Hey Canadians, how long does it take for a U.S check to clear?
 

Just wondering after how long can you touch your checks you receive in U.S funds...
any one?
as for me its 15 working days.

15 working days times 2 .. divide that by four what do you get ?


30 / 4 is ? let me anwser that for you .. . 30 / 3 >> 10


but I asked 4

21 working days normally... they normally don't freeze mine anymore thought

for me it is no hold...but i have the same checks coming in and bank in person

they love me

just ask your bank (once you've cashed/deposited for a couple of months) not to hold your US cheques. If they say no, then move to another bank. Both TD and RBC have no problems as long as you have a little history with USD.

hope that helps

it should be between 7,5 and 10 I think




15 / 2 >> 7.5

30 / 3 >> 10


does that be makin sense to you .. that a number game

None, My bank has always given me access to my US funds immediately.

But now that I think of it, my bank manager did once try to instill a 21-day hold on all my US cheques about 6 years ago, because she found out that income came from adult. I had a lawyer contact her and the next time I was at the bank she withdrew the hold and apolgized.

I've had no further nonsense with my US cheques ever since.

thanks im with rbc and they dont hold my canadian checks so im sure after 2-3 more checks they will stop holding it

national bank keeps them 30 days.

you know you aint a baller if your checks get held

lol fo sho:pimp
but i didnt receive that many checks yet since i put my payment option to a higher number

No hold, instant clear. I make more than $100 a month tho.

That's the same bank I deal with. They have no hold at all on my US cheques. As in none.

Not even one day, not one minute.

So, you may want to have a talk with your branch manager.

For my bank it is immiediate credit, No hold, no issues. But I have done business with the same bank for a fairly long time, and I have only had a couple of bad affiliate payout checks in all of that time.

Good question: Are you cashing the checks personally or as a company?

I have no hold. But thats only because they know me and I have banked their for 10 years now.
I even put my US checks into the bank machine cause I often dont leave the house till they are closed, I just put 00.00 as the amount, and the next day the money is in my US account.

I cash my checks without hold, and take the US cash to ICICI Bank of Canada (www.icicibank.ca) and take out a term deposit that pays 5% for a 30 day term or higher for longer term.

RBC clears my checks faster than i could deposit them.

A lot of banks will try and hold them for 30 business days if you have no history with them. They have all tried to tell me this is "standard"... HSBC, TD, RBC, CIBC. I have closed (corporate) accounts at 2 banks because of this. Stick with a bank that knows you and there should be no hold up to a certain amount. For me, this was CIBC.

I'm with Bank of Montreal and they never hold any checks.

If you're a new customer to the bank, its normal for them to want to hold all checks for 15 to 30 days. But once you have been there a while and either trust you or you have lots of money or investments with the bank, they will clear all of your checks the same day no problem. When you're a good customer (you don't cost them any money or time), they love you and want to keep your business.

m

it always depends on the bank and its branches rules..

As mentioned , if your under 100k balance and new , you will prob get a 15-90 day hold. But all checks can be cleared instantly by the bank manager if you ask them, if they give you gruff , get a new bank.

No hold here but I remember BMO trying to freeze them for 30 days... I laughed and left.

No hold... if you have a good relationship with your bank they shouldn't have a problem removing the limits.

The balance wouldn't matter.. if someone has a 100k balance and is cashing 150k worth of cheques the bank would still question it and likely put a hold on them. If someone is cashing $300 worth of cheques and has a $500 balance more banks would see that as an acceptable risk.

But it mainly depends on the relationship you have with your bank, whether they trust you, and if you've had any problems with cheques in the past.


ps. Unrelated, but why the hell is firefox 2 using the red underline everytime I spell cheque the proper way? lol... hell, it even thinks everytime is spelled wrong.

Around 14 business days for me

personally... im thinking if i get a higher income of this, i should register a company

Same here - it's a little ironic that US dollar cheques get cleared faster than local Australian dollar ones. :Graucho

my credit union makes me wait 6 to 8 weeks

Depends if i Go to the teller or ATM .. 10 days for the atm

never get held
goes thru automatically on my business account

About 3 weeks with Scotiabank

It can take up to 40 days between depositing a US check and getting the guarantee it won't bounce. Most banks will let your funds be available as fast as instantly to 30 days depending on your relationship and history with your bank.
WG

30 business days unless you're constant in your deposits. Im with Canada Trust, I usually never have a check held unless I deposit it in a different establishment then my own.

Depends on where you bank and your history with the bank.

I had my first bounced cheque a couple of weeks ago (ARS switched banks) and my bank didn't charge any fee for the returned cheque except interest. I thought they would seriously ding me.

31 days at CIBC is standard.

I have an agreement though and they don't hold anything, ever.

:thumbsup you are right, I talked to my branch today, they'll not freeze it from now on.
Thanks

21 business days with desjardins
asked to remove the hold after two years (it had never been a problem) and now no hold at all

Money Mart... I get the cash right away.

I think they take $2 and then 3%, which to me is better than a 2 week wait.

Do all you have guys have us accounts?

Good to hear. :thumbsup

I do.

I deposit all my US cheques into my US account, then I transfer the money to my Canadian savings account as needed, for no charge.

If I were to deposit the US cheques directly into my Canadian account however, there would be something like a $10 charge per cheque.... so yes, I absolutely do have a US account.

no idea, i never wait