{"id":8174,"date":"2011-03-08T12:27:59","date_gmt":"2011-03-08T16:27:59","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=8174"},"modified":"2011-03-08T13:34:55","modified_gmt":"2011-03-08T17:34:55","slug":"canadian-banks-forced-to-enter-21st-century","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2011\/03\/08\/canadian-banks-forced-to-enter-21st-century\/","title":{"rendered":"Canadian banks forced to enter 21st century"},"content":{"rendered":"<p>In a long-overdue move, the Canadian government is putting pressure on the banks to improve their <a href=\"http:\/\/www.theglobeandmail.com\/report-on-business\/top-business-stories\/ottawa-cuts-length-of-time-banks-can-hold-cheques\/article1933772\/\" target=\"_blank\"><strong>glacial<\/strong> cheque-clearing time<\/a>:<\/p>\n<blockquote>\n<p>Ottawa is cutting the amount of time banks can hold cheques up to $1,500 to four business days from seven for consumers and small- and medium-sized businesses. <\/p>\n<p>The measures detailed today, part of last year&#8217;s budget, will also give consumers &#8220;immediate access&#8221; to the first $100 deposited by cheque. There will be a 30-day period for comment.<\/p>\n<p>&#8220;Lower-income seniors, Canadians without significant balances in their accounts, younger Canadians who do not have a long banking history, and people who receive cheques from newer employers or clients are often subject to longer cheque hold periods,&#8221; the Department of Finance said. &#8220;These are often the Canadians who most need quick access to their funds.&#8221; <\/p>\n<\/blockquote>\n<p>This is great news for me personally: I&#8217;m self-employed. I bill my clients directly for a month&#8217;s work, they take time to process my invoice and issue a cheque, then I deposit it into my business account. Seven business days later after <em>that<\/em>, I can actually get some of that money into my personal account. It&#8217;s amazing how long seven business days can seem when you&#8217;re juggling the mortgage, property tax bills, utilities, and all the other things that can&#8217;t be postponed to a time when the bank lets you get at your own money.<\/p>\n<p>H\/T to Elizabeth for the link.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a long-overdue move, the Canadian government is putting pressure on the banks to improve their glacial cheque-clearing time: Ottawa is cutting the amount of time banks can hold cheques up to $1,500 to four business days from seven for consumers and small- and medium-sized businesses. The measures detailed today, part of last year&#8217;s budget, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6,25,84],"tags":[436],"class_list":["post-8174","post","type-post","status-publish","format-standard","hentry","category-bureaucracy","category-cancon","category-economics","category-government","tag-banking"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-27Q","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/8174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=8174"}],"version-history":[{"count":2,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/8174\/revisions"}],"predecessor-version":[{"id":8176,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/8174\/revisions\/8176"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=8174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=8174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=8174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}