Cheques issued on Canadian banks will be subject to a handling fee

Spring 2012 CSANews Issue 82  |   Posted date : May 05, 2012.Back to list

Bird talk - Le Jaseur
Dear bird talk,

we currently have a U.S.$ account with bank of Montreal and now are being told by our camp owner in Edinburg, tX that, effective January 1, 2012, all cheques issued on Canadian banks will be subject to a handling fee of $20. We previously spent our winters in arizona and have not encountered this before. have you heard of this?

John Maunder
sheguiandah, ON

Response:
Ed: This is a widespread practice and it is becoming more prevalent as banks look for new ways to recoup the money which they lost in the financial meltdown. We are also starting to see some businesses charging these fees and adding a percentage for themselves. The other thing to watch out for is the exchange rate that your bank will give you, in Canada, when transferring money between your two accounts. This rate is often “padded” and could attract an extra fee. Try to transfer only large amounts, ask for a special exchange rate, and certainly request that they waive any fees.

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