Bank Act (S.C. 1991, c. 46)

Marginal note:Availability

627.21 An institution shall make available for withdrawal any funds deposited by cheque or other instrument into a retail deposit account or into a deposit account held by an eligible enterprise

• (a) in the case of a cheque or other instrument in an amount that is not greater than the prescribed amount,

  • (i) if the deposit is made in person with an employee at one of the institution’s branches or points of service, within the prescribed period or, if there is no prescribed period, no later than four business days after the day of the deposit, or

  • (ii) if the deposit is made in any other manner, within the prescribed period or, if there is no prescribed period, no later than five business days after the day of the deposit; and

• (b) in the case of a cheque or other instrument in an amount that is greater than the prescribed amount,

  • (i) if the deposit is made in person with an employee at one of the institution’s branches or points of service, within the prescribed period or, if there is no prescribed period, no later than seven business days after the day of the deposit, or

  • (ii) if the deposit is made in any other manner, within the prescribed period or, if there is no prescribed period, no later than eight business days after the day of the deposit.