U.S. Business Deposit Account
If you do business in U.S. Dollars, this variable fee account can help you better manage your foreign exchange needs.
What you need to know:
For a number of years, there have been U.S. laws in place that restrict the ability of U.S. persons, businesses and financial institutions from engaging in specified transactions with certain countries, individuals and entities. However, many U.S. dollar transactions, including those originated by non-U.S. financial institutions, must clear through a U.S. bank, and are in turn, governed by these U.S. laws (for example, the par crossed cheques associated with our U.S. dollar accounts clear through our branch in New York). Consequently, the U.S. laws must be respected by financial institutions and people and businesses in other countries that transact or operate in U.S. dollars and, therefore, through the U.S. banking system.
As a result, there are additional compliance procedures for U.S. Dollar Accounts and these procedures may differ depending on the particulars of the U.S. country sanction programs for those countries targeted by U.S. sanctions or embargos.
When opening a U.S. dollar Business Account, Royal Bank of Canada requests that our Business clients provide specific information in connection with their Business operations, including the countries in which they operate or otherwise conduct business. In addition to Business operations, we request disclosure of the citizenship and residency for individuals holding significant ownership positions in such businesses.
You pay as you go:
- Debits/cheques cost US$0.95 each
- Credits/deposits cost US$0.95 each
- Items deposited cost US$0.25 each
- Cash deposited (per US$1,000)
• Night and Day deposit1 chutes: $2.00
• In-branch: $2.25
- Direct Cleared Cheques (US Par Crossing) - $35 fee per month *
If your minimum monthly balance falls below US$1,500, a minimum monthly fee of US$9 applies. This fee does not apply if your monthly debit/credit transaction fees for this account exceed US$9.
For each US$1000 of minimum monthly balance on deposit, the fee for one debit or credit is waived.
* Subject to approval
1 Reduced fee for cash deposited via Night and Day deposit may not be available in all areas. Please see your branch for details.
US Float Fees
This fee is applied when same-day value is given for U.S. cheques which are deposited into an account and given credit but settlement is not received from the U.S. bank on which the cheques are drawn until several days later. To compensate for this difference, RBC will apply this US Float Fee where the average monthly credit balance in the account is less than the average monthly US float balance requirement - if the account balance is equal to or greater than the average monthly float balance requirement no US Float Fee will be charged. For complete details on the application of this fee and how it may apply to your deposit accounts ask your Account Manager or Business Advisor for details.
This is not an interest bearing account. Interest is available when balances exceed US$100,000. For more information contact your local branch.
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