USD cheque deposit into PCF

[mtlguyca]

Hi All,

Wanted to know if I have to inform PCF that I deposited a USD cheque in my chequing account? I entered the same amount as on the cheque...I guess once they process it they will convert USD into CAD?

Thanks

[Jucius Maximus]

Wanted to know if I have to inform PCF that I deposited a USD cheque in my chequing account? I entered the same amount as on the cheque...I guess once they process it they will convert USD into CAD?

When the check is cleared, they will adjust it for the exchange rate.
Note that the fee is at least $7.50 depending on the value of the cheque.

[mrwally]

I deposit a US cheque into my PCF account once or twice every month. On the CIBC machines, I select "US Currency" for the transaction and it converts it right away.

I also have never paid the $7.50 fee...but I had my account before they started charging that fee so maybe my account was "grandfathered"? Either way I'm just glad they don't charge me and I'm not about to say anything to them as every other bank seems to charge a fee for this.

[Jucius Maximus]

I also have never paid the $7.50 fee...but I had my account before they started charging that fee so maybe my account was "grandfathered"? Either way I'm just glad they don't charge me and I'm not about to say anything to them as every other bank seems to charge a fee for this.

Interesting to know, my account also is from the pre-fee era, but I never tried it as I have access to an RBC VIP account that has no fees, so I use that one.

[mtlguyca]

Interesting to know, my account also is from the pre-fee era, but I never tried it as I have access to an RBC VIP account that has no fees, so I use that one.

I was wondering, if I had the select account with TD, which includes a free US account, would it also be free to deposit a USD cheque in to that account?



Thanks!

[ghost416]

I deposit a US cheque into my PCF account once or twice every month. On the CIBC machines, I select "US Currency" for the transaction and it converts it right away.

I also have never paid the $7.50 fee...but I had my account before they started charging that fee so maybe my account was "grandfathered"? Either way I'm just glad they don't charge me and I'm not about to say anything to them as every other bank seems to charge a fee for this.

Interesting. I never have a need to deposit USD, but long wondered at that function on the screen. Is the conversion rate good? On the one hand, PCF is an internet bank, so low overhead and all that. But, on the other, I find it hard to believe that CIBC is going to give you any kind of competitive exchange rate.

[Paulfistinyourface]

I was wondering, if I had the select account with TD, which includes a free US account, would it also be free to deposit a USD cheque in to that account?



Thanks!

I would assume so. I don't know of any accounts in which they charge a fee for deposit.

RE: TD. I just deposit US cheques in their ABM and punch in the printed amount of the cheque. It goes into my chequing and then a couple days l get a seperate deposit for the exchange.

Also in regard to TD. I am the treasurer for a non-profit volunteer organization. We get US$ cheques and cash all the time, and less frequently Euros and British Pounds. (Yes, people still mail paper currency. It's for small amounts so I don't blame them.)

Anyways, I just do up a different deposit slip in my book for each currency and the teller does the exchange right then and there and deposits it in CDN$. And we get a better exchange rate for cheques/drafts/money orders than we do for paper currency.

[Jucius Maximus]

Interesting. I never have a need to deposit USD, but long wondered at that function on the screen. Is the conversion rate good? On the one hand, PCF is an internet bank, so low overhead and all that. But, on the other, I find it hard to believe that CIBC is going to give you any kind of competitive exchange rate.

Not sure, but this thread gives a detailed analysis for some other banks.

[mrwally]

Interesting. I never have a need to deposit USD, but long wondered at that function on the screen. Is the conversion rate good? On the one hand, PCF is an internet bank, so low overhead and all that. But, on the other, I find it hard to believe that CIBC is going to give you any kind of competitive exchange rate.

I'm not really sure if the rate is competitive or not...I don't pay that much attention to it as the cheques I put in are relatively small amounts (i.e. <$100). I imagine it's pretty similar to what some place like MoneyMart charges...?

[win-star]

I was wondering, if I had the select account with TD, which includes a free US account, would it also be free to deposit a USD cheque in to that account?



Thanks!

If you have any US$ account (chequing or savings) with TD, depositing cash or cheque is always free.

[simms]

I was wondering, if I had the select account with TD, which includes a free US account, would it also be free to deposit a USD cheque in to that account?



Thanks!

yes, open a borderless acct, which is included, and deposit/withdrawls are free.

[mtlguyca]

Hey guys, I can see that the deposited USD cheque has cleared....and they gave me extra cash for the conversion... but there is no 7.50$ fee unless they charge it later....

So you guys know...