Banking in Canada - Please leave in Cdn. Forum, Thanks

[Carlawarla 1]

I know we've talked lots here about keeping our bank account in Canada open. Especially true for those receiving EI, pensions, paying bills/loans, and using custom house. I did get a letter however last week from RBC, saying they're reviewing their records and note that my address is an out of country residence. (Duh, I changed it after I moved...) They want me " we need to confirm if this is permanent address change or temporary. Kindly notify the writer of your residency status."

Very interesting...

They make it sound like if I'm living here, then I maybe can't have this bank account? Maybe I'm reading too much into this. Has anyone else received such a letter? I'm thinking that until AT LEAST I"m a US citizen (dual), if AT ALL, I shouldn't tell them I"m here permamently. I'm concerned about keeping my Cdn. Visa card as well. I have a $20,000.00 limit on it, and I want that credit card for when I'm travelling in Canada. Well, my bank account as well. I sent my kids money for Christmas, and just wrote a cheque on my Canadian account. I don't want to lose the convenience of having an account.

Anyway, please let me know your experiences, and if you don't have any, what you might think I should do.

I should let them know fairly soon.

Thanks!

Carla

[SpiritAlight 1]

Bonjour Carlawarla,

I'm am no expert, but from what I understand of the financial world you can have a bank account anywhere.

I have never lived in the U.S. and have had an account there for a few years.

I hated exchanging money back in the day, hence...

So why not just call them and ask a few questions.

I have always had super kind people to talk with when calling the RBC.

Hang on a few more days and maybe a VJer might know more.

[Flames9_RN 358]

Back in 2004 I called presidents choice and asked about leaving my acct open in Canada, while I resided in the USA. They said no,they don't allow that! I didnt make any further inquiries, I just changed my address to my parents in Stoon! After 6 months they do put a"freeze" on the acct due to inactivity, but I just have to phone, and they "unfreeze" it.

[David_n_Amber 3]

couldnt you just add one of your parents names onto the account and allow them to allocate funds or just move around money in the account so it doesnt freeze due to inactivity? btw.. how many cups have the flames won? oilers ftw

[Flames9_RN 358]

A simple 30 second phone call un freezes it!! I keep like $1.00 in the acct so Im not that concerned! I leave my bank card with my parents as well, so if i do get any Cdn cheques I mail the cheques to them for deposit.

I was an Oilers fan then they traded away Gretzky! I do call the Flames my team, but overall I prefer a good game more than anything else. Many thanks for the Oilers for keeping the cellar warm this year. lol

[Cassie 8]

I haven't received a letter like that from RBC, well not yet anyways. And I have had it in my American address for almost 3 years. They send me my monthly statement all the time no problems. I will be interested to see if I get one of those letters as well. RBC has been great to work with all along, I am sure if you contact them they can help you clear it up.

My parents deposit money in it all the time, maybe the next time I am home I will inquire and see if it would be prudent to have them added to my account.

Edited December 31, 2007 by Cassie

[derekkj 0]

Derek still has his RBC account, VISA and a line of credit and for the 2 years that he has been here they have not had a problem with his address being in the US. So I would think that they really just want to verify your address, not trying to close your accounts. Like you, that VISA comes in handy when we go back to Montreal!

[Sprailenes 47]

I still have my bank account at CIBC.

I hate CIBC. They rip me off.

[Kathryn41 3,205]

I still have an account at TDCanada Trust. I met with them before I moved to set up accounts I could access through online banking and notified them I was relocating to the States. They send me my statements every month and I have never had a problem. I might write 2 or 3 cheques a year on the account.

[trailmix 77]

I don't bank with RBC, however a call will probably clear it up.

I was just looking at their website and found information on a U.S. account with them - the RBC access U.S.A. account. They can pull your Canadian credit rating as well for mortgages etc, so this sounds interesting! Plus they have branches in Florida. I think I will be giving them a call.

[thermophile 0]

We haven't gotten anything from CIBC since the hubby changed his address with them (3 months ago). but when I immigrated to Canada a few years ago, I had my visa taken away from me-well actually I told them to take it away because they were going to make it a secured card and keep $500 from my account that I'd never be able to access as security. They said that since I was leaving the US they would have not recorse to get money from me if I decided to skip the bill. I never had to have a secured card when I was first establishing credit, I thought that there was no reason to have one as an adult.

[Marilyn. 340]

I kpet my bank account open in Canada but before I moved here I added my mom to my account and used her address on the account... so my mom can take care of stuff with my account etc....

my mom likes it because she when she wants to send me money she just deposits it into my account and I just withdraw it down here using my ATM card...

my bank account is inactive most of the time and they never have frozen it.... I do just have a savings account open... I shut down the chequing because they were taking a service charge each month regardless of if there was activity or not with the savings they just take a service charge out if there has been activity...

Edited December 31, 2007 by MarilynP

[neiks 19]

The RBC probably wants to verify that you have taken up residence in the US to change your account to a "non-resident" account. They will issue you a tax receipt for any interest earned at the year end for your taxes. There should be no problem what so ever keeping your RBC account. I have my RBC account and know of many US residents that have a accounts with the RBC banks along the many border towns.

[Allie 5]

If one has an active account they shouldn't close it down. After all they're making money off the account and that's what Banks are all about

[KarenCee 3]

Joel has an RBC account...no problems so far. There are RBC branches in the States...there's the huge building in Atlanta and a few branches down around Atlanta as well. His mom can deposit money in his acct and he banks online, still has his RBC Visa card and debit card. He's used his debit card down here too, no problems.

Hope you get it all sorted out.