Deferred deposits

What is a deferred deposit and why use the service?

In today's fast pace, one comes across unexpected surprises; a phone or electricity bill falls due, the family car breaks down or for some unforseen circumstance people are strapped for cash. With no relatives or other friends to assist you over the hump, the "friendly" bank is no help. As a matter of fact, if you misscalculate your cheque account balance by a dollar or so, the "friendly" bank will bounce your cheque, charge you $35.00 or more and give you an overdraft to cover the bounced cheque fees.

A deferred deposit may be your answer.

Here's how the First Fidelity deferred deposit works.

We will cash your cheque immediately and deposit the cheque up to thirty days later in exchange for a pre determined service fee. If you choose to defer this deposit an additional thirty days, you can pay us an extra fee and instruct us to "roll over" the deposit.

Service Fees
Because traditional financial institutions are unwilling to assume the risk involved, our service fees are higher than the interest charged by banks and credit cards. Fees are proportional to the risk undertaken and the service provided. However our fees will be a fraction of those charged by your "friendly" bank when it bounces your cheque.

Have some questions? Need some clarification?, ask us here

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