When will my funds transferred by cheque be available in my Scotia iTRADE account?
All cheque/draft or Electronic Funds Transfers (EFT) of up to $5,000 can be used for trading immediately.
For deposits of any cheque/draft or Electronic Funds Transfer (EFT) of more than $5,000 from an account at a financial institution other than Scotiabank, the portion exceeding $5,000 must be covered by the equity in the account receiving the deposit in order to trade immediately (some exceptions may apply). Otherwise, any amount above $5,000 that exceeds your account equity will become available for trading after 5 business days.
Deposits of a cheque/draft or Electronic Funds Transfer (EFT) made to your Scotia iTRADE account that were drawn from another Canadian financial institution may not be transferred out until after 10 business days from the date of deposit. An extended hold of 20 days applies to USD cheques drawn from a US financial institution or US cheques drawn from a CAD financial institution that clear through the US.