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Deposit a Canadian check free? How?
Started by minzechien, Feb 10 2005 07:48 PM
2 replies to this topic
Posted 10 February 2005 - 07:48 PM
Do you know any bank that will take a Canadian check for deposit without a fee? Thanks.
Posted 11 February 2005 - 06:54 AM
QUOTE(minzechien @ Feb 10 2005, 01:48 PM)
FirstIB does not mention any fees for depositing a Canadian check in its FAQs (see below) or in its fee schedule.
In most cases, you can deposit checks written in Canadian dollars. When we receive the deposit, we will credit the face value of the check to your account. We then will send the item to the Federal Reserve for processing, where the Fed will calculate the amount of the check based on the current exchange rate. The Fed will send First IB an adjustment for the item, which we will then debit from your account (usually the business day following the day we receive your deposit).
For example, suppose you send a check for $100 (Canadian) to deposit to your account, and the exchange rate is $1 Canadian = $0.85 US. First IB would credit $100 (US) to your account. On the next business day, First IB would debit $15 (US) from your account. (This example is provided for illustrative purposes only and may not reflect current exchange rates. Please be sure to review our Funds Availability Disclosure for other terms and conditions that apply to your deposit.)
Please be aware that the Fed may not be able to process all Canadian items. If the Fed cannot process the item, we will reverse the deposit and inform you of the situation. We will also return the item to you.
Posted 07 March 2005 - 04:48 PM
QUOTE(minzechien @ Feb 10 2005, 02:48 PM)
Meadowscu also does not charge a fee for processing foreign checks, if you keep at least $5000 in the account.