Mobile cheque deposit with instant funds availability in Canada

Many Canadian banks let you deposit cheques via mobile app by signing the cheque, taking a photo of it with your smartphone and entering a few details—all without visiting a local branch. Cheques may take days to clear, but some banks offer mobile cheque deposits with instant funds availability in Canada.

Which Canadian banks offer instant mobile cheque deposit?

Most of these banks let you access mobile cheque funds immediately or, at the very least, within the same day. You typically don’t need to pay a fee for mobile cheque deposits.

Bank	When are mobile cheque deposits available?	Get started
Scotiabank	Instantly available, although Scotiabank may place a discretionary hold for up to 5 business days.	Scotiabank Preferred Package: Go to site
Simplii Financial	Usually available instantly, but Simplii may place a discretionary hold for up to 5 business days.	Simplii No Fee Chequing Account: Go to site
EQ Bank	Up to $1,500: Available 5 business days later Over $1,500: Available 8 business days later	EQ Bank Personal Account: Go to site
Coast Capital	Instantly available, although Coast Capital may place a discretionary hold for up to 4 business days.	Coast Capital Free Chequing, Free Debit, and More Account: Go to site
BMO	Under $1,500: Available instantly $1,500 or more: May be held for up to 8 business days	BMO Performance Chequing Account: Go to site
RBC	Instant if deposited before 6PM on business days. Some cheques may be held for up to 5 business days.	RBC Signature No Limit Banking Account: Go to site
TD	Instantly available. At TD’s discretion, a hold may be placed on funds for up to 6 business days.	TD Unlimited Chequing Account: Read review
CIBC	Instantly available. At CIBC’s discretion, a hold may be placed on funds for up to 4 business days.	CIBC Smart Account: Read review
Tangerine	Instant but could be held for up to 5 business days.	Tangerine No-Fee Daily Chequing Account: Read review
National Bank of Canada	Some funds are available instantly. Amounts up to $1,500 may be held for up to 5 business days, and amounts over $1,500 may be held for up to 8 business days.	National Bank Modest Chequing Account: Read review

Banks that don’t offer mobile cheque deposit in Canada

While most banks and credit unions in Canada let you deposit cheques by mobile app, not all do. Here are just a few financial institutions don’t offer cheque services or require cheque deposits the traditional way—via teller or ATM.

• Laurentian Bank
• Oaken Financial
• PC Financial

How fast is an instant mobile cheque deposit?

Mobile cheque deposits typically appear in your account immediately, and in many cases, you can access funds right away. But banks may sometimes hold deposits for one to five (or more) business days to make sure cheques clear and don’t bounce.

If a bank advertises “instant” cheque deposits, its definition of “instant” is likely to vary. Some banks consider instant availability as funds cleared within that same business day, while others consider instant availability as making your funds available within minutes of depositing.

What is the fastest cheque deposit method?

Depending on the bank and the cheque amount, most cheques clear within one day up to several business days. Depositing a cheque at a physical branch is typically the fastest way to clear funds. Depositing via ATM or mobile app will take longer.

For federally regulated financial institutions like banks, Canadian dollar cheques drawn from Canadian bank accounts can’t be held for longer than eight days. Provincially and territorially regulated financial institutions like credit unions may have different policies.

Cheques aren’t the only way to move money between bank accounts. Faster—and more modern transfer methods—include Interac e-Transfers and using a dedicated money transfer service like Wise, Western Union.

Coast Capital Free Chequing, Free Debit, and More Account

Finder's Pick: Coast Capital

Get $150 when you open an use a Free Chequing, Free Debit and More Account. Conditions apply. Apply by November 28, 2024. Plus, get access to instant mobile cheque deposits through the app.

Go to site

How long does it take for a cheque to clear through mobile deposit?

In Canada, mobile cheque deposits may be available right away but can take up to five business days or more to process, verify and clear. In some cases, only a portion of the cheque may clear immediately, and the rest clears the next business day.

The speed can also depend on the amount that’s deposited. For example, by law the first $100 must be available immediately if you deposit a cheque in person at a branch or by the next business day for other cheque deposit methods like ATMs and mobile apps.

Mobile cheque deposit may also be your only way to deposit a cheque with a digital bank. Some banks also allow you to mail cheques, but that would likely take longer than a mobile cheque deposit, thanks to the speed of snail mail.

Reasons your mobile cheque might get delayed

The timing of when the cheque was deposited can create delays. Some banks like RBC may allow a cheque to clear the same day if deposited before 6PM on business days. If you attempt to deposit the cheque after that time, you’ll likely have to wait until the next day for it to clear.

Another likely explanation for a delay could be a lack of verification. If you’ve deposited a large amount—or an amount you don’t normally deposit—the bank may need time to verify the security of the transaction and ensure that the sending account has enough funds to clear the cheque.

Other common delay causes can include:

• The deposit amount is over the bank’s daily limit
• The bank doesn’t accept the cheque you attempted to deposit
• Your account is in overdraft, and the cheque amount is applied to your negative balance
• You’re a new customer and limits apply for the first few months of having an account

Related: Best free mobile banking apps

Bottom line

Most modern banks allow mobile cheque deposits through banking apps, but not all are instant. For more account options, compare the best chequing accounts and the best high-interest savings accounts.

Frequently asked questions

• What types of cheques aren't eligible for mobile deposit?

  It depends on the bank, but treasury cheques, traveler's cheques and money orders may not be eligible for mobile cheque deposit.

• Can you get money instantly by cashing a cheque at an ATM?

  In some cases, you can instantly access the money you deposited via ATM. You may only have immediate access to a portion of the funds, depending on the total amount deposited. But expect to wait a day or two for the cheque to clear.

• Are mobile cheque deposits safe?

  In most cases, yes. The majority of bank apps encrypt your information and only let you view deposited cheque images through secured bank portals.