Question Re: US Company Check...

[Nufy]

before I go to the Bank and ask...

I have a check and am expecting another from United Airlines as compensation for lost luggage.

There is no indication as to whether the check is in US or CDN funds...

Can the bank tell...

If in US funds will I have to open a US bank account ?

It might be worth it as the second check will be coming as well.

Thanks.

[Scroopy Noopers]

Originally Posted by Nufy

before I go to the Bank and ask...

I have a check and am expecting another from United Airlines as compensation for lost luggage.

There is no indication as to whether the check is in US or CDN funds...

Can the bank tell...

If in US funds will I have to open a US bank account ?

It might be worth it as the second check will be coming as well.

Thanks.

If it’s spelled “check” it’s probably US funds......

(Sorry, this isn’t actual advice)

[Northendzone]

i'd assume if the cheque is drawn on a US bank then it i real monies.

to be honest i ma not sure. years ago when i worked at one place and we sold stock, we'd get a cheque the and the cheque was in US funds but it did not seem to say anywhere on the cheque that it was $US. I recall just depositing the cheque for the number on the front of it and then getting a currency adjustment later on.

it was like the machine knew.

[Amethyst]

I think the bank will know. If it's US $ and you have a US account, it could go in there. If you don't have you, they will just convert it into Canadian $ and deposit it into your regular account.

[Nufy]

Cool...this inconvenience just might be worth it this time...

Only thing is, I have to buy all new PPE for work.

[Rando]

cheque*

[Nufy]

Originally Posted by Rando

cheque*

Not according to the check I have in my hand...but yes...

[Johnny Makarov]

Originally Posted by Nufy

Not according to the check I have in my hand...but yes...

What color is it?

[Nufy]

Originally Posted by Johnny Makarov

What color is it?

Blue...but why does that matter...

[you&me]

Originally Posted by Nufy

before I go to the Bank and ask...

I have a check and am expecting another from United Airlines as compensation for lost luggage.

There is no indication as to whether the check is in US or CDN funds...

Can the bank tell...

If in US funds will I have to open a US bank account ?

It might be worth it as the second check will be coming as well.

Thanks.

The account the check ( ) draws from will determine whether the funds are in US$ or CA$ and your bank should be able to tell.

If it's a US check, from a US company, chances are high it will be in US$.

You do not have to open a US$ account to deposit US$. Your bank will charge you a less-than-favourable forex rate, but unless the check(s) are 5++ figures, it's not enough to justify opening a new account, the time involved, the fees, etc... Besides that, once the US funds are in your US account, the rate charged to transfer them into a CA$ account is usually the same they would have charged in the first place.

[habernac]

I got one from someone in Montana. I walked into the bank and I explained I didn't have a US account so they did the conversion there and deposited it into my regular account.

[Johnny Makarov]

Originally Posted by Nufy

Blue...but why does that matter...

Is that your favorite color?....

[Weitz]

Just deposit it in your account.. If it ends up being more than whats on the cheque its USD if its the same its CAD.

[Locke]

Take it a Payday Loan place and RUN!!!

[sureLoss]

nm

[bizaro86]

The numbers on the bottom are different for US banks than Canadian. If it's a US bank the default is USD, so if it doesn't say otherwise that's what you have. Many/moat banks have free/cheap USD accounts, which you could use to cash the check. But if you dont already have one and it isn't much money I'd probably just deposit it. They'll give you a crappy rate but will do it for you.

[Nufy]

1.27 exchange rate and a 15 business day hold from RBC.

Its dealt with so I'm good.

Thanks for the info guys.