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Does anyone from Canada have problems with checks from CAP networks?

Discussion in 'CPA' started by frenchboy, Sep 15, 2008.

  1. frenchboy

    frenchboy Jr. VIP Jr. VIP Premium Member

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    Im just starting to make some money with CPA networks and I havent got a check yet. But back when I was playing online poker I tried to deposit a check for $900 and it was frozen by the bank for 30 working days because it was from a source outside my province. I think it was from the US, possibly Alberta, not sure.

    What do you guys think? 30 working days is a crazy amount of time.
     
  2. wiredmom

    wiredmom Executive VIP Premium Member

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    Its standard policy for most banks to place a hold on any checks not canadian for 30 days. It sucks. So I opened an account in the US - Bank of America. I send all my us funds there and use the debit card to access it, or go across and make any large withdrawals.

    Your other option is to cash it at money mart or those other cheque cashing services that are around. If they can call the bank to verify it usually they will cash it.
     
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  3. frenchboy

    frenchboy Jr. VIP Jr. VIP Premium Member

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    Thanks a lot for clarifying that wiredmom,

    Would you mind clarifying both of those options because I believe I will have to do both in the next months.

    What's a money mart and a check cashing service? I live in Quebec so I believe those things are called differently (In french). I'm not very familiar with checks. Do you think it will be a problem to call the bank if the person doesn't speak English?

    I'll get a us bank account for sure when I have the money to make a short trip. Do I need anything to make an account or it's like any Canadian bank account creation?
     
  4. kayzne

    kayzne Jr. VIP Jr. VIP Premium Member

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    I get mine cashed right away with TD Canada Trust.
     
  5. wiredmom

    wiredmom Executive VIP Premium Member

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    If you pass their credit checks a US dollar bank account does help, they may only do a 5 day hold or none at all with great credit.
    Make sure its a business account though - personal they'll probably hold.
    To open an account in the US all they need is your passport and/or drivers license, something that shows your residential address proof...maybe your sin if you have it otherwise no biggy. Pretty standard process just like up here.
     
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  6. h1dd3n

    h1dd3n Regular Member

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    if they hold for that long then your bank sucks.
    it also depends on the teller. some dont do ANY hold at all, some do 14 day for me.
     
  7. chachinga

    chachinga Guest

    I have a US bank account at TD Canada Trust. The only questions they ask me is what I do for a living, do you get these checks regularly, and can you please wait as I need to get it signed by my manager as it exceeds my limit. Other than that, no worries, plus with TD easyweb, you can do you foreign exchange transfers whenever the conversion is in your favor. The only downfall of TD.. shitty interest rates.
     
  8. cparainmaker

    cparainmaker BANNED BANNED

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    Making large cash withdraws is kinda risky, if you don't claim it at the border and they find out they can pretty much keep it ;)
     
  9. chiefsurf

    chiefsurf Registered Member

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    Most canadian banks will hold your us funds for 21 business days. Unless you open a business account. It does not have to be a us checking account, it can be a canadian account. With this account you should only have to wait 5 business days for it to clear. some banks however do clear them right away. I am with cibc and they cash us checks for me under $500.00 right away, anything over that they hold for 5 days. The other option like mentioned above is instacheque. I have never cashed through a personal account with them but for business they cash within an hour or two (they have to verify with the bank). The downside with instacheque is it costs you 4.99%, you loose on the exchange because their rates are bad, plus they charge a $2.50 service fee.

    Hope this helps.
     
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  10. wiredmom

    wiredmom Executive VIP Premium Member

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    I have a Nexus pass for crossing the border. They dont even open my minivan doors anymore like they do in the main lines at the bridge :) Nexus pass = Best 50.00 investment I've made this year ^_^

    If its really large I'll wire it across though :)

    I don't get it though. If I have money, what business is it of theirs? eesh.
     
  11. chachinga

    chachinga Guest

    I never get a hold put on my accounts, even on deposits over 10k. I've been doing it for a while though so account history might hold a factor...