2024-01-12 01:13:16
Why do banks freeze funds when a check for a large sum issued by a notary is deposited?
The general director of the Professional Association of Notaries of Quebec immediately explains that it is a question of funds.
“In fact, we don’t realize it, but every time we receive sums by check, there is most of the time a freezing of funds,” he explains in an interview on the show On your business.
However, depending on the customer’s habits, as well as the size of the amount, banks frequently grant transit, which allows the beneficiary of the check to use the funds.
When abnormally high sums are at stake, for example during the sale of a residence, the bank’s transit will not be sufficient, and the funds will be subject to a freezing period, while the bank ensures that the funds are indeed available in the notary’s account.
For all the details, listen to the interview at the top of the article.
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