Cheque Hold and Release Limit

A detailed and illustrative banking scenario showing a customer interacting with a bank teller, with various cheque amounts and banking guidelines in the background.

Cheque Hold and Release Quiz

Test your knowledge on cheque holds and release limits with our comprehensive quiz! This quiz covers scenarios involving cheque deposits, risk assessments, and guidelines for various banking situations.

10 multiple choice questions
Immediate feedback on your answers
Enhance your understanding of banking procedures

10 Questions2 MinutesCreated by AssessingClerk472

K Lee meets with a CEA to deposit her biweekly employment cheque for $20,000. Her employer banks with RBC. Note there is a full staff present. What should you do?

Hold the cheque

After using due diligence, deposit the cheque without an override

Call over a PBA/PB/MCE/ABM/BM to override as they assume the risk since it is above the CEA limit

Turn the customer away

W Veenstra is a courier for Bowsher & Bowsher law firm. W comes in with instructions from his firm who banks with td to do a mortgage payout on Robert's personal account. Because the cheque is being put into a GL this falls out of scope for the new cheque release hold policy and will follow assigned transaction limits.

True

False

Select all situations that align with the Cheque hold and Release limit.

For release amounts >$500K or branch maximum limit, or those escalated to the Cheque Release Team, the ownership will be with the Cheque Release Team.

For release amounts <$500K or branch maximum limit, the branch owns the NCL attributed to the associated cheque

Commercial Banking and Corporate and TD-to-TD cheque/draft follows current process (not impacted by the release limit changes)

If a customer is in urgent need of the remaining funds that is outside a colleague limit, what can we do?

Submit request with "URG" in subject line

Tell the customer to wait

BM can only escalate

General guidelines:

OFI into GL- use transaction limits and proper risk assessments

TDCT into TD personal accounts, SBB, GL, commercial use transaction limits and proper risk assessments

OFI into SBB- cannot be released by MCE/ABM/BM up to 5 million and needs to be sent to the Central Release Team

The branch manager is not in today. You receive a cheque from RBC made payable to a SBB for $502,000.00. What should you do?

Tell the customer the entire cheque amount will be placed on hold for secondary review

Deposit the cheque with no hold

Call over a MCE/ABM to release

Hold entire amount for 5 business days

The Centralized Cheque Release Team aims to have requests done in 3 business hours

True

False

Transaction Limits are cheque hold limits. Hold Authorizations are based on assigned limits sent in managers handbook

True

False

Cheque Hold and Release Limit

Cheque Hold and Release Quiz

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