Results 1 to 9 of 9

Thread: Question about cashing Canadian check

Hybrid View

Previous Post Previous Post   Next Post Next Post
  1. #1
    Senior Member rosarugosa's Avatar
    Join Date
    Dec 2010
    Location
    Eastern Massachusetts
    Posts
    8,140

    Question about cashing Canadian check

    My mother recently got a check from cashing in some stock. Her bank won't let her cash or deposit it because it is from a Canadian bank (we're in the US). Has anyone else ever encountered this or have a suggestion as to what she might do?

  2. #2
    Senior Member Kestra's Avatar
    Join Date
    Dec 2010
    Location
    Canada
    Posts
    904
    That seems odd. Can she speak to someone higher up? I'd understand if they had to place a hold on the cheque for longer than normal, but why they wouldn't accept it at all doesn't make sense.

    I'm Canadian and I recall seeing a section on our deposit slips for US currency. They just give you the current exchange rate I think. Don't know why it wouldn't work in reverse.
    I'm sure one of the people here who is in both countries a lot can give you a better answer.

  3. #3
    Senior Member leslieann's Avatar
    Join Date
    Dec 2010
    Location
    Atlantic Canada
    Posts
    980
    Yeah, US banks can be a royal pain about Canadian cheques....whereas, Canadian banks are most gracious and most even offer US dollar accounts. The difference between being the Big Guy who makes the rules and the Little Guy who wants to play, I guess.

    Anyway, could she ask a bank officer? They will probably have to verify with the Canadian bank. That might mean a phone call which of course nobody likes to do. But they should be able to honour this cheque. If that absolutely doesn't work, she could ask the company who wrote the cheque to take it back and re-issue in US funds which they probably COULD do but of course will charge her. Everyone makes money on these cross currency deals except YOU. (Yes, that is a little bitter.....).

    Maybe someone else has more concrete and useful advice.....?

  4. #4
    Senior Member Bronxboy's Avatar
    Join Date
    Dec 2010
    Location
    Lost in Suburbia, USA
    Posts
    350
    Is her bank a savings bank or credit union?

    There are a number of things they can't (or don't) do that a commercial bank can. I believe foreign currency transactions are one; Medallion signature guarantees for stock transfer transactions are another.

    On the other hand, doing anything with foreign currency in the U.S. (outside the downtown of a few big cities) is a pain. Strangely, there is no place to buy Euros in my county of almost a million people, about a third of them foreign-born.

    Pathetic.

  5. #5
    Mrs-M
    Guest
    How asinine. Wish I had something helpful to suggest to you Rosarugosa.

  6. #6
    Senior Member
    Join Date
    Dec 2010
    Posts
    131
    I lived in Canada for a few years and had both US and Canadian accounts. Never had any problem getting either bank to accept checks written in foreign funds other than a 30-day wait time. Annoying, but just how it was. Did they give you any specific reason why they couldn't accept it? The only restriction we had with our US bank (actually, a credit union) was that we had to actually mail the check in with a deposit slip rather than using their online deposit system (where you electronically "deposit" it, and then mail the physical check in). But our US credit union had no physical branches other than their headquarters, so maybe that was just an oddity.

    I'd definitely call the bank's customer service and keep going up the chain until you find someone who knows how you can do this: seems to me to be more a case of your local branch not knowing how to do it rather than not able to do it for some reason.

  7. #7
    Senior Member Miss Cellane's Avatar
    Join Date
    Jan 2011
    Location
    New Hampshire
    Posts
    1,495
    The bank really should be able to deal with a Canadian check. They might charge a fee for handling the transaction, but they should be able to do it. I'd keep calling until she finds someone who knows how to deal with the check.

    Or start looking for a new bank that can hand a very minor international transaction.

  8. #8
    Senior Member
    Join Date
    Dec 2010
    Location
    Price County, WI
    Posts
    1,789
    A new bank indeed. USBank is the best I know of for processsing cross-border transactions (Canadian checks). usbank.com Saint Paul,MN

  9. #9
    Senior Member rosarugosa's Avatar
    Join Date
    Dec 2010
    Location
    Eastern Massachusetts
    Posts
    8,140
    Mom called the issuing corporation, and the check is actually drawn on a US bank. The contact at the corp. said she should speak with a higher-level person at her bank, and they could call him with any questions. Haven't heard any more, so I'm assuming it worked. Thanks folks!

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •