US Banking Vs Canadian Banking

[mr_s_p 1]

I just wanted to get everyone's input whether there's a difference between US Banks and Canadian Banks and what these differences are...

For example:

-in the US, you can drive up to these banks and use vacuum tubes to conduct your transactions with a live teller... Don't see that in Canada!!!

-In Canada, I can walk into a branch and deposit cash through a teller and immediately go across the street to Tim Horton's for my coffee and use debit to draw on that cash... From what I've seen with my fiancee, she deposits cash and can't use it until it clears (usually a day), even though she deposited it through a teller.

Anybody else have any examples of differences between US and Canadian banks?

Thanks,

Scott

[Marilyn. 340]

I think it just depends on the bank not the country...

my hubby, the USC, says that if he deposits cash with the teller he can access that cash with his ATM right aways...

also I am pretty sure I have seen the drive thru on some banks in Canada where you can deal with live tellers...

[gflova 0]

I just wanted to get everyone's input whether there's a difference between US Banks and Canadian Banks and what these differences are...

For example:

-in the US, you can drive up to these banks and use vacuum tubes to conduct your transactions with a live teller... Don't see that in Canada!!!

-In Canada, I can walk into a branch and deposit cash through a teller and immediately go across the street to Tim Horton's for my coffee and use debit to draw on that cash... From what I've seen with my fiancee, she deposits cash and can't use it until it clears (usually a day), even though she deposited it through a teller.

Anybody else have any examples of differences between US and Canadian banks?

Thanks,

Scott

sometimes a hold is put on a cheque that is deposited that is a LARGE SUM....is that what happened with your fiancee?

[Reba 2]

From my own experiences with US banking, Canada seems to be a few steps ahead technologically, and Canadians as a whole were faster in adopting widespread use of debit cards and internet banking. When my husband and I first started dating, and probably right up to a couple of years ago, there were still lots and lots of places that you couldn't use a debit card in the US. Plus, in Canadian banks you don't need to fill out a paper deposit slip or withdrawl slip. Just swipe your card, even with the live teller. Here in the US (our area anyhow, probably most everywhere I'll guess) its still all paper.

It also takes several days for transactions to clear my bank account here in the US, (deposits, withdrawls, POS...) whereas in Canada it shows almost immediately.

And the writing of cheques/checks here in the US is still widespread in retail and grocery stores. Cheques have not been accepted in (most) Canadian stores for probably over a decade, because of the widespread adoption of debit card use.

[Kathryn41 3,205]

Canada may have this now but BOA in our area just started receipting cheque deposits at ATMs by printing a copy of the deposited cheque on the receipt! I really like this!

[Waiting in Vancouver 6]

From my own experiences with US banking, Canada seems to be a few steps ahead technologically, and Canadians as a whole were faster in adopting widespread use of debit cards and internet banking. When my husband and I first started dating, and probably right up to a couple of years ago, there were still lots and lots of places that you couldn't use a debit card in the US. Plus, in Canadian banks you don't need to fill out a paper deposit slip or withdrawl slip. Just swipe your card, even with the live teller. Here in the US (our area anyhow, probably most everywhere I'll guess) its still all paper.

It also takes several days for transactions to clear my bank account here in the US, (deposits, withdrawls, POS...) whereas in Canada it shows almost immediately.

And the writing of cheques/checks here in the US is still widespread in retail and grocery stores. Cheques have not been accepted in (most) Canadian stores for probably over a decade, because of the widespread adoption of debit card use.

Ya I find it weird how often my wife and I write checks here in the US ... I used to write one check a month back in Canada and that was for my appartment rent ... As you stated you hardly see people writting checks at the grocery store etc back in Canada ... Here in the US it's is common ...

Back in Canada I almost always deposited my paychecks through the ATM and I had access to that money right away. Here in the US (we deal with a small town bank) we have to drop a deposit letter with the check and deposit slip and then it makes it to our account the following working day ...

[MissStacey 1]

I just got a Discover card. Great to use in the US- but not really accepted anywhere in Canada.

[Emancipation 2]

Oh man.... When I woke up and saw this thread I couldn't WAIT to jump in on this one..

GEEESHHHHHH.. I have had frustratations adapting to my banking changes here.. My poor husband has been on the recieving end of more than one rant by me on the US banking (as if HE ran it single handedly!)

But as I thought about it, I think it has some to do with the type of banking we now have vs. what I had back in Canada. I was with one of the "big 3" banks.. and now I'm with NFCU (Credit Union) with no actual "branches" in my city. Everything is done online and I have had frustrations with transactions not posting to my account in a timely manner. What makes me madest of all is that you have 2 balances one that is current, and the other that is Available "all monies going to leave the account" but they don't actually show you WHAT those transactions are until they post. Again I think that has to do with the Visa Check Card. I think they pre-authorize the card, but the store may not actually post the transaction for a few days, so the detail doesn't show up in my account.

I also have had frustrations with the holding funds issue. Also the "won't accept CDN checks".. that's a kicker.. Again, I think that has more to do with bank to bank stuff really.

But generally there seems to be more of a mistrust culture in banks towards it's customers than in Canada. It's harder to open/borrow/get the benefit of the doubt from a bank in the US (from my experience here in the US with the starter company I'm working for). It was much easier in business in Canada to get all those things.

Those are some of my thoughts..

[Cassie 8]

The biggest difference I have seen in banks is that I can cash a cheque from Jerry (or from any US account) at my Royal Bank branch in Canada and they wouldn't blink an eye, just calculate the exchange rate and have a nice day ma'am. Here it's like I've asked for the teller's firstborn for them to cash a Canadian cheque without a huge fee or trouble of any sort. It's gotten so that if my grandmother or someone from home wants to give us some money for birthdays or Christmas or whatever, they give it to my mom to deposit in my Canadian account to avoid the hassle.

[Emancipation 2]

The biggest difference I have seen in banks is that I can cash a cheque from Jerry (or from any US account) at my Royal Bank branch in Canada and they wouldn't blink an eye, just calculate the exchange rate and have a nice day ma'am. Here it's like I've asked for the teller's firstborn for them to cash a Canadian cheque without a huge fee or trouble of any sort. It's gotten so that if my grandmother or someone from home wants to give us some money for birthdays or Christmas or whatever, they give it to my mom to deposit in my Canadian account to avoid the hassle.

Don't you know though Canadian money has cooties???

[Kathryn41 3,205]

The biggest difference I have seen in banks is that I can cash a cheque from Jerry (or from any US account) at my Royal Bank branch in Canada and they wouldn't blink an eye, just calculate the exchange rate and have a nice day ma'am. Here it's like I've asked for the teller's firstborn for them to cash a Canadian cheque without a huge fee or trouble of any sort. It's gotten so that if my grandmother or someone from home wants to give us some money for birthdays or Christmas or whatever, they give it to my mom to deposit in my Canadian account to avoid the hassle.

Don't you know though Canadian money has cooties???

hehehe, actually, isn't it supposed to be that Canadian money has spy technoogy:-)! Can't trust those Remembrance dollar coins with the red poppies on them!

[misa 2]

But generally there seems to be more of a mistrust culture in banks towards it's customers than in Canada. It's harder to open/borrow/get the benefit of the doubt from a bank in the US (from my experience here in the US with the starter company I'm working for). It was much easier in business in Canada to get all those things.

Yes! It's MUCH easier to open an account in Canada for a person or a business. All you need is a starting balance/deposit and id (and business papers if applicable). There's no running of credits and ####### like that in Canada unless you apply for a credit card or a loan.

[~Nini~ 2]

I'm really not looking forward to banking in the US. At all. I've been browsing through numerous sites trying to find the best bank and I'm sooooo confused. Plus, most of the banks that I want to deal with are all in Philadelphia, which is about a half-hour drive away from where I'm going to be at. Bleh.

Having been privy to watching my fiance do his banking in PA, it's like trying to pull teeth from the teller. Writing deposit slips? Credit checks? Confusion between a check card and a debit card? Swiping your own credit card at a retail terminal? Eeps.

I don't even want to think about what it's going to be like to wire money back to Canada.

For the most part, I was so shocked when I saw someone writing a personal check to pay for their groceries at Whole Foods. I've been in retail for-ever and just the amount of fraud based on those has been crazy - plus the convenience of a debit card has been amazing.

The only thing I've seen about a U.S. bank that I like is the Penny Arcade. I literally stared at it so long that one of the tellers asked me if I needed assistance.

[Canuck78 0]

Well, I have a lot to say about this, but I will try to make it brief. Before moving down here, I worked for one of the top Banks in Canada for 8 1/2 years and the US banking system was one of the most frustrating things I have had to deal with!

With my bank in Canada, I was able to do all my transaction online or on the phone through an automated system 24/7 and the transactions would appear to my account right away. No such thing here. And when you can make transaction online or on the phone here, there is usually s 24hr delay before it will post to the account. VERY frustrating! Also, I HATE not being able to make deposits at the ATM, it just drives me crazy!

In Canada, if you make a purchase at a POS, it appears in your account immediately. Here, it can take 2-3 days sometimes longer! So unless you write down every single transaction in a registry, you can never be sure exactly how much money you have!

And don't get me started on the whole check writting thing! LOL

And the list goes on and on and on. I really think that it is my MAJOR source of frustration in this country. I have kind of gotten used to it, but not totally.

Edited June 28, 2007 by Canuck78

[misa 2]

I don't even want to think about what it's going to be like to wire money back to Canada.

This is simple, sign up for www.customhouse.com. It's easy and the transactions are free... AND they are a Canadian company!