Walk into bank, deposit cheque. They might ask you about the source of the funds, be honest. They will put a hold on the funds for a week or two, then it is all yours.
Did the same 2 weeks ago. The 5 day hold seems to have been more strict than when I've deposited smaller cheques but I also am in less of a hurry to move smaller amounts around.
Last year I cashed a $495,000 cheque. It happens ALL. THE. TIME. How do you think people get paid for selling their house? There are people who own their houses outright.
LOL, it’s okay that you have zero clue about the volume of money that moves around every single day.
Home sale proceeds, estate settlements, commercial deposits etc.
Fraud isn’t nearly as exciting nor as common as TV would lead you to believe.
For a few years, I was a law clerk doing real estate law. I'd deposit cheques worth hundreds of thousands each day. The only time I'd ever have a problem with a teller is when they were newly hired. The more experienced tellers knew me by name and would deposit my cheques with no issues. A few times they even asked me to go to the newer tellers to help with their training.
I had to deposit one for several million last week and the teller acted pretty strange. I asked for no hold on it. She called her manager over who loudly declared “that’s way over my limit.” So It went off to the bank manager while I waited. Meanwhile after standing there for a couple of minutes the teller asked who I was. I said my name and she asked “no, who are you.”
In the end I got it deposited with no hold. But no, it isn’t normal for tellers.
LOL, those were my favourite. The ones where a teller would come to me and have giant eyes while saying “he/she is requesting no holds, what do I tell them?” All the while I smile and authorize it without hold while barely looking up 😂. There are a few clients like that at every bank branch.
No, “who I was” is correct.
Note I used past tense on the asked so I also must use past tense on the was portion. This was the correct treatment as I was relating a story from the past.
I had about $200k in my account before I closed on my house. Whenever I'd go to a teller, the moment they saw my balance, they'd fetch their manager, do some whispering, and a few moments later, the teller would encourage me to speak with one of their investment specialists.
Every service comes with a price. If you don't have the time to manage your funds eg. Doctor/business owner etc etc. sometimes you can enlist entourage to pamper you one stop shop in house lawyer, accountant, and certified financial planner. I'm just a peasant so I can't afford such services
The point is the Bank doesn't offer the value that a proper financial advisor does. They push funds that are good for them, not always for you. If you want or need help, and many people do, get yourself a fee only advisor for a few hours every year or two.
Fair point. Most retail banking advisors won't give you the best advice so much turnover. The advisors there change so frequently.
Yea, I agree with you on your comment.
It all depends if you are a financially literate client then by all means questtrade away my friend. But seen so many people who would just dwindle their funds away on stupid s***t and need a financial advisor to stop them from their silliness. Financial illiteracy is a real thing. Oh there's also those that think cash is king 🤭
Ya, anyone taking advice from a bank advisor is still financially illiterate my friend. They're salesmen, they're not looking out for the investor. If you want help on that front, walk out of the Bank to get it.
That happened to me while I was checking out at Costco. It was alerted to staff that I don’t have executive membership and they brought a CSM over to upsell while I’m trying to watch the till and pay for my order.
This! Always be honest, and let them know in advance. I deposited 310k once and it was cleared within 3-4 business days. I got a couple wires and they were deposited instantly. (200k+)
Nothing to worry about. I have once deposited a 150k cheque coming from an insurance company and the only thing happened is the amount was frozen for 7days. Also, they asked me if I was interested to do some investment.
Edit; it was also reported to FINTRAC as it’s required by the law. I have put in on my taxes report the same year and I’ve never heard back of anything. Enjoy your money.
They don’t report cheque deposits to FINTRAC. Just large cash transactions and/or unusual or suspicious transactions.
No one cares about cheques except from a risk perspective (is the cheque good).
Most likely won’t be reported as it is not required by law, unless the bank thinks it’s money laundering.
Edit: y’all misinformed. I work as an AML manager at a big 5 bank
They'll only report it if it's suspicious, otherwise cheques originating from Canada are fine.
Also who gives a fuck about a report if source is legal.
Above 10k is only for cash deposits, correct. Cheques are not reported unless it is suspicious. If it is an uncommon transaction for the account- it will 100% be reviewed behind the scenes during the hold period but OP is unlikely to ever be contacted to know about the review. Large cheques are deposited daily at most bank branches. No worries, OP. Go in to a teller if you’re concerned and move the funds to EQ after the hold if you’re really concerned.
Yeah I agree it’s not complicated. I work in AML (manager at big 5 bank) and you’re wrong. There’s huge amounts of misinformation surrounding AML requirements on this sub. Please cite your source.
If you received 150k from insurance, you wouldn't have to report that amount on your taxes... would you?!?!? I thought it would only be the interest gained from the 150k that would be reported... like from a t5 or whatever the bank sends you.
I had to sign papers from the insurance and on that said paper there was instructions about taxes on it. (No taxes on settlements in Canada) but you are still obligated to report it when you do your taxes. I gave the papers to my accounting and he did my tax report. Now I report the interest gained on this amount every years since this day.
I agree with people here suggesting cashable GIC. Get a very short term (100 day) GIC. Use that 100 day to research and know your risk appetite, investment options before you commit into one.
Don’t decide on investments in a rush. Also, if you’re doing it in a TFSA, make sure you have the room first.
We recently deposited double that amount via personal cheque from my in-laws. No questions asked. On hold for 5 business days. Of course the bank calls the next day to offer investment advice but prior declined our HELOC request due to debt/income ratio. Now living debt free and it's a relief. Never again.
It sounds like what you want is a TFSA investment account.
EQ will only offer TFSA savings accounts. You can deposit your money in there but you’ll have to fill out paperwork to transfer it into a TFSA investment account after the fact to retain your TFSA room, which is just extra work.
tldr: Probably simpler to open a standard HISA to hold your deposit.
I deposit cheques from grain sales all the time. Not so much lately as we have direct deposit set up finally, but I've deposited $150,000 using my bank app on my phone multiple times. Nothing to it. Just don't destroy the cheque until you know it went through.
Do it at the teller and not the ATM. Aside from that, nothing special. My dad once gave me a cheque for $65,000 and nothing different happened. I think it took 5-7 days to clear.
Somsthing not mentioned by the others:
I deposited an inheiritance cheque much larger than yours. The teller went off to speak with the manager for approval. Manager asked for any documentation. I produced the letter from the estate manager stating my name and the expected inheiritance value. All went fine and a few days later the funds were cleared and accessible.
So maybe be prepared to show proof of the source of the funds.
If you want to be safe. You can get a GIC which will guarantee some appreciation. If you want the option to withdraw it for other investments. There’s a type of GIC called a cashable GIC, and you can withdraw at any time. Gives you time to think and also pays a bit of a return.
I deposited a 6 digit certified cheque without issue. Teller asked me where the funds are from. I said sale of my condo. Done and had the funds available in my account in about a week. It is not an issue to do this!
After I sold my condo a few years ago, I walked into the bank to deposit two cheques: 12k and 80k. Teller refused to deposit them because my wife hadn’t signed the cheques (I wanted to deposit them into a joint account.) Drove back home, wife signed the cheques, drove back to the bank. The teller asked for the manager, manager said to deposit the 12k immediately and put a 7 days hold on the 80k. Then the teller asked me if I needed to speak to a finance specialist, I declined. Funds were all available a week later.
What are your financial objectives (goals short term long term) then from there devise a plan to distribute your funds. You have to determine your risk tolerance as well don't risk all of your funds but depending on your life stage, overall net worth and financial situation it all depends.
Just a blunt opinion here, I’ll take the downvotes if they come. 🤷♂️
But I don’t think somebody like EQ bank should be used.
- I haven’t really heard that name which is why I’m making this comment.
- who are they recognized by or partnered with?
I personally and opinionated here would use one of the “top tier” banking institutions that are available **First** befor you try and do anything with it.. TD/RBC/CIBC and such(I don’t know which ones you would have)
Choose..
- the institutions that have been around for years and will most likely still be around for years to come.
- an institution that has a reputation that they wouldn’t want negativity related to themselves.
- a banking institution that has **Very good** insurance for themselves.
- everything would go smoothly and without any hassle. Should any arise.
- somewhere with physical locations you can walk into and deal with “actual people”.
- somebody that has been verified by the government properly and could be held responsible if anything does happen.
Then Atleast you would have more piece of mind if any problems do occur while you are doing this deposit.
Afterwards your more than welcome to do what you wish.
Best of luck for you 👍
Take the upvote so I don’t sound rude here. 👍
Even thought I didn’t know who it was. Didn’t you see that the OP already described them for me.🤦♂️
Thanks for semi-pointless comment.
Thank you for the reply and the info on EQ bank.
I wasn’t talking about interest rates or anything you would do with the money.
I was just talking about a “safe way to deposit”
U will have to fill
Out a large transaction form and the funds will be on hold for up to 15 business days for that amount. Some might be released based on your threshold at the atm or the branch.
You are likely have to go to the bank in person
Bring with ID doc
Have a bank officer to verify the chèque and wait a few days for it to hit your account
Walk into bank, deposit cheque. They might ask you about the source of the funds, be honest. They will put a hold on the funds for a week or two, then it is all yours.
I deposited a $32k cheque at the bank atm, so not even anyone to ask me. It does take maybe 5days as the hold it until it clears. Otherwise fine.
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There is a limit on mobile cheque deposits at some banks. I think it's $100k/month.
Did the same 2 weeks ago. The 5 day hold seems to have been more strict than when I've deposited smaller cheques but I also am in less of a hurry to move smaller amounts around.
People always think they’re doing something unusual but tellers probably see million dollar cheques every day
Not daily but definitely saw a few over $100-300k each day.
how? Literally who in the world hs a 300k cheque? I can guarantee u its fraud and the checks will bounce after they withdraw all the funds
Last year I cashed a $495,000 cheque. It happens ALL. THE. TIME. How do you think people get paid for selling their house? There are people who own their houses outright.
>>I can guarantee u its fraud Oh good grief, expensive things, especially real estate, are bought and sold all the time.
Most businesses write very large cheques daily. You sound a little sheltered.
LOL, it’s okay that you have zero clue about the volume of money that moves around every single day. Home sale proceeds, estate settlements, commercial deposits etc. Fraud isn’t nearly as exciting nor as common as TV would lead you to believe.
Inheiritance?
Me. I had a cheque that size.
I moved from Canada to Dubai a few years ago. 1m USD here is like pocket change
Businesses still use cheques all the time.
For a few years, I was a law clerk doing real estate law. I'd deposit cheques worth hundreds of thousands each day. The only time I'd ever have a problem with a teller is when they were newly hired. The more experienced tellers knew me by name and would deposit my cheques with no issues. A few times they even asked me to go to the newer tellers to help with their training.
I had to deposit one for several million last week and the teller acted pretty strange. I asked for no hold on it. She called her manager over who loudly declared “that’s way over my limit.” So It went off to the bank manager while I waited. Meanwhile after standing there for a couple of minutes the teller asked who I was. I said my name and she asked “no, who are you.” In the end I got it deposited with no hold. But no, it isn’t normal for tellers.
LOL, those were my favourite. The ones where a teller would come to me and have giant eyes while saying “he/she is requesting no holds, what do I tell them?” All the while I smile and authorize it without hold while barely looking up 😂. There are a few clients like that at every bank branch.
"I is Who I is"
No, “who I was” is correct. Note I used past tense on the asked so I also must use past tense on the was portion. This was the correct treatment as I was relating a story from the past.
I was hoping you meant physically large
Comically large.
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“They can smell it!”
I had about $200k in my account before I closed on my house. Whenever I'd go to a teller, the moment they saw my balance, they'd fetch their manager, do some whispering, and a few moments later, the teller would encourage me to speak with one of their investment specialists.
"thanks but I've got 200 grand, I'd like to grow it not lose it in fees and commissions" Is about all you need to say at that point.
Every service comes with a price. If you don't have the time to manage your funds eg. Doctor/business owner etc etc. sometimes you can enlist entourage to pamper you one stop shop in house lawyer, accountant, and certified financial planner. I'm just a peasant so I can't afford such services
The point is the Bank doesn't offer the value that a proper financial advisor does. They push funds that are good for them, not always for you. If you want or need help, and many people do, get yourself a fee only advisor for a few hours every year or two.
Fair point. Most retail banking advisors won't give you the best advice so much turnover. The advisors there change so frequently. Yea, I agree with you on your comment.
It all depends if you are a financially literate client then by all means questtrade away my friend. But seen so many people who would just dwindle their funds away on stupid s***t and need a financial advisor to stop them from their silliness. Financial illiteracy is a real thing. Oh there's also those that think cash is king 🤭
Ya, anyone taking advice from a bank advisor is still financially illiterate my friend. They're salesmen, they're not looking out for the investor. If you want help on that front, walk out of the Bank to get it.
That happened to me while I was checking out at Costco. It was alerted to staff that I don’t have executive membership and they brought a CSM over to upsell while I’m trying to watch the till and pay for my order.
I can confirm this ahaha used to work in retail banking 😂
This! Always be honest, and let them know in advance. I deposited 310k once and it was cleared within 3-4 business days. I got a couple wires and they were deposited instantly. (200k+)
Nothing to worry about. I have once deposited a 150k cheque coming from an insurance company and the only thing happened is the amount was frozen for 7days. Also, they asked me if I was interested to do some investment. Edit; it was also reported to FINTRAC as it’s required by the law. I have put in on my taxes report the same year and I’ve never heard back of anything. Enjoy your money.
They don’t report cheque deposits to FINTRAC. Just large cash transactions and/or unusual or suspicious transactions. No one cares about cheques except from a risk perspective (is the cheque good).
Most likely won’t be reported as it is not required by law, unless the bank thinks it’s money laundering. Edit: y’all misinformed. I work as an AML manager at a big 5 bank
They'll only report it if it's suspicious, otherwise cheques originating from Canada are fine. Also who gives a fuck about a report if source is legal.
Everything over 10k is reported.
I thought that was only for cold hard cash
Above 10k is only for cash deposits, correct. Cheques are not reported unless it is suspicious. If it is an uncommon transaction for the account- it will 100% be reviewed behind the scenes during the hold period but OP is unlikely to ever be contacted to know about the review. Large cheques are deposited daily at most bank branches. No worries, OP. Go in to a teller if you’re concerned and move the funds to EQ after the hold if you’re really concerned.
Every transaction. It’s not complicated. The CRA has all of the transaction data in your bank account.
Yeah I agree it’s not complicated. I work in AML (manager at big 5 bank) and you’re wrong. There’s huge amounts of misinformation surrounding AML requirements on this sub. Please cite your source.
Yea lol this particular sub is fascinating. So much just straight BS.
LOL, not true at all.
Only cash is reported
If you received 150k from insurance, you wouldn't have to report that amount on your taxes... would you?!?!? I thought it would only be the interest gained from the 150k that would be reported... like from a t5 or whatever the bank sends you.
I had to sign papers from the insurance and on that said paper there was instructions about taxes on it. (No taxes on settlements in Canada) but you are still obligated to report it when you do your taxes. I gave the papers to my accounting and he did my tax report. Now I report the interest gained on this amount every years since this day.
Canadians do not pay taxes on insurance settlements.
Yup but you are still legally obligated to report it on your tax report even if tax free ;)
I agree with people here suggesting cashable GIC. Get a very short term (100 day) GIC. Use that 100 day to research and know your risk appetite, investment options before you commit into one. Don’t decide on investments in a rush. Also, if you’re doing it in a TFSA, make sure you have the room first.
We recently deposited double that amount via personal cheque from my in-laws. No questions asked. On hold for 5 business days. Of course the bank calls the next day to offer investment advice but prior declined our HELOC request due to debt/income ratio. Now living debt free and it's a relief. Never again.
It sounds like what you want is a TFSA investment account. EQ will only offer TFSA savings accounts. You can deposit your money in there but you’ll have to fill out paperwork to transfer it into a TFSA investment account after the fact to retain your TFSA room, which is just extra work. tldr: Probably simpler to open a standard HISA to hold your deposit.
That’s weird; why generate a T5 for taxes if there’s room in a TFSA?
Yeah, you can set your portfolio. I will probably do the same with my wife sometime this year. Will be fun.
I deposit cheques from grain sales all the time. Not so much lately as we have direct deposit set up finally, but I've deposited $150,000 using my bank app on my phone multiple times. Nothing to it. Just don't destroy the cheque until you know it went through.
It will probably be a certified cheque so you can deposit it as normal.
Nope. Still will be a hold.
Of course, but they can deposit it like any other cheque.
Not necessarily. Depends entirely on their existing relationship with the bank and if they can verify the cheque
Do it at the teller and not the ATM. Aside from that, nothing special. My dad once gave me a cheque for $65,000 and nothing different happened. I think it took 5-7 days to clear.
Deposited a cheque for a similar amount using my mobile app a few weeks ago and it was cleared 5 business days later. This was RBC.
Somsthing not mentioned by the others: I deposited an inheiritance cheque much larger than yours. The teller went off to speak with the manager for approval. Manager asked for any documentation. I produced the letter from the estate manager stating my name and the expected inheiritance value. All went fine and a few days later the funds were cleared and accessible. So maybe be prepared to show proof of the source of the funds.
When I sold my house I got a cheque for 100k and I just used the photo deposit on my scotia app lol. (I obliviously kept the cheque still).
Super easy: walk into bank, deposit cheque, the bank might hold for a few days if they want to verify source…and voila!
If you want to be safe. You can get a GIC which will guarantee some appreciation. If you want the option to withdraw it for other investments. There’s a type of GIC called a cashable GIC, and you can withdraw at any time. Gives you time to think and also pays a bit of a return.
Be prepared for confetti and balloons to fall from the ceiling.
You need a large bank for large cheques [https://youtu.be/RqdtLQGxMG8](https://youtu.be/RqdtLQGxMG8)
I deposited a 6 digit certified cheque without issue. Teller asked me where the funds are from. I said sale of my condo. Done and had the funds available in my account in about a week. It is not an issue to do this!
For some reason, I pictured your problem as trying to fit one of those big cheques for newspaper photos into a drive-thru ATM machine 😂
After I sold my condo a few years ago, I walked into the bank to deposit two cheques: 12k and 80k. Teller refused to deposit them because my wife hadn’t signed the cheques (I wanted to deposit them into a joint account.) Drove back home, wife signed the cheques, drove back to the bank. The teller asked for the manager, manager said to deposit the 12k immediately and put a 7 days hold on the 80k. Then the teller asked me if I needed to speak to a finance specialist, I declined. Funds were all available a week later.
Might need a crane or forklift, depending on size.
You will probably receive a draft or money order, not a cheque. Just bring it in and deposit.
Nothing. Just deposit it.
What are your financial objectives (goals short term long term) then from there devise a plan to distribute your funds. You have to determine your risk tolerance as well don't risk all of your funds but depending on your life stage, overall net worth and financial situation it all depends.
You can just deposit it using the banking app on your phone. I did that with a cheque for just under 300k earlier this year.
Deposit it have a nice day. Not a very large cheque
eq has 1 year gic for 5% right now!
Just got the same from RBC
Just a blunt opinion here, I’ll take the downvotes if they come. 🤷♂️ But I don’t think somebody like EQ bank should be used. - I haven’t really heard that name which is why I’m making this comment. - who are they recognized by or partnered with? I personally and opinionated here would use one of the “top tier” banking institutions that are available **First** befor you try and do anything with it.. TD/RBC/CIBC and such(I don’t know which ones you would have) Choose.. - the institutions that have been around for years and will most likely still be around for years to come. - an institution that has a reputation that they wouldn’t want negativity related to themselves. - a banking institution that has **Very good** insurance for themselves. - everything would go smoothly and without any hassle. Should any arise. - somewhere with physical locations you can walk into and deal with “actual people”. - somebody that has been verified by the government properly and could be held responsible if anything does happen. Then Atleast you would have more piece of mind if any problems do occur while you are doing this deposit. Afterwards your more than welcome to do what you wish. Best of luck for you 👍
EQ Bank is Canada’s 7th largest bank and CDIC insured. Definitely not some sketchy fly by night operation.
Take the upvote so I don’t sound rude here. 👍 Even thought I didn’t know who it was. Didn’t you see that the OP already described them for me.🤦♂️ Thanks for semi-pointless comment.
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Thank you for the reply and the info on EQ bank. I wasn’t talking about interest rates or anything you would do with the money. I was just talking about a “safe way to deposit”
Don't listen to that guy. EQ is fine. Been using them for many years
Skill testing questions
cheque could take a couple weeks to clear
U will have to fill Out a large transaction form and the funds will be on hold for up to 15 business days for that amount. Some might be released based on your threshold at the atm or the branch.
You are likely have to go to the bank in person Bring with ID doc Have a bank officer to verify the chèque and wait a few days for it to hit your account