I have a personal USD bank account with Bank of Montreal. Previously when I received USD bank draft from others, the bank could clear the fund pretty quickly - usually same day or a few days at most.

However, starting from last month, BMO said that they need a month to clear the fund, even though they are bank drafts, not personal check. They said that although these USD bank drafts are purchased at the Canadian banks, they would need to go through a clearing bank in US, and thus they need to hold the fund for 1 month.

Does anyone know if other banks won't hold the USD bank drafts for that long? 30 days is too long for cash flow.

Thanks.