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  1. #1
    CaLoonie
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    Hey all,

    This might be a silly question....I was wondering how one deposits a US cheque like the one issued from the Samy Shampoo MIR? I just closed down a US account about a year ago...and of course now I get a cheque that I need cashed. My DH says I need a US account...but there has to be an easier way.
    How did you all cash yours??
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  2. #2
    Canadian Guru
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    You don't need a US account, just put it into your usual bank account. They might hold it until it clears though.

    Z

  3. #3
    Smart Canuck Hoser's Avatar
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    As Zonny, says you don't need a USA Funds account. I do have one but if you want, you can deposit it into any savings or chequing account and they convert it to Canadian dollars. The bank of course will probably make a couple of percent on it but that can't be avoided as they scam with the buying and selling of it. GRR
    My bank (CIBC) automatically clears cheques up to a certain value I think. Which is about $150 without putting a hold on it. Each bank and person might be different though so they may put a hold on it and not let you cash it right away BUT not clearing it right away usually is only for deposits. If you want the cash right away, just take it to your branch and tell them you want it cashed for whatever currency you want. Canadian or USA Funds.

  4. #4
    Freebie Fan SnowWhiteFanatic's Avatar
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    My Dad is American and sends the kids cheques for birthdays/Christmas - never had a problem - just as Zonny said though, there's usually a 5 business day hold.

  5. #5
    Senior Canuck jessandjake2005's Avatar
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    You don't need a USD account just bring it to whatever bank you deal with. You probably have a cashing limit of unverified funds based on your credit when you opened the bank account. If it's a larger USD cheque it can take a VERY long time to clear, if I'm remembering correctly it was 30 business days when I worked at the bank. My advice is to deposit in the bank machine as you would a Canadian cheque and the processing centre will credit you the exchange when they receive it. If you go to a teller they *might* cash it right away or they will put a manual hold on it which takes way longer than the ATM.

  6. #6
    Awake. TaraF's Avatar
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    I cash US cheques through my bank account all the time. I'm with PC Financial so there are no tellers to use just the ATM. With an ATM deposit it depends on what amount you have for CashBack on ATM deposits. I can cash a US cheque and I will get the Canadian equivilant back immediately but once they get their hands on the physical cheque it updates in my account due to the exchange rate.

    Example: I deposit a US cheque for $40 the machine gives me $40 right away in Canadian Funds. Once they are sorting the cheque by hand they update it in my account to reflect the interest rate at that time. So I could get a few cents extra or owe a few cents to the bank.

    At a teller at most banks that depends on the relationship you have with your bank. My Mom has been with the same bank for over 40 years and has great history with them so she can pretty much cash anything and they don't hold it, but someone with less history or less than stellar history they may decide to hold it.

    Bottom Line: You do not need a US bank account to cash your cheque as others have said.
    Last edited by TaraF; Wed, Jul 7th, 2010 at 02:13 PM.

  7. #7
    It's time to win lekate's Avatar
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    Some banks have a "deposit US funds option", I use that at PC or CIBC atms...
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  8. #8
    Trade Mod FallenPixels's Avatar
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    I deposit UK cheques into my account, they rarely hold them on me anymore and I would imagine they take much longer than US cheques
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