ATM that meets your needs.
2. The holdback is applied to the value of the item converted to Canadian dollars if the account is in Canadian dollars.