Quote:
Originally Posted by jamthe3
I don't know for sure, but I believe the electronic digits at the bottom of the check are one digit short when a Canadian bank issues it as opposed to a US bank.
This. When the routing number is 8 digits as opposed to 9, it causes everyone head to explode in the bank.
What I've learned is that when a bank receives this sort of check, they send it out to a third party for processing. They typically slap a hold on the funds and don't make them available until they actually receive money in hand. Since the third party is involved, there is generally a fee charged, which, in turn, is passed on to you.
What I don't understand is why people are nervous about going inside. It's not like they're going to interrogate you. If they ask about the nature of the funds provide a general, non specific answer and then be quiet. Don't try and over explain. You don't have to.
Also its a good idea if you have a back up plan. When my bank started giving me static about the check-they said it could be up to an 8 week hold and they wouldn't tell me the amount of the fee. So I simply grabbed my check and went to my credit union. They apologized for the inconvenience, explained that it would be a $30 fee (as they used a 3rd party processor also) and said that it could be up to a 30 day hold. They also explained it would probably be less than that and as soon as they received the funds they would be immediately credited to my account and available for withdrawal. They also said that if the first check went smoothly I could ask the manager to waive the 30 day hold and that it would likely be granted.
Mods if this is too much info to include feel free to delete.