GoFuckYourself.com - Adult Webmaster Forum - View Single Post - What's the best bank to deposit US$ cheques in Canada?

Tempest · 10-24-2010, 10:53 PM

Pretty sure that the standard policy for most banks is to hold the check for X days and they also tend to charge some fees for them... But if you have a reputation with them they'll start to waive them.

BMO charged some outrageous fee per check and would hold for 20 business days. Once you've built up a rep with your local bank, they'll stop the hold for you.. Also, opening a US account does away with the fees... However, I think you have to open it as a business, unless you're in good with them and they're willing to do you a favour.

Scotiabank doesn't charge me anything but they will hold them until you build up a rep.. However, they also have this "cashback" thing so they won't hold the first $X of the checks deposited.

10-24-2010, 10:53 PM
Tempest Too lazy to set a custom title Industry Role: Join Date: May 2004 Location: West Coast, Canada. Posts: 10,217	Pretty sure that the standard policy for most banks is to hold the check for X days and they also tend to charge some fees for them... But if you have a reputation with them they'll start to waive them. BMO charged some outrageous fee per check and would hold for 20 business days. Once you've built up a rep with your local bank, they'll stop the hold for you.. Also, opening a US account does away with the fees... However, I think you have to open it as a business, unless you're in good with them and they're willing to do you a favour. Scotiabank doesn't charge me anything but they will hold them until you build up a rep.. However, they also have this "cashback" thing so they won't hold the first $X of the checks deposited.