In this article:
Overview
You can deposit physical cheques and bank drafts into any of your chequing accounts using your phone's camera.
How to deposit a cheque or bank draft
Follow these steps to deposit a cheque or bank draft:
- Log in to the Wealthsimple mobile app
- Tap your Chequing account
- Tap More
- Select Deposit a cheque
- Tap Take photos
- Take a photo of the front and back of your cheque or bank draft
- Enter the amount of the cheque or bank draft
- Select the account to deposit the cheque or bank draft into
- Tap Next
- Confirm the details of your deposit
- Tap Deposit cheque
Processing timelines
Physical cheque and bank draft deposits take 6 business days to settle before the funds become available to spend, send, and transfer. Your deposit will be pending during this 6-day period, and you won't have access to these funds.
In your activity feed, the deposit will remain in an In Progress state until the 6-day hold completes. We'll notify you when the cheque or bank draft deposit is complete and your funds are available to use.
Limitations
Please consider the limitations below when depositing a physical cheque or bank draft:
- We only support cheque and bank draft deposits from Canadian financial institutions.
- Deposits take 6 business days to settle.
- Physical cheques and bank drafts don't count toward the 0.5% direct deposit boost.
- We don't support depositing Federal government cheques yet.
- We don't support depositing USD cheques or bank drafts.
Reasons your cheque or bank draft could be rejected
If your cheque or bank draft deposit is rejected or reversed, we'll send you an email to let you know. In your activity feed, it will reflect the current status, as well as a possible reason that it was rejected. Some possible rejection reasons include:
- Federal government cheques are not supported yet.
- Invalid currency.
- The cheque or bank draft image is missing or isn't clear.
- The amount didn't match.
- The cheque or bank draft was already deposited.
- Non-sufficient funds (NSF) from the sender.
- Stale-dated (older than 6 months).
- Payment stopped/cancelled.
- The sending account is closed.
- The sending institution is unable to process for another reason.
If none of these reasons seem right, please try to deposit it again, ensuring the cheque or bank draft is flat, well-lit, all corners are visible, and all details are legible.
If you still get an error, please contact our support team or contact the person or company who wrote the cheque or bank draft for a replacement or alternative method of payment.
Frequently asked questions
Can I cancel a cheque or bank draft deposit?
Yes. To cancel a cheque or bank draft deposit:
- Log in to the Wealthsimple mobile app
- Tap the Activity (clock) tab at the bottom of the screen
- Tap the in-progress cheque deposit
- Tap Cancel
Is there a limit to how old my cheque or bank draft can be?
Yes, the cheque or bank draft must have been issued within the past 6 months.
Is there a maximum deposit limit for a cheque or bank draft?
Yes, there is a maximum deposit limit of $1,000,000 CAD every 24 hours.
Why did I get an email that my cheque/bank draft was reversed and funds were taken from my account?
When you made the deposit, the funds were automatically added to your account with a hold on them. In some cases, the sending institution is unable to process the cheque or bank draft, in which case we need to reverse the transaction in your account.
Comments
0 comments
Article is closed for comments.