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November 21st, 2003, 06:22 AM #1
Did anyone else notice the .07 spread in the rate - $1.28 at this end, $1.21 at the U.S. end?? Quite a hit, may think about going back to having the cheques mailed.
November 21st, 2003, 10:15 AM #2
I opened a US Funds account at TD - called a borderless account - so the money stays in US funds until I need it. These days believe me, I only take out exactly what I need. When the CDN dollar plunges to .62 again - I will cash in.
Slight problem is CJ cannot dd into the account for some reason. I jumped through hoops trying to get them to, but since it was a CDN bank - yadda yadda. So the USF cheque is mailed, and deposited instead.
November 21st, 2003, 10:20 AM #3
Yah - they won't deposit U.S. funds into a Canadian Bank - but I guess the dollar is on a bungie cord these days - I don't know if it's an issue at the U.S. end or the Canadian or its just the bad luck of the day it gets deposited. In any case given the state of things I think I will just start with the mail again and see if that works better.
November 23rd, 2003, 08:47 AM #4
- Join Date
- January 17th, 2005
Sorry, but I have to clarify that they will deposit US Funds into a Canadian bank account. I had mine go into a plain chequing account at Royal Bank since the beginning, however I switched to Bank of America (for obvious reasons if you've ever dealt with Royal Pain in the Arse).
November 23rd, 2003, 10:12 AM #5
No doubt that account at Royal you mention was a CDN funds account - in which case of course there is no problem.
What we (me anyways ) are talking about is depositing US Funds into a US funds account at a CDN bank. They will happily deposit funds into a CDN bank but they will exchange the money into CDN $$ first - often at very poor exchange rates as Abigail started by saying.
The wise thing to do these days with the high cdn dollar, is keep the American money separate and non-converted. The only way to do this is either not cash the USF cheque - and hold on to it until the cdn dollar drops, or open an American Dollar account at your local bank. If you do the latter DD is impossible due to CJ's system.
I went through all of this with CJ a few months ago when the cdn dollar first started rising.
November 23rd, 2003, 12:37 PM #6
Only problem is, some banks hold a US cheque for 21 business days before the funds actually get deposited into a CDN US or CDN US account. That is roughly 1 month! What can ya do?
Ian Lee, M.Sc.
Internet Marketing Strategist / Affiliate Manager
Personal Sites: ADS-Links.com | HealthCastle.com
November 24th, 2003, 10:20 AM #7
Ian - The bank will not hold funds if the deposit is made electronically - which is why I opted for it in the first place.
To further clarify - I do deal with the Royal Bank. CJ has reitterated that they WILL NOT deposit U.S. Funds into a U.S. Funds account in a Canadian Bank. The funds are converted to Canadian dollars at the CJ end of things and are then deposited as such into the Canadian Bank account. The spread turned out to be 2 cents and not 7 as I was lead to believe initially and this could have been do to the jump the dollar took last week and then dropped back - of course somehow the deposit always seems to happen on the highest day of the month.
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