DISCLOSURE RELATING TO OPENING OF ACCOUNTS
under the Access to Basic Banking Services Regulations

 
HOLD FUNDS POLICY

Our Hold Funds Policy applies to deposit of duly encoded cheque made by the customer to an account with our Bank. The Hold Funds Policy is in place to allow our Bank to confirm receipt of funds from the Payer's account drawn on other financial institution. In certain circumstances the Hold Funds period may be longer than the duration prescribed below due to causes beyond the control of our Bank or under other arrangement agreed between the customer and our Bank.


Canadian Dollar Cheques
A Canadian dollar cheque not exceeding $1,500 drawn on a financial institution's branch located in Canada if it is deposited in person with an employee at one of our Bank's branches
4 business days


A Canadian dollar cheque not exceeding $1,500 drawn on a financial institution's branch located in Canada if it is deposited other than in person with an employee at one of our Bank's branches
5 business days


A Canadian dollar cheque greater than $1,500 drawn on a financial institution's branch located in the province where the branch of Industrial and Commercial Bank of China (Canada) is located if it is deposited in person with an employee at one of our Bank's branches
5 business days


A Canadian dollar cheque greater than $1,500 drawn on a financial institution's branch located in the province, within Canada, other than the residing province where the branch of Industrial and Commercial Bank of China (Canada) is located if it is deposited in person with an employee at one of our Bank's branches
7 business days


A Canadian dollar cheque greater than $1,500 drawn on a financial institution's branch located in Canada if it is deposited other than in person with an employee at one of our Bank's branches
8 business days


AVAILABILITY OF FIRST $100
Our Bank will make the first $100 of all funds deposited by a duly encoded Canadian dollar cheque or other instrument drawn on a financial institution's branch located in Canada on any one day to a retail deposit account available for withdrawal
  1. immediately, if it is deposited in person with an employee at one of our Bank’s branches,
  2. on the business day following the day of the deposit, if it is deposited in any other manner.


EXCEPTIONS
The duration of Hold Funds period prescribed above does not apply in respect of a deposit that is made by an eligible enterprise, as defined in the Access to Funds Regulations, if our Bank has reasonable grounds to believe that there is a material increased credit risk.

The duration of Hold Funds period and availability of first $100 prescribed above do not apply in respect of
  1. a deposit that our Bank has reasonable grounds to believe is being made for illegal or fraudulent purposes in relation to the depositor's account;
  2. an account that has been open for less than 90 days;
  3. a cheque or other instrument that has been endorsed more than once; or
  4. a cheque or other instrument that is deposited at least six months after the date of the cheque.


U.S. Dollar Cheques and Other Currency Cheques
A U.S. dollar cheque drawn on a financial institution’s branch located in the province where the branch of Industrial and Commercial Bank of China (Canada) is located
7 business days


A U.S. dollar cheque drawn on a financial institution’s branch located in the province, within Canada, other than the residing province where the branch of Industrial and Commercial Bank of China (Canada) is located
10 business days


U.S. dollar cheques drawn on continental U.S. financial institutions within North America
15 business days or
subject to collection*


Other currency cheques and cheques drawn on financial institutions outside Canada and the United States
Subject to collection*


* if such cheque is subject to collection, the funds less applicable charges will only be credited to your account when the funds has been received by our Bank from the other financial institution.