Banking Fees

Fall 2009 CSANews Issue 72  |   Posted date : Sep 22, 2009.Back to list

Bird talk - Le Jaseur
Dear Bird Talk,

I have run into banking fees regarding U.S.$ deposits from Canadian banks. Does anyone know of a bank in the Rio Grande Valley which does not have these fees?

Richard in ON

Response:
Ed: This is an ongoing problem for many snowbirds. U.S. banks often charge deposit fees, they may hold up your funds for months and sometimes, the exchange rate is very high if switching currencies. I have even had U.S. banks refuse to deposit funds at all. Canadian banks may also have charges to apply on the same transaction, especially on wire transfers. The Snowbird Currency Exchange program is by far the best way to move money to the U.S. One note of caution is that I would not leave large amounts of money in small local banks, even if they are convenient. The stress in the U.S. banking system is far from over.

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