Can you deposit your US cheques in your Canadian ATM?

quotealex · 05-17-2003, 07:52 PM

I'm getting tired of waiting in line twice a week just so a bank teller can deposit my US cheques into my US bank account. If you know of a Canadian bank that allow ATM deposit of US cheques, please list it here.

Thanks

Funbrunette · 05-17-2003, 08:15 PM

Quote:

Originally posted by quotealex
I'm getting tired of waiting in line twice a week just so a bank teller can deposit my US cheques into my US bank account. If you know of a Canadian bank that allow ATM deposit of US cheques, please list it here.

Thanks

I wouldn't suggest it...

Open a US account...It's the best and fastest way to go!

quotealex · 05-17-2003, 08:25 PM

Quote:

Originally posted by Funbrunette
I wouldn't suggest it...

Open a US account...It's the best and fastest way to go!

I have a US account at RBC. However, I need to go thru a teller to deposit US cheques.

Funbrunette · 05-17-2003, 08:27 PM

Quote:

Originally posted by quotealex
I have a US account at RBC. However, I need to go thru a teller to deposit US cheques.

That's the only way for now...It sucks I know I go through the same thing every time I get a US cheque!

webgurl · 05-18-2003, 02:29 AM

I don't know of any Canadian Banks that Will let u make deposits with American Funds . ( Through Machines that is )
What u can do is wait for a bigger bundle of cheques and make the deposits all at once, instead of depositing everytime u get a cheque or 2 that will eliminate the times so u don't have to go so frequently .

quotealex · 05-18-2003, 11:31 AM

If only I got one or two large amount cheque per week! Unfortunately, I use a bunch of sponsors (over 100) so I get alot of small amount cheques each week; and the more cheques you bring to the teller, the longer it takes her/him to processs.

Quote:

Originally posted by webgurl
I don't know of any Canadian Banks that Will let u make deposits with American Funds . ( Through Machines that is )
What u can do is wait for a bigger bundle of cheques and make the deposits all at once, instead of depositing everytime u get a cheque or 2 that will eliminate the times so u don't have to go so frequently .

WiredGuy · 05-18-2003, 09:25 PM

I used to use the RBC ATM to deposit checks before I incorporated. Basically, you make sure its absolutely clear that its USD your depositing, circle the currency on the check, on the envelope write USD, etc. etc... You then treat it as a canadian check entering the amount on the check and when they open it, they'd adjust the currecy exchange (this was for depositing USD into a Canadian account). I wouldn't recommend doing this really but it does work...

WG

skillfull · 05-19-2003, 06:50 AM

i heard that royal bank is doing that, but its take around 1 week, maybe you could ask someone from here ?

Easton · 05-20-2003, 10:07 AM

Quote:

Originally posted by quotealex
If you know of a Canadian bank that allow ATM deposit of US cheques, please list it here.

Thanks

CIBC... dunno if it started yet, but it is coming very soon if it hasn't already begun

quotealex · 05-20-2003, 12:56 PM

Quote:

Originally posted by Easton
CIBC... dunno if it started yet, but it is coming very soon if it hasn't already begun

I don't think they did, at least not in Montreal. My girlfriend as a US account there, and she goes to the same bs as I do. At lease she likes going outside during the day while I prefer to stay in my home until sunset

Easton · 05-20-2003, 01:00 PM

Quote:

Originally posted by quotealex
I don't think they did, at least not in Montreal.

then it's coming... this summer - you'll see

dyonisus · 05-20-2003, 01:29 PM

I deposit weekly into my acount through ATM and nothing goes wrong, the conversion happens a few days later when the funds are released.

PaulSweet · 05-20-2003, 03:07 PM

I have deposited american checks through ATM no problems. I don't try to calculate the exact amount in canadian though, I've just deposited them in and the bank adjuststhe amount. I've also had no holds on them.

I've never done this for anything more then $100 cheques though.

Ronaldo · 05-20-2003, 03:54 PM

Quote:

Originally posted by PaulSweet
I have deposited american checks through ATM no problems. I don't try to calculate the exact amount in canadian though, I've just deposited them in and the bank adjuststhe amount. I've also had no holds on them.

I've never done this for anything more then $100 cheques though.

If I was going to deposit through the ATM, I probably WOULD make a calculation just so the tellers would look twice at the currency on the cheques.

But, I've been told I can't deposit them other than through the teller or through the night deposit.

Easton · 05-20-2003, 04:30 PM

anyways, it won't matter soon... you're gonna wish sponsors pay in C$

LOL

quotealex · 05-20-2003, 05:10 PM

Quote:

Originally posted by Easton
anyways, it won't matter soon... you're gonna wish sponsors pay in C$

LOL

I think it is time for me to start looking for more offshore sponsors paying in euros

quotealex · 05-23-2003, 01:27 PM

I just had a meeting with my bank rep at RBC. According to him, we will be able to deposit US cheques at the newer ATMs starting this September.

StuartD · 05-23-2003, 01:55 PM

I use Royal Bank and ALWAYS put my US checks into the ATM machine... it goes in at the value I enter, and then a day or two later there'll be an update to my account that converts it from US to Canadian funds.

I've never had a problem doing it that way... I always do and still do it that way.

Phoenix · 05-23-2003, 02:03 PM

Quote:

Originally posted by Easton
anyways, it won't matter soon... you're gonna wish sponsors pay in C$

LOL

it is sad that i hope you wre wrong...but most liekly now...i think the dollar will remain strong..and settle near 1 us = 1.23 cdn

wild guess..not based on factual info

quotealex · 05-23-2003, 02:04 PM

Quote:

Originally posted by StuartD
I use Royal Bank and ALWAYS put my US checks into the ATM machine... it goes in at the value I enter, and then a day or two later there'll be an update to my account that converts it from US to Canadian funds.

I've never had a problem doing it that way... I always do and still do it that way.

I have talked to a few reps about depositing US cheques in a US account via an ATM and they all told me it can't be done because the machine is not set to handle US funds. But starting this september, they will get new ATM/software that will make it possible to deposit (and possibly withdraw) US funds and even exchange between US and Canadial dollars.