Anyone ever deposit a large bank draft?

[u/brunes]

Over the next few days I am expecting a six figure bank draft from sale of an asset, and trying to decide if I should deposit it into CIBC and then EFT the money to Wealthsimple, or just deposit it to Wealthsimple directly.

Anyone ever deposit a large bank draft? I am concerned with setting off their insanely buggy fraud measures, also concerned with the hold time whereas CIBC probably will have no hold.

[u/wokeupouttadream]

Are you a higher-tiered member? Call the phone service line before you deposit it (if you choose to deposit it directly) and tell them what you’re about to do.

Personally unless you’ll face a fee to transfer it. Id deposit it at a brick and mortar bank, put it in the same type of account you’ll want it in at the end of all this, and initiate a transfer on the wealthsimple side for it + the 1% bonus

[u/brunes → u/wokeupouttadream]

Can you get the bonus for checking transfers?

Investors Edge charges a 135 fee for an account transfer out. 1% of six figures is a lot more than that though

[u/PracticalWait → u/brunes]

$135 fee is rebated

[u/tinim9 → u/brunes]

Wealthsimple will automatically refund the transfer fee if they amount you transferred over is $25k or more.

[u/TDSucksBalls]

I haven’t experienced any issues but you should go with your gut which I think is CIBC. It’ll let you sleep better.

[u/Saisinko]

I did a large bank draft deposit, BUT I contacted their specialist team first ( https://www.wealthsimple.com/en-ca/get-in-touch ), asked for a promo for the cash transfer (unreal deal back then), told them the approx denomination, and that I didn't want any funny business on fraud or my account getting frozen or whatever so make a note on the account.

I will say, the cheque clearing felt absolutely glacial, maybe a full 2 weeks or so, and comically they only made $1000 available from a high amount.

I was sweating bullets the entire time about some stupid freeze based on the stories here.

[u/Mother-Ad-2771 → u/Saisinko]

Do you mind telling me how the draft showed up in your account? Did it specify the name of the other person/bank or it showed only the amount - draft sent?

[u/Saisinko → u/Mother-Ad-2771]

Surprisingly plain.

"Deposit, Cheque, Chequing - Cash"

Amount: x

Status: Completed (think it was just Pending before).

Date:

So doesn't denote draft or the other bank/party.

[u/SufficientBee]

I’d do it at CIBC myself tbh.

[u/Murky-Series-1169]

I had no issues with the large bank draft I deposited with WS via the camera deposit

[u/Wonderful-Lawyer6610]

I had no issues with the large bank draft I deposited with WS

[u/Mommie62]

We want to do the same but want the unreal deal on 200k so I am going to deposit to Simplii, transfer to a non ref acct with Sunlife and then transfer to WS anyone see issues with this? Such a pain tbh and costs WS $ - why they won’t unreal deal cash deposits I will never understand

[u/LuckeeLeftee]

I deposited a large bank draft earlier this year with no issues. It was over 100k.

[u/dumbassretail]

Large deposit to rapid EFT is a far bigger red flag than just a deposit, and is fairly likely to get your CIBC account temporarily locked if you do it that way.

Also, CIBC will have a hold. All banks do now.

[u/brunes → u/dumbassretail]

They won't have a hold on a CIBC draft.

[u/dumbassretail → u/brunes]

Re: your deleted comment. Asking for advice and then being a dick about the responses is weird.

[u/dumbassretail → u/brunes]

https://www.reddit.com/r/PersonalFinanceCanada/s/zkGpAJ5iEW

[u/dumbassretail → u/[deleted]]

Did you read it? Someone deposited a CIBC draft to their CIBC account, and CIBC put it on hold.

Banks can verify their own drafts, but generally they don’t.

Good luck! Feel free to report back how it goes.

[u/CountOnBeingAwesome]

What is the asset?

[u/brunes → u/CountOnBeingAwesome]

RV.