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1stTimeCaller
2/19/2006, 01:41 PM
Can I deposit a check that is in Canadian Dollars into my checking account that is in American Dollars? What is the best way to go about it?

Okla-homey
2/19/2006, 01:50 PM
Can I deposit a check that is in Canadian Dollars into my checking account that is in American Dollars? What is the best way to go about it?

I guess its do-able, but next time, insist on a money order in USD. If, by chance, these are proceeds from an ebay dealio, PayPal kinda helps avoid such complications.

OklahomaTrombone
2/19/2006, 01:58 PM
You ask the weirdest ****ing questions

1stTimeCaller
2/19/2006, 02:39 PM
heh, the last company I worked for is employee owned and based out of the Great White North, Edmonton AB and this 'cheque' is them giving me the money I had used to buy company stock back. They had a program to help out folks like me in that they would loan me at 0% interest money to buy 100 shares and then through three years worth of payroll deductions they get paid back. You could do this for a max of 4 years then and concurrently you could borrow money from the Bank of Toronto at Prime + 1% to purchase more. I didn't have to 25% cash to put down for the 880 shares I could have bought so I just did the 100 dealio.

soonerbrat
2/19/2006, 02:46 PM
It depends on your bank. I know Bank of America will do it. But they will probably put a hold on it for about 5 days to make sure it clears.

1stTimeCaller
2/19/2006, 02:47 PM
that's me!!! anything special that I need to do other than inform the teller that the money is Canuck funds?

Does it take longer to get acces to said funds?

Frozen Sooner
2/19/2006, 03:01 PM
Can I deposit a check that is in Canadian Dollars into my checking account that is in American Dollars? What is the best way to go about it?

Most places will do it, but you will not have anything near immediate funds availability.

The teller should pick up on her own that the funds are not payable through a US Bank (which is the determining factor, not the currency involved) but may not. You can tell by looking at the RTN on the check-if it's not 9 digits, it's not payable through a US bank. To my knowledge, the US is the only system that uses a 9-digit RTN.

Anyhow, the process at most institutions is that the funds are sent for collection and when the bank of first deposit receives funds they will put them in your account.

The Canadian banking system is terrible, by the way, so it may be a couple of weeks.

On the bright side, the exchange rate is inching close to 1:1.

soonerbrat
2/19/2006, 03:05 PM
that's me!!! anything special that I need to do other than inform the teller that the money is Canuck funds?

Does it take longer to get acces to said funds?


you definitely need to tell the teller that it's canadian money..they'll have to convert it to an American dollar amount and they will probably put a hold on it for 5 days..maybe 7. if you're a longtime customer they may not, but it's pretty likely they will.

1stTimeCaller
2/19/2006, 03:09 PM
thanks. I think the rate is close to $1 US = $0.86 to $0.87 Canadian

soonerbrat
2/19/2006, 03:19 PM
that's about right...

soonerbrat
2/19/2006, 03:19 PM
http://www.x-rates.com/d/CAD/USD/graph120.html