Hold funds policy on items deposited

When you make a deposit with Motive Financial, we may place a hold on the item deposited and you will not have access to those funds for the period of the hold.

If the item deposited is a fully encoded Canadian dollar item drawn on a financial institution’s branch located in Canada and is not damaged or mutilated such that it is unreadable by cheque clearing systems, a hold may be placed as follows:

Maximum Cheque Hold Period:

a.) cheque deposits, not exceeding $1,500 - 5 business day hold including the day of deposit; or,

b.) cheque deposits, exceeding $1,500 - 8 business day hold including the day of deposit.

If the item deposited is not encoded or partially encoded or if the item is drawn on a financial institution's branch located outside of Canada, or if the item is not in Canadian dollars, we may place a hold for a maximum period of twenty (20) business days. In some cases, we may send the item to the financial institution where the item is drawn on a collection basis rather than accepting it for deposit.

You can request access to funds being held by contacting us.

A hold provides no guarantee that an item deposited will not be returned unpaid after the hold period has expired. If an item deposited is returned unpaid for any reason at any time, either during or after the hold period has expired, we have the right to charge the amount of the item to your account.  If this creates an overdraft in your account, you are responsible for repaying the amount overdrawn plus any related fees or interest caused by the overdraft.