US Banking Vs Canadian Banking

[Marilyn. 340]

again I say that most of these differences might have more to do with your bank then the country....

In Canada when I would deposit something through the ATM at my bank (Prospera) it would take a couple of days to clear...

and here in the US, we can deposit checks and money through the bank ATM (Wells Fargo) ... they sometimes release some of the money and the rest might take a day or two to clear...

What I don't like about the bank ATMs, at least with Wells Fargo, is that you can't take out 10's...

Edited June 28, 2007 by MarilynP

[sbgagne 0]

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!

I have been with several banks over the past 10 years and the only time I have ever set foot in one is to setup a acount. I have done everything exclusively online or on the phone. Not sure about your bank but every bank I have ever had in the U.S. you could make deposits at the ATM. They usually have the deposit envelopes in a little slot right next to the ATM.

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!

Easy solution to that. It sounds like you are using a check card. If you choose debit it will post immediatly. If you ( or the clerk, waitress, etc ) choose credit it will take a few days to post. If you want to make sure it always posts immediately, just get a debit only card NOT a checkcard. YOu won't have any "pending" transactions from your card at least.

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

I haven't wrote a check in 10 years. Online bill payments. The bank writes the draft. I even use this for rent. I have the bank mail the draft to my landlord to get there before the due date.

I personally think the whole check card thing brings out more frustrastion from people on both sides of the border than anything else. There is some good info on how the different types of debit and credit card transactions are handled (especially in regards to deferred posting) here.

http://en.wikipedia.org/wiki/Debit_card

[susan+mike 0]

From my own experiences with US banking, Canada seems to be a few steps ahead technologically,

Can say that again!

I don't think anyone has mentioned these crazy debit/check cards or debit/Visa cards......whatever they call them here. When I was in Canada you had a debit card and then you had seperate credit cards. Not here......... (well there are seperate credit cards but that's another story) You can use your Debit/Visa card like a visa..... you can use it to book a flight online or a hotel room, whatever you like. When u buy groceries or anything else for that matter it can go through like a Visa card and you have to sign like for credit.... but it's not really credit cause it's coming out of your account right away. That's the part that really baffles me...... a credit card to me is buy now.....get a bill in the mail , then pay, not the amount coming out of my acct the next day. Some places you can put in your pin #, some places put it through as if it is Visa but you don't have to sign the slip.... it's confusing. Last week I had to get money orders from my bank here and I handed the teller my debit card.... he just kind of looked at me funny....... I had to write out a check for the amount to the bank..... I was thinking he would just swipe my card like they did in Canada........nope! Then the part that really gets me is at some businesses if it goes through as a Visa they always always ask for ID here....... I have no American ID at all. In Oklahoma I can't get a driver's license till I have my Green Card and they wouldn't give me a SSN yet either. It really picks my butt they want ID for a stupid debit card!

Well that's my rant for today folks!

Susan in Tulsa

[MissStacey 1]

I was just about to mention the debit/mastercard!!!

Thanks for answering what i was going to ask- I wanted to make sure it does come out of the account right away.

I really like it- comes in handy at a restaurant- you don't have to get up and walk to the till to punch in you PIN and pay, they bring it to you and you sign.

[Flames9_RN 358]

As well I belive you CAN NOT post date a check here (USA)! I have tried that a few times, and it has been cashed prior to the date!

[Emancipation 2]

As well I belive you CAN NOT post date a check here (USA)! I have tried that a few times, and it has been cashed prior to the date!

WOAH.. no way!!! That is important when you give out rent checks... YIKES!!!

I was also going to mention the $400-500 Max withdrawl limit out of ATM per day per card.. even if you have multiple accounts linked to the same card - doesn't matter.. It drives me CRAZY!! (I had $1000.00 / day limit in Canada).. NO such thing here as far as I can tell.

[misa 2]

Oh yeah, it's totally illegal or whatever to write a post dated cheque. Hang on, lemme ask my husband who used to work at a bank. He says, "because there's no guarantee of the money being there when it's cashed". So it's the equivalent of writing a bad cheque. So if you DO give someone a post dated cheque they will cash it right away.

Which is ridiculous because in Canada it's totally fine. In fact I was REQUIRED by Revenue Canada to give them post dated cheques when I arranged payments on tax arrears a few years ago.

Edited June 30, 2007 by misa

[CutienPurg 0]

the daily limit on atm withdrawls is the standard set by your bank ........you can have it changed to what suits you.

if you write a post dated check and it is accepted as a post dated check and its cashed early , you're not responsible for the fees. It is the responsibility of the person/clerk/agency/ accepting the check to verify the check is valid at the time they accept it. If they try to cash it then shame on them.

......years ago I inadvertantly wrote a date 30 days in advance on a check. The store tried to cash it and my bank kicked it back. The store tried to hit me with the fee. I said no way: your clerk looked it over and accepted it as is, my writing was clear and neat and it was her error. the store manager agreed and said it was her resposibility to make sure it was accurate when she accepts it.

anyway ......banking is a branch by branch, bank by bank difference.

[Emancipation 2]

the daily limit on atm withdrawls is the standard set by your bank ........you can have it changed to what suits you.

Are you SURE about that one? Cause I know many people that said that it's an anti-terrorism law or something. I have a friend who has been at a bank for 25 years and said, "that's just the limit at the ATM - I can go in to the bank at any time and withdraw as much as I like, but not at an ATM".

I also personally have a 1000$ limit on my CDN cards and I cannot find an ATM in CT that will let me draw more than $500 per day on that card.

[Marilyn. 340]

the daily limit on atm withdrawls is the standard set by your bank ........you can have it changed to what suits you.

if you write a post dated check and it is accepted as a post dated check and its cashed early , you're not responsible for the fees. It is the responsibility of the person/clerk/agency/ accepting the check to verify the check is valid at the time they accept it. If they try to cash it then shame on them.

......years ago I inadvertantly wrote a date 30 days in advance on a check. The store tried to cash it and my bank kicked it back. The store tried to hit me with the fee. I said no way: your clerk looked it over and accepted it as is, my writing was clear and neat and it was her error. the store manager agreed and said it was her resposibility to make sure it was accurate when she accepts it.

anyway ......banking is a branch by branch, bank by bank difference.

this is the point I have been trying to make

[CutienPurg 0]

the daily limit on atm withdrawls is the standard set by your bank ........you can have it changed to what suits you.

Are you SURE about that one? Cause I know many people that said that it's an anti-terrorism law or something. I have a friend who has been at a bank for 25 years and said, "that's just the limit at the ATM - I can go in to the bank at any time and withdraw as much as I like, but not at an ATM".

I also personally have a 1000$ limit on my CDN cards and I cannot find an ATM in CT that will let me draw more than $500 per day on that card.

well.........what Im sure about is that Ive changed mine at my previous bank. The bank Im currently with doesnt allow it to be raised....that's their particular policy.