How Long Does Simplii Financial Hold Cheques

how long does simplii financial hold cheques

How Long Does Simplii Financial Hold Cheques?

Simplii Financial, known for its digital banking services, has set certain parameters about the cheque holding period. This article guides you on how long Simplii Financial holds cheques and presents options available through online banking, mobile app, and customer service.

Understanding Cheque Holding

The hold on a cheque is a common practice performed by financial institutions to verify its authenticity before the funds are made available. This period tends to depend on various factors such as the type of cheque, the amount, and your relationship with the bank.

Simplii Financial Cheque Holding Period

Simplii Financial typically holds cheques for a period of 4 to 7 business days. However, it may change in specific cases, including new accounts or amounts exceeding certain limits.

Using Online Banking

One way to deposit cheques and know the hold period is through Simplii Financial's Online Banking. By simply signing in to your account, you can upload the photo of your cheque and deposit it.

  • Go to the ‘Deposit’ section.
  • Select the account where the cheque needs to be deposited.
  • Key in the cheque amount.
  • Take a photo of the front and back of your cheque.
  • Submit, and the cheque will be deposited.

Once the cheque is submitted, it shows the hold period and when the funds will be accessible.

Mobile App

The Simplii Financial Mobile App provides the same functionalities as online banking. This method is perfect for individuals who frequently use smartphones. The process for depositing cheques is pretty much the same as the online banking method.

Customer Service

If you prefer speaking to a representative, Simplii Financial's customer service is always available to assist you. By providing the necessary details, they can guide you on the cheque hold period.

In Conclusion

Knowing the exact hold time for cheques can indeed help you manage your finances better. Simplii Financial offers multiple ways for you to deposit cheques and understand the holding period – online banking, mobile app, or talking to customer service. Remember, the holding time may vary depending on various situations, and it's essential to have the correct information to avoid any inconveniences.

If unsure, it is best to contact Simplii Financial directly to clarify any questions or confusions about their cheque hold policy. They would be more than happy to help their customers understand their financial processes better.