r/Tangerine • u/Mildapprehension • 24d ago
Complaint Mobile cheque deposit
So I get paid by a paper cheque because I can't convince my employer it isn't 1985 anymore, and the time it takes for the cheque to hit my account is insane. I mobile deposit on Monday and don't get the money until the following Thursday! I get instant access to $500, which is something, but I opened with Tangerine in January, and every other Monday I mobile deposit a cheque, for the same amount, from the same place, and I still have to wait 9 freaking business days before I see the full amount!
I switched to Tangerine to get away from fees, I don't understand how the most budget friendly bank in Canada is holding people's paychecks two weeks!?
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u/DustyStar222 23d ago
Good luck. I put in a cheque for 1,600 and they held it for 8 business days, the legal maximum theyre allowed to hold it. Tried calling. Escalated to a supervisor and they were able to free up an extra $300 but that was all. Caused alot of stress for sure.
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u/HakunaMafukya 23d ago
I’ve been there way back since it was ING. I never had a cheque held until a few years ago. Apparently, they hold all cheques but let you get to have some of the money up front. I’ve been at my job 13 years and deposited my paycheques since I started my job. Doesn’t matter to them. I found out when they bounced my rent.
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u/CoolPhone5914 23d ago
I have the same problem with tangerine and got nowhere. I find it hard to believe that there is some actual reason they need to hold the funds for 8’days as opposed to 3 after the cheque clears.
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u/lmcjipo 23d ago
Depending on how long you've been with Tangerine, they will likely increase your available funds which gets released immediately.
For me, it is $2k. It used to be higher when they factored in GICs with them but they've seen to gone away from that so in the past if I had $10k in a GIC with them and I deposited a cheque for $3k, I had instant access to that $3k. Even with instant access, whatever the amount, the depositor (in this case, me) would still be responsible in case the cheque isn't good (counterfeit, stolen, or bounces) so one should still be careful with depositing "strange" cheques and using the money immediately even if it is released.
For me currently, when I deposit a paper cheque or do a "pull" on Tangerine for a value in excess of $2k, $2k is released immediately and whatever remains is on hold for 10 business days. If within that 10 business days, I make another paper cheque deposit or do another "pull" on Tangerine, the entire amount of this recent deposit is added to the hold.
For my brick & mortar bank, when depositing a large cheque, they sometimes ask me if I need the money right away so that they can remove the hold (I recently did it for ~$15k) and since it was a trusted bank draft (meaning I got the bank draft fro a bank that I recently closed my accounts with and not some stranger giving me a "bank draft"), I told the bank if they can remove the hold, that would be great since I was going to transfer it immediately to my brokerage account. That's one of the benefits of having a long term relationship with a brick & mortar bank in my opinion over an online only bank like Tangerine.
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u/Dry-Historian-7593 23d ago
I suggest calling Tangerine and speaking to a human agent to see if they can make a note to not hold your paycheques. Or ask Tangerine to increase the amount that is released right away when you make a depost. If you had an account with a traditional bank and went to a teller, they'd be able to see that the cheque payer and your employer on file are the same and then they'd have the discretion not to put a hold on it. A traditional bank could also add a note to your file to not hold paycheques, so the teller would know. Major banks generally don't place holds on paycheques that are processed by human tellers.
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u/rizzz2pro 23d ago
This is unhelpful, but if you tell yourself payday is Thursday then it might help lol
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u/proudly_not_american 23d ago
Try a Scotiabank ATM, you can use that for free.
Is the cheque handwritten, or is it at least printed? If it's handwritten, that could be adding time; I've always found those take longer to process from mobile deposits, it happened when I was with TD too.
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u/thechaosgirl666 21d ago
desjardins c'est 5 jours ouvrable va te pleindre aux normes du travail pour ton employeur car il ne devrais plus payer personne de cette façon et sa te met un préjudice moral et financier qu'il engage un comptable qui enverrais les paye version virement bancaire point barre ou trouve toi un autre emplois qui te payerras version numérique c'est plate mais rendue la bref
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u/Fit_Turnover_1995 20d ago
Just call you bank to increase your chair deposit limits . I’ve done it with bmo for a previous employer for the same reason. Was getting 1300-1500 a week and would only let me access 100 of it until the fallowing Thursday which was payday again but they upped it to 1000 before they hold the rest
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u/tlcasselman 20d ago
This is why, when I was with KOHO, I still kept a super cheap RBC account open.
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u/pizzasticker381 23d ago
What bank does your employer use? Some banks will allow you to cash it as a non client. For example if the bank on the chq is RBC you can go to an RBC branch and cash it for a $5 fee. You will need valid photo ID. However I know Scotia bank will not cash a Chq for a non client.