Holds on Accounts

General Hold Periods

We may place a hold on deposits pursuant to our internal policy. During such periods you will not be able to access the funds being deposited.

According to our policy, maximum hold periods for cheques, unless extended for the reasons set out below, will be as follows:

Cheques for up to and including $1,500

4 business days, starting the day after the deposit is received by PTC

Cheques for greater than $1,500

7 business days, starting the day after the deposit is received by PTC

Electronic transfers of funds may be held for 7 business days, unless extended for the reasons set out below. For electronic transfers of funds, the hold period begins the day after the deposit is received by PTC.

Extension of Hold Periods

We may extend the maximum hold period in exceptional circumstances, including:

(i) where required in order to complete investigations as to the validity of a cheque or other instrument, including where the cheque or other instrument has been damaged;
(ii) where we have reasonable grounds to believe a deposit is being made for fraudulent or illegal purposes in relation to your account;
(iii) for an account that has been open for less than 90 days;
(iv) for a cheque that has been endorsed more than once; or
(v) for a cheque that is deposited six months or more after it was dated.

International Deposits

PTC will not accept deposits made by cheque, electronic funds transfer, or other item if drawn on a financial institution’s branch located outside Canada.

Interest

Interest will begin to accrue on the day funds are deposited to your account by PTC notwithstanding the hold period. Such interest shall not be payable if the subject deposit fails to clear.

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