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    1 Reply Latest reply on Sep 26, 2008 8:52 AM by Lighthouse24

    Costs of processing Canadian Checks

    TFSDerek Newbie
      We are getting ridiculous charges on Canadian Check deposits, a $300 CDN check has charges of more than $100. What do other people do about this? This is Bank Of America. It also took 2 weeks to clear. This is going to kill us.


      Derek Giles
        • Re: Costs of processing Canadian Checks
          Lighthouse24 Ranger

          Some options would include: (1) asking your clients/customers to pay by credit card or money order, (2) requiring that your customers/clients write checks only from a Canadian bank that has a partnership agreement with your U.S. bank (the checks would have an imprint that says something like "The Canadian Bank, Eh payable through Bank of America"), or (3) pass along the fees to the client/customer (or build them into your overhead costs). 80 percent of that fee you paid in this case was probably charged by the Canadian bank, not BoA, and passed along to you (that is, if your transaction was a typical one). It's not unusual, but it is somewhat unpredictable -- and you're right, it can eat your lunch. Canadian customers who buy from U.S. businesses have dealt with all this before, and will likely understand your problem and need for a solution. Good luck.
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