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Old 02-06-2001, 02:15 PM   #1
regier
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Unhappy Canadians : Delays cashing U.S. Checks?

Well,

I just got back from my bank (Royal Bank) and it appears they have instituted a 5 week hold on all american checks. I was wondering if anyone else has had this problem as well, or if it is just me.

This might be the final straw that breaks my back. The brings me to the point where it can take 6 months to recieve payment for advertising on my site. I know that this doesn't seem right, but this is how I have it worked out.

I start showing ads for a company in the beginning of January. I get money building up until the end of the month. In February they call it the end of a pay period and then start counting down the 90 days that they can wait before sending me payment.
So, they send me the payment around the beginning of May and it takes a week or two for it to get here.

Of course I don't go to the bank each day, so it takes a week or so for me to deposit it. With the money going into my account around the middle to end of May it will clear through the bank around the beginning of July.

As stated above, this is half a year after I have shown the ads on my site. Does anyone have any suggestions on how to overcome this?

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Old 02-06-2001, 03:19 PM   #2
SSacobie
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I'd suggest checking with other banks to see what their policy is. I generally do not have a problem with business checks to Canada. Even with personal checks, the wait is usually 2-4 weeks. That 5 week wait sounds high to me.
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Old 02-06-2001, 03:43 PM   #3
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I use Toronto Dominion - and they don't have that. What about having the money wired through Paypal?
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Old 02-06-2001, 04:10 PM   #4
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I live in toronto too. I always go to moneymart to cash my cheques.
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Old 02-06-2001, 04:20 PM   #5
GuruChoc
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Try cashing cheques in Australia. You get access to the money the next day, but it can take 6 weeks to clear as the cheque needs to be sent back to the USA for verification. If in that 6 weeks the cheque bounces you loose the money and incurr the costs for passing a bad cheque etc, I know someone that cashed a US$100 cheque that bounced and cost him AUS$4500 for the pleasure of having it go through the banking system and get bounced, long live Pay-Pal, soon we will all get smart and not deal with companies unless they use it or something similar.
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Old 02-06-2001, 04:30 PM   #6
regier
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Ouch,

I guess I will start looking for a new bank. I'm sure there has to be some that don't put a hold on the U.S. checks.

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Old 02-06-2001, 04:39 PM   #7
Kaumil Patel
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Yoooooooooooooo!

I use TD also, and they put a stupid wait on my About.com cheques!!!!!!!.. NOOO!

I'm gonna have a nice chat with them



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Old 02-06-2001, 04:48 PM   #8
Robert from SI
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GuruChoc,

There is a thread on another web forum about toplist owners who take the passwords webmasters sign up with and try to use them for various shady activities.

Guess what one of those activities is? PayPal fraud.

And good luck dealing with paypal if that, or any other type of fraud or error, should happen to your account.
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Old 02-06-2001, 05:16 PM   #9
Aaron Dragushan
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There are several things a bank takes into account when deciding whether or not you're a good credit risk (they are in effect extending credit if they cash it on the spot, since they don't know if it'll clear.) One thing is how long you've banked there, and if they've ever had problems with checks cashing. The second is how much is in your account when you're depositing/cashing it.

We're in Victoria (BC) and banks over here are usually fine with US checks as long as we have an approximately matching amount in our account.
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Old 02-06-2001, 05:45 PM   #10
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It all depends on your credit rating with your current bank. If your account is new and
always carries a balance of $4.99 then there is a good chance they wont trust you much. However, if you have 3 bank accounts, GICs, Mortgage, Mutual founds and a Platinum Visa with 40,000 limit then I am sure they wont put your checks on hold. http://geekvillage.com/ubb/wink.gif

Kaumil Patel, calling the teller yoooo wont help much either http://geekvillage.com/ubb/wink.gif

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Old 02-06-2001, 07:31 PM   #11
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i use CIBC i dont have no GIC's or platnium visa's, but they never hold my cheques at all
check them out they seem to be good
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Old 02-06-2001, 09:42 PM   #12
regier
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That's why I was shocked that they put a hold on it. I have around $4000 in my U.S. dollar account, and I was only depositing another thousand or so. I have a gold card with them and have been with them for 10 years now. Therefore seeing as I have the funds to cover it and my credit is good I didn't see any reason for them to hold the money from me.

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Old 02-06-2001, 09:49 PM   #13
Voltaire
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Take PK's advice and cash your checks at Money Mart. Can you guess how long they hold your check for? About 10 minutes, and the money is yours, paid out in cash. This is an alternative to using Royal or other Canadian banks to cash your checks. MM does however, charge you 3% of any check cashed.
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Old 02-06-2001, 11:01 PM   #14
regier
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I can defiately live with loosing 3% to save myself a month and a half. Thanks for the advice. I thought that MM would charge a lot more than that.

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Old 02-07-2001, 03:06 AM   #15
Ramses
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As a Montrealer, I use Caisses Populaires Desjardins. Had a chat with my banker a while back and all my US checks are now processed just like regular Canadian checks in terms of procesing delays (about a week instead of three+). Using dialogue can open many, many doors (diplomat wannabe speaking here http://geekvillage.com/ubb/smile.gif )

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