Wondering if anyone else has experienced this.
My wife and I have sent numerous checks drawn off our US account to her family members in Windsor as birthday and Christmas gifts over the last couple years. Everytime the checks are deposited into the recipients account and that persons account is credited the full amount of the check with no banking fees. No problems, everything goes smoothly.
This past week, my wife received a check from her Mother as a birthday gift, the first check we've received from Canada on our end. The check is drawn from her Mother's TD Bank Canada account. When I went to deposit it into our US account with our local bank, I was informed of a $7.50 transatction fee and also told that I would have to wait for 6 to 8 weeks for the check to clear and the amount of the check to be adjusted for the US/Canadian dollar exchange. I was also informed that their may be more fees acrued by TD Bank Canada for their processing of the check.
I spoke to my bank manager in detail about this and explained the differences between how the Canadian banks have handled our US checks compared to how his bank was handling the Canadian check. I'm not doubting what the local bank manager is telling me, but I'm curious to know if anyone else has run into this situation, and if so, what did they do? Does anyone know of another way of cashing the check without the fees?
Edited by Teddy B, 17 May 2013 - 10:07 AM.