#BankIssues #PaychequeOnHold #FinancialStress
Hey everyone, I need some advice on a frustrating situation with my brother’s paycheque being on hold by the bank for what feels like forever. Here’s a quick rundown of what’s been happening:
– My brother worked a paid internship at a hospital for 12 months without receiving any payment.
– Finally, he got hired and was supposed to receive over $60k.
– But his cheque was deemed “suspicious” by the bank (RBC) and put on hold.
– The bank keeps giving vague timelines for when it will be processed, but it’s been over 8 business days now with no sign of the money.
We are in a tough spot right now with no money for rent, bills, or even groceries. Any advice or insights on how to handle this situation would be greatly appreciated. 🙏💸
Possible Solutions:
– Consider contacting the bank’s customer service escalation team or filing a formal complaint.
– Ask for written confirmation or documentation of the reasons for the hold on the cheque.
– Explore the option of seeking assistance from a financial advisor or legal counsel if necessary.
Please share your thoughts and any similar experiences you’ve had! Let’s help each other out in navigating through financial challenges like this. 💪🤔
Here’s RBC’s page on their cheque hold policy, banks can hold the cheque for longer if they suspect that the cheque is fraudulent.
https://www.rbcroyalbank.com/banking-services/cheque-hold-policy.html
Here’s FCAC’s page on cheque holds and your rights: https://www.canada.ca/en/financial-consumer-agency/services/banking/cashing-cheques.html#toc2
The bank should have allowed you to access the first $100 of the cheque.
Have you escalated the issue up the chain with RBC? If not, follow their complaints process and if you’re still not satisfied, escalate the complaint to the Ombudsman office.
https://www.rbc.com/customercare/
In the future, ask the employer to do direct deposit, there are no holds on direct deposit.
Did your brother deposited it in person at a branch?
When your brother deposited the cheque, there would be a date on the receipt stating when the funds will be held until.
Depending on source of funds it may take longer, but if it’s from a Canadian source it is 4 business days.
http://www.rbcroyalbank.com/products/deposits/pdf/holds_policy.pdf
Whoa there, sport!
Why exactly are you beating up the bank about this?
Your brother worked for free for AN ENTIRE YEAR, and your bank taking 8+ days to cash a ridiculously abnormal paycheck is the problem? Any bank would be looking at this and going “WTF?”
I am also guessing that your 8 days is actual days, and not business days.
You need to have a little chat with your brother about working on that backbone.
Also, the bank isn’t lying to you. A front line worker who has zero knowledge of the situation, is say “I’m sure it’ll be a couple more days”. That’s not a lie. That’s a person giving the best information that they have.
Sounds like your brother might be the liar.
Not paid for 12 months? VERY soft spoken. I would be at home after 2 weeks of no pay.
A few parts….. The details of the story and your responses to normal questions people had in comments scream RED FLAG from a stand point of risk analysis and reasonability – There seems to be a lot of gaps… Do you know who anna delvey / sorokin is? 👀
This behaviour by the bank is completely normal for such sum. As someone who has to fill out all this paper work and go through the risk lists it’s a lot and everything must be justified and traceable. When it’s legit it’s easy. Now^ If you are here on student/work visas As most med students are due to our low education costs comparatively – it screams international money. More complicated. Huge flag. But more often than not depending on the country there are documents to provide for that if it’s not income.
– the question what can I provide to remove the hold was never asked either. Instead you both created more chaos and played blame game. – also a BIG flag screaming shut it and pay me. Making a larger mess to clean up. And delaying things longer. Then you took to redit…. and we clocked the b’s.
Remember money from and between banks can’t just vanish – and it can’t just appear out of nowhere. (Example from the pay roll / company bank account to him – even a cheque has identifying info that both sides get)
– banks between themselves need at least 4 business days each way. For NORMAL transactions. This is a random cheque out of the blue for them – stop. They have homework to do!
— ✨️all the advice about showing proof of employment and gathering documentation / a letter of employment and all pay slips, from hr is very helpful. HAVE HIM DO IT – If they can send a locked PDF directly to the bank email required (ask) and CC him in the process. Even better. They are used to filling out employment verification and trained to do so. especially a university / hospital
— IT IS NOT A LIE STOP!! They do not know. They can be vague and not answer as they can not communicate anything – tbh IF there is a flag they wont even know details- that info is usually kept super under wraps to most employees its higher level clearance- they also are assessing the reactions from you both. & well even if legit this still screams fraud / laundering.
You seeing the screen means absolutely nothing until they can validate this and release it. Legally.
I have processed transactions with a smile on my face and a helpful attitude then followed flagging process. And never spoken a breath of it. The next department checks it out Because If it’s real the documents and data will speak.
– The department’s in charge of verification are used to seeing documents and accounts of all kinds. We know When it stinks it’s probably shit. But we investigate.
—he’s student but still almost a dr. And suddenly has all this money because he wasn’t paid a year? The chances of that. Very slim. Hospital or uni HR / payroll budgets and books are meticulously audited, They even know if the utilities bill went up more than an acceptable range. Pay not being direct deposited and cheques not cashed would show bizarre surplus. Specially if it was classed under “internship budget” of some kind for funding and grants.
— remember With what he does and where he works there is a HUGE paper trail you should be able to provide no problem to the Bank to show the validity of funds. Not having the answers, being chaotic and not having supporting documents to support it means it’s a lie somewhere period.
-They have Every right to deny deposit & release of funds post investigation. Always.. that doesnt mean they keep it. They just don’t accept the deposit – if via tech they decline so its returned it direct to where it came. (The other person gets the money “back” nothing Is taken from you / the funds from a cheque are never withdrawn from their account)
Personally imo- I really hope if the cheque is found valid and he was in fact employed & He wasnt terminated early from his internship- I hope That he back pays you all the rent and bills- He must fix his significant short comings for not resolving this and willingly bleeding on everyone around him. A simple hey I’m not sure if I’m paid properly after he started could have possibly resolved all of this. He let all of you hurt and refused to take even a small sliver of initiative to be paid the wages he is supposedly owed. He didn’t need the money the whole year; why now? The least he could do is take care of those around him first. He clearly did not need it until you couldn’t clean up his problem anymore. – Not cool at all. Make an excel for him of what he owes with dates etc. & Yes Expect banking delays on a years worth of living expenses being paid back. A certified bank draft paying you direct may alleviate the waiting period but there will be one.
All of your responses for his anxiety – as delibitating and serious as it is. It is very concerning a future doctor can’t process and handle something like ordering food? (Your words) His inability to follow up with a simple question to such a problem will also not bode well in the workforce once he graduates. Id worry for that projected earning potential in such a competitive and strict job market post secondary – Keep YOUR money for you. Don’t let him cash future cheques on promise of taking care of you post grad. A PhD doesn’t guarantee any employment or security of earnings.
For more context thats not just “the bank” if it’s a large amount that doesnt fit into a persons income& habits they want to know why. If you make minimum wage and drive a very expensive car that isn’t financed, Flag.
If a mortgage is gifted a Downpayment we must get the statements and proof from the person giving the gift. For large lump sum payments from inheritance they can request the documents from the estate and the proof of anything sold to obtain such funds. You sell a car and make a large deposit? Depending on the sum & income they want the proof of sale for the car when the ownership paper work is transfered. Casino earnings? They want the slip and proof from the casino (they have all the paper work anyway) Close a bank account at bank A and move to bank B. Usually they set up the back end but if you do cash withdraw and deposit they will need the old account statements. And maybe even proof of how you got the sums. Period.
Best of luck. Hopefully this education will help set you both down understand how by the book this all is and stop you both from creating more issues and delays. Everything you have done (yes I saw your comment replies) Just made a LARGER mess for you both. As horrible as the finacial situation you are in currently – and I do feel for you- its been a hard year. They sadly don’t care that you can’t eat. It’s more reason to throughly trace why all of a sudden you have a year of funds when you’re both at zero and panicking. People do insane things when desperate and even if this is fact and it was possibly explained here by you incorrectly you MUST understand you have raised every single flag on the list and then some. Work with not against. There is AMPLE paper trail that does the speaking beyond emotions. They have escalation departments in charge of researching your claims let them work.
It’s not RBC it’s ANY regulated entity that handles money
https://fintrac-canafe.canada.ca/intro-eng
https://www.osfi-bsif.gc.ca/en/about-osfi
Close the account.
I have monthly checks for high amounts, had a few holds. 3 issues in my experience; money laundering, banks are under severe scrutiny for BASEL III and international and domestic banking compliance, so withholding over $10K is common now. Two, no prior activity, that’s obviously a red flag, but should take 5-10 days to clear. Three, I personally believe banks are not cash heavy, there overleveraged giving bad mortgages, HELOCS and don’t have the cash on hand.
How did he do his income Tax Return without a T4 etc for previous year? CRA may have fun with this one?🤔🤔🫣
Raise a complaint through the complaint process – it will be officially tracked and escalated to the appropriate people.