Thursday, September 6, 2007
Banks in Canada have committed to reducing the normal maximum cheque hold period from 10 to 7 business days
Banks in Canada have committed to reducing the normal maximum cheque hold period from 10 to 7 business days by April 2007, and to reduce it further to 4 business days once electronic cheque imaging is fully integrated into the cheque clearing process.
The Financial Consumer Agency of Canada (FCAC) is informing consumers about this public commitment and will monitor banks’ compliance.
