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Hello, I received a check sent to me from Canada but has already been converted to U.S dollars. If I open an account with TD will I be able to deposit without fees being it has already been converted? or will there still be fees and if so what would they be?
R, Inverness, FL
February 24, 2017 10:51:11 AM
In reply to R, Inverness, FL
Thanks for your question, R. We'd be glad to help.
Even if the check is presented in US dollars the customer is still subject to a fee. That is a processing fee because the check must still get sent back to the home country for collection.
To review any fees that may apply, please take a look at our fee schedule here: https://go.td.com/2kFZ5mK.
We hope this clears things up, R. Have a good day.
Megan K, Mount Laurel
February 24, 2017 10:51:23 AM
In reply to Megan, Mount Laurel
Megan, thanks for this answer. I've noticed that in several answers you've given to customers you refer to the Personal Banking fee schedule PDF. There is nothing on that page that indicates what the fee would be for depositing a foreign check.
What is the fee for presenting a Canadian check at a US TD branch (a check from BMO, for example, not from an individual)?
When is the exchange rate set -- the day the check is presented? the day it arrives at the back office? some other date - and who decides this? Since the customer has zero control over how long it will take TD to process the check, I am concerned that the bank will choose the date that is most favorable to them and leas favorable to me. (I am, in effect, purchasing US dollars with Canadian funds). This wouldn't matter for small amounts. I am expecting a check for over $20,000 Cdn. So the date and the exchange rate matter a lot to me.
I noticed that the spread today (8/21) between purchasing and selling Cdn dollars through TD is $0.03. Is there a maximum spread?
August 22, 2017 02:08:07 PM
In reply to Jennifer, Asheville
Thanks for joining us today, Jennifer. We'll be happy to address your concerns.
The conversion rate applied will be on the day the check is received by our Foreign Check Collection department. Additionally, fees may apply for the deposit of a foreign item. We do require that any international checks must have an equivalent value of at least $100.00 USD. Rates used for currency conversion are provided by TD Bank Traders. We do not use rates printed by third parties in newspapers or published online.
Please note that there are exceptions that may cause delays in funds availability. We invite you to look at our Deposit Account Agreement here for personal accounts: http://bit.ly/1kb17UQ. On pages 40-44 you can find our Funds Availability Policy along with the information about when you'll have access to deposits. For foreign check deposit funds availability, please refer directly to page 43 for additional information.
To view our Store hours and locations, please take a look at this link: https://go.td.com/1nq31dc.
Feel free to let us know if you have any other questions, Jennifer, take care.
Natasha M, Mt. Laurel
August 22, 2017 02:08:26 PM