In the United States, it can take up to two weeks after you deposit your money to receive your money.
Here in Canada, if you’re a resident of Alberta, your money is usually deposited the same day.
In the UK, it typically takes four to six weeks to be credited with funds.
The Notary Office of the Government of British Columbia (GBC) said it would issue the new guidelines on Tuesday, following the publication of the provincial government’s new guidelines, which also recommended a five-day grace period between receiving a deposit and receiving your money, the Calgary Herald reported.
The GBC said it was working with the Alberta government to update its guidelines, but noted the process is a little different from the one in the U.S.
The guidelines recommend that banks be prepared to process transactions in advance of issuing money and allow time for deposit of money, but also stressed that banks should keep records of who is responsible for ensuring customers receive their money, and who is the person who has responsibility for processing the transaction.
The bank must also notify customers who may not be able to deposit their funds before they receive their deposit, the guidelines say.
“This can include people who are deceased or are not the person responsible for managing the bank’s funds,” the GBC wrote in a statement.
“If a person is not able to contact their bank, they may be required to send a written request to the person’s bank to obtain funds.”
The guidelines say the person can ask the bank to issue a money order and then have a copy of the order sent to the family member or caregiver of the person.
The government said it is working with banks to implement the changes.