Warning About Banking in the U.S.

Spring 2018 CSANews Issue 106  |   Posted date : May 25, 2018.Back to list

Bird talk - Le Jaseur
Be very careful when choosing which bank you deal with in the U.S.!!! From our experience, you will see what I am referring to.

On Jan. 3, 2018, we deposited a Canadian draft in U.S. currency into the U.S. bank. We have been snowbirds for 10 years and this is the only bank we have dealt with. Our draft, which is what we have always used and which is for a considerable amount – as it has to last us for three months – is something we have never had an issue with before. This year, however, the bank said that they had to send it to a collection agency (which just so happens to be their own collection agency, not a third-party agency), to determine if it is valid and not counterfeit. Fair enough. However, that was Jan. 3. Today is March 3!!!! It is now in its ninth week and still no money!!! They state that credit is received only when funds are received from the drawee bank, which may take up to six weeks or longer. And, to add insult to injury, the U.S. bank courier fee is $45 and the U.S. bank initiation fee is $40. Also, fees imposed by paying foreign banks are collected on all cheques presented, paid and unpaid, with Canadian items ranging from $40 to $200. A very substantial amount of money that I have to pay to deposit my money in their bank!!!!!!! Soooooo, be very careful when selecting which bank you choose to deal with while in the U.S.

Rich and Elaine Meckler

Response :
Ed.: We see this time and time again – crazy fees and charges, and exchange rates that are exorbitant. I was very pleased to see the Meckler’s detailed case with all of the issues exposed. Now you know how bad it can be – and this was with U.S. dollars. We suggest that you talk to more than one bank before committing, and we recommend that you use the CSA Currency Exchange program for great results.

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