FAQ
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Will I be notified if there is an issue with the deposit?
After you have made your deposit, you will receive a confirmation. Should there be an issue with the deposit or clearing of the cheque, Parama will contact you.
What do I do with the cheque after I’ve made my deposit?
There is no need to mail or bring the cheque into the branch after you have made your deposit, however it might be useful to mark the cheque with the phrase “deposited via mobile” (without obscuring any material information on the cheque) to confirm you’ve already deposited it. You should keep the cheque in a safe place for a few weeks to ensure that it has cleared properly, after which it should be destroyed.
What happens if I enter the amount in incorrectly?
During the clearing process everything is double checked to ensure the right amount is deposited correctly and securely into your account. If you have any questions about the process, please call us during our business hours at (416) 532-8723 and we will be happy to help you.
I can see the money in my account, but is it available for use right away?
Similar to deposits made at THE EXCHANGE® ATM network or in branch, standard holds on items apply as the funds require time to clear.
Is depositing cheques with a mobile phone safe?
Yes. As a feature of Parama’s Mobile App, Deposit Anywhere™ meets the same high standards as our mobile and online banking services.