US cheque into a CDN account?

Hi Gang,
I have an e-bay refund (US cheque) here, and I'm wondering - if I just deposit it into my PCFinancial chequing account (CDN) will they "do the math" and convert the funds eventually. OR, should I go about it a different way?

Trac

If you are getting many US dollar cheques, you may want to open a us dollar chequing/savings account and wait for a better interest rate to convert to Cdn dollars.

Otherwise, the banks will do the math at the exchange rate into Canadian dollars for the day/hour you are there and deposit it into Canadian account.

the banks will do a currency exchange and will deposit the chq in canadian funds.

of course.. you'll lose money on the exchage.. but oh well..

what else might happen is that they may hold the cheque until it clears.. my friend once did that with TD.. but he needed to wait 21 business days for the funds to be released

I had a USD cheque from Google, I deposited it to my TD account, no hold at all, I was surprised, and a decent rate. Did it at the bank teller though.

They may put a hold on the chq depending on the amount, who the issuer is, what type of client you are, and if they like you or not. 21 days for a us chq is standard.

Not sure if it's the case in Barrie, but in a lot of the CIBC bank machines (which I think you can use for PC Financial) they have an option to deposit US into your CDN account. You just have to select the US transaction, and it'll show you the rate and total amount before you deposit. Quite convenient really.

PC Financial has implemented new fees for depositing USD cheques. It's not pretty:

$1,000 or less - $7.50
Over $1,000 - $15.00

If you're getting a lot of small cheques, this will really eat into your cash.

But if you choose to pay the fee, then just enter the amount as if it was CDN Dollars and they will convert it automatically when processing the cheque.

Originally Posted by Jucius Maximus

PC Financial has implemented new fees for depositing USD cheques. It's not pretty:

$1,000 or less - $7.50
Over $1,000 - $15.00

If you're getting a lot of small cheques, this will really eat into your cash.

But if you choose to pay the fee, then just enter the amount as if it was CDN Dollars and they will convert it automatically when processing the cheque.

so u get killed on the exchange rate AND the usd cheque fee. NICE.

Originally Posted by Jucius Maximus

PC Financial has implemented new fees for depositing USD cheques. It's not pretty:

$1,000 or less - $7.50
Over $1,000 - $15.00

If you're getting a lot of small cheques, this will really eat into your cash.

But if you choose to pay the fee, then just enter the amount as if it was CDN Dollars and they will convert it automatically when processing the cheque.

What happens if someone deposits a $5 US cheque. They owe PCF $2.50?

Originally Posted by Jucius Maximus

PC Financial has implemented new fees for depositing USD cheques. It's not pretty:

$1,000 or less - $7.50
Over $1,000 - $15.00

If you're getting a lot of small cheques, this will really eat into your cash.

But if you choose to pay the fee, then just enter the amount as if it was CDN Dollars and they will convert it automatically when processing the cheque.

Wow, when did this start? I'm awaiting a USD cheque soon, I guess that will have to go in my TD account.

Originally Posted by Hairball

Wow, when did this start? I'm awaiting a USD cheque soon, I guess that will have to go in my TD account.

Couple of months ago I think.

Originally Posted by Value Hunter

What happens if someone deposits a $5 US cheque. They owe PCF $2.50?

Might as well burn it. Or find a bank that does it for less.

Originally Posted by Value Hunter

What happens if someone deposits a $5 US cheque. They owe PCF $2.50?

..plus the exchange rate

Can't the you (person name on the cheque) sign the endorsement on the back and go woth someone with a us account to the teller and deposit for the person and then with draw the funds?

i dunno if that makes sense but that's what i think haha

Is it not possible to cash it as USD?