[Gerbs]

^

When I worked at the bank, a cheque from a Canadian bank should take 5 business days to clear. But if it's the same bank as the draft was issued it should be fine, because you can see if it has been deposited. When we asked people to get a cheque certified, the cheque is still put on hold for most cases.

Main reason for the hold nowadays is to prevent fraud against someone depositing their draft with mobile deposit at a different bank then doing it again in branch. Which means that the money the branch released to you will be considered a loss because the funds will have cleared the mobile deposit first and there's noway to know if someone has done a mobile deposit on a cheque without waiting 5 business days.