1. The following definitions apply in these Regulations.

“business day”

“business day” does not include a Saturday or a holiday. (jour ouvrable)

“eligible enterprise”

“eligible enterprise” means a business with authorized credit of less than $1 million, fewer than 500 employees and annual revenues of less than $50 million. (entreprise admissible)

“institution”

“institution” means any of the following:

• (a) a bank, as defined in section 2 of the Bank Act;

• (b) an authorized foreign bank, as defined in section 2 of the Bank Act;

• (c) a retail association, as defined in section 2 of the Cooperative Credit Associations Act;

• (d) a company, as defined in section 2 of the Trust and Loan Companies Act. (institution)

“point of service”

“point of service” means a physical location to which the public has access and at which an institution, an affiliate of the institution, or an agent or representative of the institution or affiliate carries on business with the public and opens or initiates the opening of retail deposit accounts of the institution or affiliate through natural persons in Canada. (point de service)

2. Sections 3 and 4 apply only with respect to paper-based cheques or other instruments deposited in Canada that are encoded with magnetic ink to allow for character recognition, are not damaged or mutilated such that they are unreadable by cheque clearing systems, are drawn on an institution’s branch located in Canada and are issued in Canadian dollars.

3. An institution must make available for withdrawal any funds deposited by cheque or other instrument to a retail deposit account or to a deposit account held by an eligible enterprise

• (a) in the case of a cheque or other instrument not exceeding $1,500, no more than four business days after the day of the deposit if it is deposited in person with an employee at one of the institution’s branches or points of service or no more than five business days after the day of the deposit if it is deposited in any other manner; and

• (b) in the case of a cheque or other instrument greater than $1,500, no more than seven business days after the day of the deposit if it is deposited in person with an employee at one of the institution’s branches or points of service or no more than eight business days after the day of the deposit if it is deposited in any other manner.

4. An institution must make the first $100 of all funds deposited by a cheque or other instrument on any one day to a retail deposit account available for withdrawal

• (a) immediately, if it is deposited in person with an employee at one of the institution’s branches or points of service; and

• (b) on the business day following the day of the deposit, if it is deposited in any other manner.