USD Banking

[DCGelfling]

I just learned that FedLoan, the agency that is handling my US student loans, will only accept payment in US funds from a US bank. I can't even pay with a US credit card, much less a Canadian check. Cheque. (I'll get there eventually! )

I called BMO, and apparently their US dollar accounts still act like Canadian cheques in terms of things like routing numbers and such. In the interest of not spending all day on the phone, do any of you know if any Canadian bank offers accounts that send US funds with US routing numbers on the checks, and ideally also make it easy to transfer and convert Canadian funds into that account? Or am I pretty much limited to arranging a wire transfer once a month from our Canadian account to my US account?

Ugh. I wonder how much the wire transfer fee has to be before a consolidation loan from our credit union makes sense. Bad enough that the conversion rate is not in our favor.

 

[Rossei]

I'm not sure but wouldn't your lender accept it when you make online payment from US Dollar Account rather than sending cheque?

 

[Bargeld]

Given TD has many banks in the US, especially in the east US, I'd go into a branch and find out.

 

[scylla]

Given TD has many banks in the US, especially in the east US, I'd go into a branch and find out.

Agreed.

A little know fact is that TD now has more bank branches in the US than in Canada. Check with them.

 

[DCGelfling]

I'm not sure but wouldn't your lender accept it when you make online payment from US Dollar Account rather than sending cheque?

Nope. Cheques from US Dollar accounts in Canada still go through the Canadian system to be cashed. Most businesses would probably put up with it because they want money and have competition, but federal student loan agencies have no such concerns.

Someone on the You Need a Budget forums recommended RBC, and they also have banks in the US. I'm still in the process of getting things set up, but when it's done I'll have a savings account from the Canadian RBC and a checking account from the US RBC and I'll be able to login and move money back and forth online. So far, it looks like TD still requires a phone call to make transfers. TD's is the name of a strip club where I'm from, so I'm more comfortable banking with RBC anyway.

 

[Bargeld]

Weird, with TD I make transfers with an Android app and it takes less than a minute.

Is there any major bank that doesn't charge ridiculous fees just to have a checking account? Or have these ridiculous transaction limits without also paying ridiculous fees? I guess I was spoiled by Wamu/Chase. If there's anything that bugs me about TD it's these things..

Update on how the RBC thing goes if you can, I'm interested in their fees (i.e. monthly checking account fees, particularly in Canada) and potential transaction limits+fees, and ease of moving things over to a US account for when we do US shopping.

 

[Keden]

Hi DCGelding,

Not sure if this helps, but I use RBC. I have Canadian accounts, as well as an RBC U.S. Personal Banking account.

I can transfer money to my US account and up to my Canadian account at anytime online and it's free.

I don't see why you couldn't request US cheques be sent to you (or perhaps an address in the US).

I'd definitely give it a shot with RBC. I haven't had any problems to date.

http://www.rbcroyalbank.com/products/deposits/us-personal-account.html

p.s. Monthly fee is only $2.00 / 6 Free debits per month

 

[legalcitizen]

I just learned that FedLoan, the agency that is handling my US student loans, will only accept payment in US funds from a US bank. I can't even pay with a US credit card, much less a Canadian check. Cheque. (I'll get there eventually! )

I called BMO, and apparently their US dollar accounts still act like Canadian cheques in terms of things like routing numbers and such. In the interest of not spending all day on the phone, do any of you know if any Canadian bank offers accounts that send US funds with US routing numbers on the checks, and ideally also make it easy to transfer and convert Canadian funds into that account? Or am I pretty much limited to arranging a wire transfer once a month from our Canadian account to my US account?

Ugh. I wonder how much the wire transfer fee has to be before a consolidation loan from our credit union makes sense. Bad enough that the conversion rate is not in our favor.

try ingdirect.ca .. no charges, no mins..

http://www.ingdirect.ca/en/save-invest/usisa/index.html