Custom house - setting up a new account

[KiminON 0]

for the users of Custom House - i'm finally getting around to opening an account w/ them as the Royal Bank doesn't like anyone else besides the account holder to deposit funds into accounts (####### is up with that anyhow?!! )

my question is, on the online application, it asks for credit references. is this my bank? i'm sure not going to get a contact name out of the Royal ~ can't even get thru to my branch fer cryin' out loud. i guess i could see if i could get one at my bank here, but they are rather backwards (they don't even do wire transfers )

thanks in advance.

k

[Flames9_RN 358]

Hmmm, been awhile since I oponed my acct. I think I may have put down my parents!! I would just call the, they are super friendly!! I even talked hockey with one guy!!

[Leafgal 3]

Kim I had the same problem with TD Canada Trust they don't like that my mother occasionally deposits for me and your right ####### is up with that.

[Mephys 2]

oh well, after trying to set up an account with custom house, hubby and I didn't feel secure with them and he brought me up a good idea, well known from everybody...

Paypal

Works good for me and it's quick.

[L_n_O 3]

I don't remember having to put a reference down.

I did put down the name of a bank associate at my local branch when I did...

[DeadPoolX 9]

for the users of Custom House - i'm finally getting around to opening an account w/ them as the Royal Bank doesn't like anyone else besides the account holder to deposit funds into accounts (####### is up with that anyhow?!! )

my question is, on the online application, it asks for credit references. is this my bank? i'm sure not going to get a contact name out of the Royal ~ can't even get thru to my branch fer cryin' out loud. i guess i could see if i could get one at my bank here, but they are rather backwards (they don't even do wire transfers )

thanks in advance.

k

That's weird. I could understand them not liking or allowing someone else to withdraw unless you're the account holder, but I've never heard of a bank not allowing someone to make a deposit. Usually they'll let anyone make a deposit, since they're more than happy to accept new funds into the system.

How was the "other person" attempting to put money into your account? In person, online or through one of those ATMs that accepts deposits? If it was in person, I can't imagine they'd turn the person down (especially if it was a relative). The other two might be a little trickier, however. They still should allow it or at least, give you a phone call to ask for confirmation.

[Flames9_RN 358]

I have never had a problem putting money into ANYONES account!! I have deposited money into my brother in laws account while he was in Iraq. Just went in with a bit of info (just his name and address to verify was right person) and deposited money no problem into his account. My parents have done the same for me a few times in the past. Now they have my Presidents choice bank card and just use the ATM.

Custom House is a very reputable company. Been using them since 2005. I have even seen their office in Downtown Victoria BC. Now that I'm heading back to Canada for 3 weeks in June, i just transfer $$ from my USA bank to my Cdn acct, free of charge.

[Krikit 1,164]

for the users of Custom House - i'm finally getting around to opening an account w/ them as the Royal Bank doesn't like anyone else besides the account holder to deposit funds into accounts (####### is up with that anyhow?!! )

my question is, on the online application, it asks for credit references. is this my bank? i'm sure not going to get a contact name out of the Royal ~ can't even get thru to my branch fer cryin' out loud. i guess i could see if i could get one at my bank here, but they are rather backwards (they don't even do wire transfers )

thanks in advance.

k

Yes, you put your bank in the credit references. That's all. You don't need a name. But thanks for reminding me. I need to do a transfer.

[Carlawarla 1]

I have never had a problem putting money into ANYONES account!! I have deposited money into my brother in laws account while he was in Iraq. Just went in with a bit of info (just his name and address to verify was right person) and deposited money no problem into his account. My parents have done the same for me a few times in the past. Now they have my Presidents choice bank card and just use the ATM.

Custom House is a very reputable company. Been using them since 2005. I have even seen their office in Downtown Victoria BC. Now that I'm heading back to Canada for 3 weeks in June, i just transfer $$ from my USA bank to my Cdn acct, free of charge.

Totally agree. I'd be asking your bank a few questions as to why they'd won't accept a deposit. I've never heard of that. I've deposited money into people's account that I didn't even know their account number and they had to look it up. A deposit doesn't need a signature either, so anyone can put money into anyone's account.

I haven't set up a Custom House account but will do so shortly. I have an RBC account in Canada, and when I was up there, I just used my client card to withdraw money, and I deposited US money while I was up there. I use RBC's email money transfer if I need to send my kids money, from my account up there.

Unless things have changed with Paypal...it costs money. As well, there have been numerous fraud's involving Paypal, so I'm not so keen on using them.

[Krikit 1,164]

I have never had a problem putting money into ANYONES account!! I have deposited money into my brother in laws account while he was in Iraq. Just went in with a bit of info (just his name and address to verify was right person) and deposited money no problem into his account. My parents have done the same for me a few times in the past. Now they have my Presidents choice bank card and just use the ATM.

Custom House is a very reputable company. Been using them since 2005. I have even seen their office in Downtown Victoria BC. Now that I'm heading back to Canada for 3 weeks in June, i just transfer $$ from my USA bank to my Cdn acct, free of charge.

Totally agree. I'd be asking your bank a few questions as to why they'd won't accept a deposit. I've never heard of that. I've deposited money into people's account that I didn't even know their account number and they had to look it up. A deposit doesn't need a signature either, so anyone can put money into anyone's account.

I haven't set up a Custom House account but will do so shortly. I have an RBC account in Canada, and when I was up there, I just used my client card to withdraw money, and I deposited US money while I was up there. I use RBC's email money transfer if I need to send my kids money, from my account up there.

Unless things have changed with Paypal...it costs money. As well, there have been numerous fraud's involving Paypal, so I'm not so keen on using them.

Ditto to all of the above. Except I'm with TD Canada Trust and they've been awesome. Plus it's easy enough for me to withdraw money from my US account here using my debit card when I'm there. Then I just deposit it into my TD/CT account. Or spend it, as the case may be.

[Gypsyangel 11]

What exactly is Custom House? Are they a bank? Or do they just clear your funds and send them to a U.S. bank account? I need to figure out some of this $$$ stuff soon too. It sounds like they're reputable, but I still worry about sending anyone my life savings! I plan to give them a call in the next couple of weeks.

PS. I've been to their website, but it doesn't explain much.

Edited April 30, 2008 by Gypsyangel

[Krikit 1,164]

What exactly is Custom House? Are they a bank? Or do they just clear your funds and send them to a U.S. bank account? I need to figure out some of this $$$ stuff soon too. It sounds like they're reputable, but I still worry about sending anyone my life savings! I plan to give them a call in the next couple of weeks.

PS. I've been to their website, but it doesn't explain much.

They're a broker..... the middleman in money exchange. Since the banks can't get their acts together enough to handle cross-border exchanges, Custom House takes care of it for you. And they're very safe to deal with, Gypsy. A number of us have transferred substantial sums of money with not a glitch. No problem whatsoever. I highly recommend them.

[Flames9_RN 358]

custom house (CH) is a brokerage firm!! They are sort of the middle man!! 1 must have:

1) a Canadian bank Acct (or what ever country ur from)

2) a USA bank acct

So you want to transfer cdn funds to ur american bank,this is where CH comes in! They dont charge u any fees if u do it electronically (EFT) they have a wire option, but charge fees. They make their $$$ on the exchange rate, BUT the exchange rate ur getting from them is usually far better than the banks or paypal will give u!!

Plus I use it to send money from the USa back to Canada when going home for holidays! I have transferred a fair bit of $$$ with CH and never had a problem.

[zyggy 9]

ALso agree .. Custom House is a Money Exchange broker... You authorize them to do an EFT from one account, they exchange the funds, and EFT it into the other account. THe best part is they don't charge anything for the transaction. Their fee is usually about a 2% spread between the Interbank exchange rate and what they give you. Your bank and PayPal usually charge a 3 to 5% spread plus a transaction fee. THe other thing is that Custom House's spread changes depending on the amount of your trade, most other places in the US charge a flat spread no matter how much is traded, unless you're trading in really large dollar amounts.

Edited April 30, 2008 by zyggy