Deposit a canadian check in a US bank

[Flames9_RN 358]

At first wachovia would hold the funds, but after a bit (once they knew me) the $$$ was released pretty quick. But was far less of a hassle to deal with Customhouse.

[Krikit 1,164]

I'm glad I saw this thread. This is something I thought would not be a problem--I assumed they would hold the check to wait for it to clear for perhaps longer than they hold out of state checks from my parents, but I didn't expect it to be a big deal otherwise. I asked my bank and it seems direct deposit works fine but they have some major malfunction about actual physical checks. She said something about having to collect it from the bank on which it was drwan, though---what does that mean? Does it just mean it's going to be held for extra time to clear or that it can't be done at all, period?

My bank had something like a 10 day hold on Canadian cheques. Plus the service fee, plus the poor rate of exchange. That's if they don't totally screw up the transaction and send you spiralling into hell for an extended period of time. See this post for the reason why I will never deposit Canadian cheques into a US bank. It took almost 1.5 years for me to finally receive the replacement cheque that Suntrust in Florida f'd up. Minus all the fees for THEIR screwup. I finally got the replacement cheque a couple of weeks ago, signed it, then mailed it to my Mom to deposit into my Canadian bank. I will NEVER cash another Canadian cheque in the US again.

[badspellor 0]

Sounds like I should be happy with my bank. National City Bank will deposit Canadian cheques with their usual hold which I guess is based on the amount of the cheque and your account history. They put in the amount as US dollars and then a week or so later they mail you an image of the cheque along with a letter that says that they're "pleased" to accept your Canadian cheque, gives the exchange rate and then lists what the exchange difference was (amount debited or credited with the exchange rate lately). The only catch is that you have to take foreign cheques in to the bank to a teller. You can't deposit them in the ATM. Of course, bankers are famous for their hours of operation so it's a tad inconvenient, but I'll live. I was used to depositing US cheques into my Canadian bank account via ATM no problem, I never thought it'd be different doing it vice versa.

I'm interested in Custom House people keep talking about. I can't seem to find their exchange rate for anything less than a $10 million US transaction! I'm just wondering if their rate is really that different from my bank's rate to justify using them instead.

[Earmuffs 1]

Yes, the bank will have no issues depositing the check. They will give you the U.S. dollars per their conversion rate on the date of deposit. Sometimes, they will hold the check (make it unanavaile) for a period of time until the check clears.

BOA will - but they will hold the funds for 2 weeks, use a 3rd party intemediary for the exchange and clearing and don't seem to want to disclose how much in fees it will cost or what they will give for an exchange rate.

not with me.. they cashed it and posted it on the spot..

[SK3 0]

I use TD Bank here in Florida and when I took my late mother's estate cheque sent from RBC in Toronto I was told the bank needed to hold the funds for 4-8 weeks due to the value being in excess of $5k.

[Ontarkie 14,215]

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