Where is the best place to cash your 2008 tax refund cheque??

[Southern_Canadian 0]

Hey guys!

I received my refund cheque from Canada for my 2008 tax return. I went to my bank (Wachovia) yesterday and they said it will take about 4-6 weeks to get my money and that there is a $75 processing fee. I was just wondering what other banks people have used to cash their refund cheque and how long it took to get the money and how much the processing fee was. I think it is crazy to pay $75 for them to process it but if I can't find anything cheaper then I'll just have to suck it up and cash it with Wachovia.

Thanks!!

[Krikit 1,165]

Where is the best place to cash your cheque? Canada. And I'm being serious here. Even if the American banks say they can do it, and even if you decide to wait for weeks and eat the service charge, there is still a chance that they'll f up the process and the cheque will be bounced back because they've entered the wrong code # and then they will ding you for an NSF charge and, meanwhile, YOU STILL DON'T HAVE THE MONEY and now you've got to fight with the banks and just try calling a 1-800 # in Canada to try to speak with a live body who will actually try to help you because the live bodies in the US certainly won't help and then it's A YEAR-AND-A-HALF LATER and you are STILL FIGHTING FOR YOUR MONEY!!!!!!!

Not that I have any experience with this.

Seriously. If you maintain a bank account in Canada and there is someone you can trust, sign the cheque with the account # to be deposited in and send it to them. Trust me on this.

[SapphireDreams 71]

That's what I was going to suggest.

Send it to someone in Canada to cash for you. Just give them your account #, they don't need to have your debit card or anything.

[TimandJoyce 1]

I just love threads like this!! I'm learning so much before asking the questions!!! Thanks OP!!!

[Southern_Canadian 0]

Thanks for the help!! Glad I asked here before I did anything.

I still have a bank account in Canada with PC Financial. They only have the machine.. no one in person to talk to. So, If I mailed my dad the cheque with my account number, what will he do exactly?

Then when he does deposit it into my account, how do I get the money?

I thought maybe he could try to deposit it into his bank account but a lot of banks don't let you do third party deposits anymore.

Why do they make it so hard to get your money? lol

[Moosker 7]

Yes! Definitely go to Canada! I went to Wachovia once to get a bunch of Canadian cash switched over. They said there would be a large processing fee, because they have to "send it away". I find Canadian banks are very easy going when it comes to switching over currencies.

[Krikit 1,165]

Thanks for the help!! Glad I asked here before I did anything.

I still have a bank account in Canada with PC Financial. They only have the machine.. no one in person to talk to. So, If I mailed my dad the cheque with my account number, what will he do exactly?

Then when he does deposit it into my account, how do I get the money?

I thought maybe he could try to deposit it into his bank account but a lot of banks don't let you do third party deposits anymore.

Why do they make it so hard to get your money? lol

I can't help you with the PC Financial stuff. Unless you have a card you could leave with your Dad?

Most of us use Custom House to transfer the funds back and forth. It's free and it's fairly simple once you've registered and set up the account.

[trailmix 77]

Thanks for the help!! Glad I asked here before I did anything.

I still have a bank account in Canada with PC Financial. They only have the machine.. no one in person to talk to. So, If I mailed my dad the cheque with my account number, what will he do exactly?

Then when he does deposit it into my account, how do I get the money?

I thought maybe he could try to deposit it into his bank account but a lot of banks don't let you do third party deposits anymore.

Why do they make it so hard to get your money? lol

Or - You will have to mail your card to him along with the cheque, I just had a look online and the only options for deposits are their machines or CIBC machines. He will then have to mail your card back to you.

You might want to call them, maybe they do have an address where you can mail a cheque for deposit, but just don't mention it on their website.

Edited June 2, 2009 by trailmix

[carslo 0]

I have always had direct deposit for my tax refunds. Will they continue to do this for the year after I leave Canada? I will be keeping an account open in Canada at the credit union for my EI payments, and will use Custom House to transfer the funds to the US credit union.

Thanks,

Janet

[Southern_Canadian 0]

I just called PC Financial and they do have an address that I can mail my cheque to.

I'm on the Custom House website but I'm a little confused. Where do I sign up?

Edited June 2, 2009 by Southern_Canadian

[Krikit 1,165]

I'm on the Custom House website but I'm a little confused. Where do I sign up?

Create an Account

If you get confused, give them a call and they'll step you through it. They are super duper friendly and helpful.

[Southern_Canadian 0]

Thanks, I signed up!!

Now the problem is, they require a copy of my Canadian bank information with my name and address in the US. But my Canadian bank has my Canadian address. lol

I'll call them and see what they say.

[Krikit 1,165]

Thanks, I signed up!!

Now the problem is, they require a copy of my Canadian bank information with my name and address in the US. But my Canadian bank has my Canadian address. lol

I'll call them and see what they say.

That's not a problem. Mine wasn't the same, either. You just need the Canadian bank address for your branch. They don't mean your address in Canada.... they mean the bank's address in Canada.

[Emancipation 2]

Seriously. If you maintain a bank account in Canada and there is someone you can trust, sign the cheque with the account # to be deposited in and send it to them. Trust me on this.

Or just mail it directly to your bank branch in Canada. You don't need someone on the ground there to do it for you I just put mine in the mail to the nearest CIBC branch and ask them to put it in my account#...

[Marilyn. 340]

before I moved here I added my mom to my bank account.. so she has her own card for my account... she likes it because she can deposit money in there for me... and I just take it out here using my card.... when I use my Canadian ATM card at a Wells Fargo ATM they even give me my balance on my Canadian account...

one thing I would suggest is to close out your checking account and just leave your savings account open... well, at least I wish I had done that.. with the checking account they took service fees out every month with the savings they only charge a service fee if you take money out..