How Long Does BMO Hold Cheques?

Banking transactions have been eased through a series of digital methods, but there are still specific protocol and timelines banks, like BMO, follow when it comes to holding cheques. Let's explore the options available and understand how each method can affect the hold period on your cheques with BMO.

Online Banking

With BMO Online banking, you're able to deposit your cheques from virtually anywhere at any time. After depositing a cheque online, the funds will typically be available for withdrawal after four to five business days. However, this can vary based on various factors such as your account history, the amount of the cheque, or whether the depositing cheque is from a different bank.

Remember, BMO has the right to hold funds for up to seven business days for cheques deposited online. This is to ensure there are sufficient funds in the issuing account, and the cheque clears without any issue.

Mobile App

Just like online banking, BMO’s mobile app allows you the convenience of depositing your cheque digitally. It's quick and as simple as capturing a photo of your cheque. However, the hold period remains consistent with online banking. After depositing your cheque via the mobile app, the funds will generally be available after four to five business days, though BMO reserves the right to extend this to a seven business day period.

One advantage of using the mobile app is that you can track your transactions easily. You can continuously check the status of your deposited cheque and see exactly when the funds are available to use.

Calling Customer Service

If you prefer a more traditional method, you can always call BMO's customer service to know more about cheque hold periods. They can provide real-time assistance and help you understand any banking fine prints involved typically in cheque-clearing processes. However, be prepared to wait for five business days as well for cheque clearance.

Keep in mind that banking holidays or weekends can extend the processing time. You might need to wait an additional few days to access your funds if you deposit the cheque on a non-business day.

In conclusion, whether you are using online banking, the mobile app, or calling customer service, BMO’s standard cheque hold period typically runs between four to seven business days. It's always best to plan accordingly to avoid any potential cash crunch due to this hold period.

Note: The timelines mentioned are typical and may vary.