Using an Online Bank? Don’t Forget About Your Deposit
Online banking has made managing our finances easier than ever. Accounts like Simplii, Tangerine, and Wealthsimple offer convenient banking without the need to visit a branch, and for many people, they work incredibly well for everyday banking.
However, if you’re getting ready to buy a home, there’s one important thing to keep in mind.
Once your offer is accepted, your deposit is due the next business day. Most of those banks can’t move money that fast.
Unlike traditional banks with physical branches, many online banks don’t have tellers who can issue a bank draft on the spot. While they often partner with larger financial institutions for certain services, it can still take additional time to arrange a draft or wire transfer.
If you’re using an online bank, have a plan for how you’ll provide your deposit quickly if your offer is accepted. Being prepared means you can focus on celebrating your new home instead of worrying about getting your deposit there on time.