TD Bank/RBC, switching from Canada to USA

[bantam88 1]

Were there any negatives/drawbacks to opening up an account with RBC? I just bank with my local credit union, but seriously considering opening an account before I leave on the 26th.

Other than the fact that they charge monthly fees . Fortunately, rebate for having a checking account, a visa and a TFSA was enough to cover the monthly fees. The checking and TFSA has very LITTLE amount now and is just there just in case.

[Colleens 40]

I live in North Dakota and my Centura branch is in Florida! I use it mostly for bill payments as I can easily transfer from my Royal Bank (I get paid in Canada) when I get paid and transfer my money to my Centura account. The transfer is immediate for me. I then pay my US bills online or via my checks and I have a Centura bank card that I use at any bank machine to withdraw my cash when needed. I don't really do much "branch" banking other than my husband and I have a joint bank account at a local bank. I just write a check from my centura bank and deposit it to my local branch when I need to put money in the joint account.

I am really really pleased with how easy it is for me with the Royal and Centura accounts. My greatest fear is that some day they split and that option is no longer available.

I don't pay any fees with Royal/Centura to transfer money back and forth between them.

I do this as well it works well for paying bills and such. I put money in my Canadian account for when I am in Canada, and use my Canadian bank card (this way there are no exchange fees etc), then use my US account here. I think my US account costs me $4 a month. There was a branch close when I lived in GA, but now that I have moved the nearest one is about 60mi away. If I REALLY needed something at a branch, then there is one available...it is just a bit of a drive!!

[LuvIllinois 1]

I just got back from RBC and it was really easy setting it up. We just picked a branch in Alabama (the closest to Illinois) and voila! I should have a Canadian debit card, a US Visa Debit card and US checks (not cheques, LOL...gotta get used to that!) very soon. You really don't need a US address to do this. It only costs me $4 a month US to have this open. Should it get to be a pain after a while, I will just close it but at least I have something. I'm hoping this will open a loophole into the whole 'building credit' issue. If not, I've only lost a couple bucks a month

Edited August 17, 2011 by LuvIllinois

[Udella&Wiz 325]

I just got back from RBC and it was really easy setting it up. We just picked a branch in Alabama (the closest to Illinois) and voila! I should have a Canadian debit card, a US Visa Debit card and US checks (not cheques, LOL...gotta get used to that!) very soon. You really don't need a US address to do this. It only costs me $4 a month US to have this open. Should it get to be a pain after a while, I will just close it but at least I have something. I'm hoping this will open a loophole into the whole 'building credit' issue. If not, I've only lost a couple bucks a month

Having a bank account doesn't establish credit....and I don't believe that the VISA Debit cards affect your credit rating either - they aren't 'real' VISAs...as in you can only spend as much as is actually in your account. Have you heard from someone this would establish credit?

[LuvIllinois 1]

Having a bank account doesn't establish credit....and I don't believe that the VISA Debit cards affect your credit rating either - they aren't 'real' VISAs...as in you can only spend as much as is actually in your account. Have you heard from someone this would establish credit?

I know but I was hoping that they could at least "talk" to each other and use my credit here as a reference at least?!? I dunno. Anything to help I guess, LOL And I know they aren't real Visa's

[Colleens 40]

I have had my RBC/Centura account now for about 2 years. I have not really had any issues with it, and it has been so easy to transfer money back and forth. I had the proceeds from my home sale, my EI payments and some investmenst that I cashed in deposited directly into my Canadian account. I could transfer over any amount with just a few clicks on-line. I would wait until I thought the exchange rate was most favorable to do the transfer, so I got the best bang for my buck!!

The only thing to be aware of is how the US debit system works. It is not completly like Canada, where the money comes out of your account immediately. It can take several days for a transaction to clear your account, so if you don't keep very good track of how much is in your account, it is easy to become overdrawn. I didn't realize this when I first moved, and was used to a transaction being declined if there was not sufficient funds in the account. But here, you can make several purchases in a day that could over draw your account, but you will not find out until several days later when all the payments clear and you get hit with an overdraft fee (It was $35 per transaction!!) This happened to me once...I had gone out shopping and I didn't realize that my husband had made some payment from the account. Since nothing was being declined and I knew I had more then enough money in the account for the purchases I was making, I didn't think anything was wrong until 2 days later I got notifications in the mail for 4 overdraft fees ($140)!!!! I know that they changed some regulations that you have to now choose if you want the overdraft or not, but it is only on certain transactions that it takes effect. I have definitely paid closer attention to my balance, and my automatic bill payments now!!