What's the best bank to deposit US$ cheques in Canada?
 

Any banks with better fees than pcfinancial charging 15$ per foreign currency cheque?

scotiabank is like 2-3 bucks. but they can be retards about holds. to me anyway.

pcfinancial is shit. Try Royal Bank or TD.

Just open a US account - no charge to deposit cheques...
then transfer it to your CAD account after...

We use CIBC with USD bank account - no fee. Also have a USD credit card too which we pay directly to avoid conversion fees when not needed.

RBC:

Cheques written in currency other than that of the account $15.00 in currency of account

TD:

5$



Not sure about opening US account though.. Guess that's a really good idea even with 15-20$ monthly account fee, since depositing cheques are free or 1$ per item

I dont ever recall being charged and I am with TD

When I had an account with the Royal Bank I never paid fees like that. Of course, I haven't had an account with them in about 5 years so things may have changed. I just know that when I would deposit cheques there were no fees and no hold/freeze, but as I said, the rules may have changed.

Neither TD or BMO ever charged me.

However BMO has a retarded rule of a mandatory 30-day hold for foreign checks. TD's hold is 15 days.

Best advice for Canadian banks, make friends with a teller. Check holding is 100% discretion of the teller. I've deposited $5k+ USD checks at BMO with no hold. When I'm not depositing at my home branch, I get 30-day holds for $60 checks. That's when I tell them to fuck off and march to TD or to the home branch.

i bank at the local credit union...no charge for USA checks and no hold back...

No doubt, TD - US currency account - 0 :)

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.

TD here .... not only is their fees schedule very competitive, but their hours ROCK -- they are open Sundays now too! :thumbsup

Used BMO , $2 dollars charge per cheque

i use td. US account + their borderless plan means zero fee for cashing checks and i even get a better rate than those without the borderless plan. use the same branch for 6 months or so with no bounced checks and they probably won't hold them either. i been depositing checks there for 10 years and never had one held. sometimes certain tellers want to hold them but i just put up a bit of a stink, tell them i've never had any held and they always let it go once they see i do this reguarly.

where are you located, TD here isnt open on sundays. We have a US acct at TD as well :thumbsup

charged? wtf. I have never been charged to deposit any foreign currency cheques with TD.

some much of it is up to the tellers, which frustrates me and made me switch to epass in the first place. sometimes there is no hold, sometimes 7 biz days, sometimes 20 (official policy).

sometimes the check fees vary. sometimes a few bucks, sometimes they don't notice they are american so nothing.

sometimes they are interested in what i do and are nice other times they treat me like in just got paid from bin laden.

i find there is much discrepancy between the official policy and what the tellers enforce. so those who say there are no fees or holds you might have just been going to that bank since you were a paper boy or something.

I've never been charged for depositing a U.S check.. open up a TD borderless acct

I use ING Direct. No fees ever. 15 day hold. Transfer funds out to my TD account.

I use TD bank and had scotia - Royal, all of them basically said if you open a US bank account with them that there are no charges then just transfer it into your CA account

open a us checking account....td...no fees...and no holds...if you have a good credit rating...or something..they checked me out at first many years ago....but since...never a hold

same. 8char

i use TD best evar

I use a TD borderless account. You also get the best exchange rate when transferring USD -> CND with TD's online banking.

Only shitty thing about TD is you have to actually go in the bank and get it line to deposit checks which is a waste of time.

I use to bank at CIBC and would deposit all my US checks at the ATM (which was also less better because I didn't have to listen to nosy fucking tellers asking me what I do)

royal will hold for a month until you can get access to the funds.

I bank at TD and they haven't held any of my $US cheques since 1999. They don't charge me any fees to deposit them, either.

If a new teller that I don't know tries to pull any of this, I just ask to speak with someone that I do know and it gets cleared up real quick.