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Hello, I am a Canadian TD customer and I need to open an escrow account. Can I do this as an individual or do i need to be a registered business? Does it matter if my business is registered in Canada? This is for dealing with a transaction with US individuals. Can I open the account online or by phone or do i have to drive to the US to open the account?
March 6, 2015 01:32:48 PM
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In reply to Brett, Ottawa
Hello, Brett and thanks for reaching out to us with your question!
TD Bank offers escrow accounts for a variety of purposes, including Landlord/Tenant accounts and Attorney accounts. Depending on your needs and Bank requirements, personal or business products may need to be opened for escrow accounts for these purposes.
If a business account would be required to be opened, it would be necessary to register your business in the United States to obtain the required documentation needed to open an account. If you intend to register your business in the United States, we recommend contacting a TD Bank Store near your location to determine all the necessary items, depending on the type of business you have. For information on our TD Store hours and locations please visit http://bit.ly/TDStores. Also, kindly note that in most cases, the account must be opened in the State in which the business is registered.
In either case, you're welcome to visit us at any TD Store to open an account, as both business accounts and escrow accounts of any kind must be opened there. If your account is going to have multiple signers, be sure to bring them with you for the account opening process. Those who are going to be signers on the account need to bring the following documents: a valid photo ID (Driver's License, Passport, Military ID etc.) and Social Security number. For a non-resident alien opening an account, you will need two valid forms of ID and a W-8Ben must be completed during the account opening process. Also, if you will be establishing a business account, be sure to bring any related documentation determined earlier as well.
Since we're unsure of the type of account you may need or the particulars of your business, to better assist you, we do recommend that you reach our Banking Specialists 24/7 at 888-751-9000 to discuss your needs and how we may be of help. You might also like to refer to our Cross Border Banking Specialists, available at 877-700-2913, 24/7, who may be able to answer questions you have about banking here in the U.S as a Canadian citizen.
Hope this answers your question, Brett! Best of luck and please let us know about any other questions.
Kristen P, Mount Laurel
March 6, 2015 01:33:41 PM