GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Cheque Hold


Synonyms:delay, hold funds, waiting to clear
Filed Under: financial-banking
Tags: bank account, banking
 

Definition of cheque hold

cheque hold
1. The number of days that a financial institution can legally hold uncollected funds before crediting a customer's account balance and allowing the use of those funds.

Related Terms and Acronyms:

  • cheque (CK)   A written order for payment of a certain amount of money.
      ➥  Bank account transaction code.
  • cheque clearing   When you write a cheque to a person or a company, the cheque is typically cashed when deposited into a bank account. Your chequing account is then debited for the amount of the cheque and the cheque is said to have "cleared."
  • direct cheque printers   These operations offer lower prices and greater selection than chequing customers get through their banks. Many of these printers are also printing cheques for banks that use outside printers. Customers must supply most direct cheque companies with a voided cheque or a reorder form from a current batch of cheques and a deposit slip. Names and addresses must match with information on file at the account holder's bank.
  • float   The amount of time the bank takes to clear or reject a cheque for payment

Search the Glossary

Mortgage Rates Chart
Your money goes a lot further when you pay your home off with low interest rate. Make sure your mortgage isn't weighing you down with high rates and ridiculous payments. View our mortgage rates chart to find the best interest rates in Canada.
Mortgage Rates Chart
 
Great Mortgage Rates
You looking to find a low mortgage rate? Most of the time, getting the best rate for your mortgage is about who you go to more than your credit history. Shop the market using a mortgage broker and you won't be left paying high interest rates.
Best Mortgage Rates
 
Brand New Mortgage Calculator
Use our new mortgage calculator and strike a balance between maximizing your payment schedule and leaving yourself enough breathing room to live comfortably. By simply changing your mortgage amount, amortization period, interest rate, or payment frequency you can determine the best mortgage for your unique situation.
New Mortgage Calculator