Dollar Limit Transactions and Account Limits
|
Outbound Interac e-Transfer® 24-hour Maximum |
$10,000 (in increments of up to $3,000) |
|
Outbound Interac e-Transfer® Weekly Maximum |
$10,000 |
|
Outbound Interac e-Transfer® Monthly Maximum |
$20,000 |
|
Electronic Funds Transfers [EFT] |
$100,000 outbound to linked external bank (in increments of up to $10,000) |
|
Bill Payment |
$10,000 per payment |
|
Payment to CRA |
$10,000 per payment |
Holds on your account1
For the purposes of this Hold Funds section, “cheque” also includes Electronic Funds Transfers (EFT), certified cheques, bank drafts, money orders and other instruments.
When you deposit funds with us, we will place a hold on all or a portion of your deposit until we have verified that the funds are available from the other financial institution to cover the deposit.
Although the deposit will be reflected in your account balance immediately, your ability to access the entire amount of your deposit may be limited until the hold period has expired. You will be unable to withdraw, transfer or pay bills using the funds that are being held. This means that you will be unable to withdraw, transfer (EFT or Interac e-Transfer®) or pay bills using funds that are being held.
Subject to the exceptions below, the normal length of time we will hold funds is 5 to 8 business days2 after the date of deposit. The maximum hold periods for encoded Canadian dollar cheques or items drawn on a Canadian financial institution are illustrated below:
Amount of Deposit Maximum Hold Period
$1,500 or less 5 business days2 after the day of deposit
Over $1,500 8 business days2 after the day of deposit
The expiry of the hold period means that you can access the entire amount of your deposit, but it does not guarantee that the cheque cannot be returned to us unpaid. You are financially responsible for any items that you deposit, and if a cheque is returned unpaid at any time (for example, due to insufficient funds, a stop payment order or a forged signature) either during or after the expiry of the applicable hold period, we have the right to charge the amount of the cheque or item to your account.
In general, up to $100 of each cheque you deposit to your bank account will be available for withdrawal on the business day following the day of deposit when you contact us. If the deposit is made by EFT, access to the first $100 will not apply.
Exceptions
We may extend the maximum hold periods or we may refuse to accept a cheque or give access to first $100 in some circumstances, including (but not limited to) the following:
- We have reasonable grounds to believe that the cheque has been deposited for illegal or fraudulent purposes.
- The cheque:
- has been endorsed more than once;
- is deposited six (6) months or more after the date of the cheque;
- is not encoded with magnetic ink character recognition or is not readable by clearing and processing systems (e.g. has damaged or mutilated encoding).
- When we receive new or updated Personal Information concerning your account while we verify such information.
Should you have any concerns regarding our hold funds process, please contact us at 1-866-392-1088 or follow our Customer Complaint Handling Procedures found at www.wealthonebankofcanada.com.
Notice of Fee Changes
If a fee is increased or a new fee is introduced, we will provide notice of any such change in writing to you through electronic means, which may include posting a notice on our WealthONE Mobile and Online banking applications, on our website, or by any other method allowed by law as determined by us, at least 60 days before the change comes into effect.
Disclaimers
*Fees are subject to change. Applicable taxes may apply to some services.
**Fee charged will be the amount listed in the table or an amount equal to the remaining account balance, whichever is less. If there is no balance remaining after the fee is deducted, we reserve the right to close the account.
***In January, following the 2nd, 5th and 9th year of dormancy, WealthONE will send a written notice by mail to your last known address. After 10 years, any remaining balance will be transferred to the Bank of Canada.
^This fee will be waived if the transfer is due to an RRSP being transferred to a retirement income option such as a RRIF by December 31st of the year that a client turns 71.
1 This Hold Funds section only applies to instruments issued in Canadian dollars and drawn on a financial institution branch located in Canada. WealthONE does not accept cheques from financial institutions outside of Canada, nor do we accept cheques in any other currency.
2 The term business day refers to weekdays only, and excludes Saturdays, Sundays, federal statutory holidays, and publicly observed holidays in the province of Ontario..
Interac is a registered trade-mark of Interac Inc. Used under license.
