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U.S. Banking for Canadians

Information About Your U.S. Personal Account

 

As of August 25, 2008, U.S. dollar personal cheques do not clear directly in the United States. To avoid delays, payment refusals or collection fees, we recommend that you pay recipients in the United States with a bank draft in U.S. dollars; your RBC Royal Bank® Visa card or your RBC Bank® Visa card.

If you write a large number of cheques to recipients in the United States, you may consider opening an RBC Access USA® account with RBC Bank in the U.S. To learn more or to open that account, please visit your nearest RBC Royal Bank branch.

For additional information, please contact us at 1-800 ROYAL® 5-3 (1-800-769-2553)

Questions and Answers

What happens if I send a U.S. dollar personal cheque drawn on a Royal Bank branch in Canada to a recipient in the United States?

It could take longer for your U.S. dollar personal cheque to clear the recipient’s account. This is because the cheque will be sent back to Canada to be cleared, which may increase the processing time. In addition, some U.S. banks may refuse to negotiate the cheque. Your recipient should find out about their bank’s specific clearing arrangement.

Will recipients living in the United States experience additional delays in accessing their funds?

For cheques payable to individuals in the United States, the payment period could be extended based on the recipient’s bank’s process. The recipient’s bank in the United States may or may not follow the collection process. Recipients in the United States should find out about their banks’ specific clearing arrangements.

A par-crossed cheque was not cashed by my recipient before August 25. What will happen?

As of August 25, 2008, all U.S. dollar par-crossed cheques presented in the U.S. will be returned to the U.S. bank that negotiated the item with the reason “cheque not eligible for clearing”. The U.S. bank will then send the cheque to RBC in Canada as per their specific clearing arrangement or they may refuse to negotiate the cheque. Your recipient should find out about their bank’s specific clearing arrangement.

Will there be delays if I write a U.S. dollar cheque and the recipient negotiates the cheque in Canada?

U.S. dollar cheques negotiated in Canada will be cleared with no delays.

Does RBC have other banking options for me if I still need to write U.S. dollar cheques to recipients in the United States?

Yes. If you need to write U.S. dollar cheques frequently, RBC Bank® , offers the RBC Access USA account. Cheques written on this account will be negotiated in the United States with no delay. To find out more or to open that account, please visit any of our RBC Royal Bank branches or call 1-800 ROYAL® 5-3 (1-800-769-2553).

Does RBC have other banking options if I do not want to open an RBC Access USA account?

Here are some alternatives you may want to consider.

Wire Payments
You may send wire payments from your branch. You will require the recipient’s bank account information to pay this way.

U.S. Dollar Bank Drafts and Money Orders
You may purchase a USD draft or money order from your branch, to be mailed to the recipient.

RBC Royal Bank Visa Card or RBC Bank Visa Card
You may wish to use your RBC Royal Bank or RBC Bank Visa card in U.S. dollars.

Does the recent change affect business clients with a U.S. dollar business account?

This change impacts U.S. personal accounts only. Business banking accounts have different features and benefits, including arrangements for writing U.S. dollar cheques.


® RBC Bank is a trade name used by RBC Bank (Georgia), N.A.
® RBC Bank (Georgia), N.A. 2012. Member FDIC. Equal Opportunity Employer.
Registered trademark of Visa International Services Association. Used under license.

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02/17/2012 15:59:05