Background - I took a business cheque into my branch to have cashed. I had received it from a part-time job. It was for the amount of $1330. The bank told me they could not cash the cheque and if I deposited it, I would receive my $500 cashback and the rest would be on hold. I have asked my bank on several occasions to increase my cashback limit or decrease the hold time on our account (currently 5 business days), they have refused. (Cashback is the amount the bank will "free" up to you when you deposit a cheque with the teller or at the ABM.)
I have been banking with this certain bank (they shall remain nameless - the red and white guys) for 2 1/2 years. I have both mine and my husband's paycheques directly deposited into the account. I also hold a mortgage with their subsidiary company. Most of our debit transactions and bill payment are done through this account. My bank has not attempted to even meet me halfway regarding this issue. I have been told fraudulent activity (which doesn't apply to me) and the "banking crisis" as excuses for not increasing my cashback amount.
How inconvenient is it, when you have bills to pay and you are waiting for cheques to clear. Therefore, I have had no choice but to write to their Ombudsman and the Canadian Bankers Association to get this issue resolved.
Wish me luck and I will keep you posted.
Happy Shopping!!
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