TORONTO, Nov. 15, 2012 /CNW/ - Cross-border shopping sprees, regular
business commutes, seasonal adventures and studying abroad - there are
many reasons why Canadians are looking for cross-border banking
solutions in North America. As the Loonie has risen against the
Greenback, so too has the demand from Canadians for US-dollar bank
accounts, according to TD Canada Trust.
Catering to this demand, TD today introduced an enhanced cross-border
banking service to make it easier for Canadians who work, live,
vacation or study south of the border to open bank accounts in the US,
build a US credit history, apply for a US mortgage and avoid fees when
moving money south of the border.
"Thousands of Canadians cross into the US every day, and whether it's
for business or pleasure, many have unique cross-border banking needs,"
says Greg Quinn, Vice President, TD Canada Trust. "TD Cross-Border
Banking allows our customers to complete banking transactions
seamlessly between Canada and the US, making it more convenient to pay
bills and write cheques for US expenses. It also leverages both US and
Canadian credit histories, making it easier to apply for a loan or
As other Canadian banks shrunk their US footprint last year, TD opened
37 branches in the US. It now boasts 1,300 US branches along the
Eastern Seaboard from Maine to Florida.
TD's cross-border banking services offer the following benefits to
Canadian customers who open a US TD Bank account:
Easily transfer money between your Canadian-based TD Canada Trust
account and your TD Bank account in the US while avoiding wire transfer
Apply to TD Bank for a US mortgage and US credit card based on your
Canadian and US assets, income and credit history
View both your Canadian and US TD accounts on the same webpage through
EasyWeb online banking
Sidestep conversion rates and currency exchange service charges by using
the TD US Dollar VISA Card
Use your TD Access Card in the US to withdraw cash from over 1,800 TD
Bank ATMs without paying additional system fees outside of foreign
"To make cross-border banking even more convenient for our customers,
we've also created an informational website and a 24/7 support line for
our customers to contact us for advice on the best way to manage their
cross-border banking between the US and Canada," says Quinn.
As Canadians gear up for one of the biggest travel and cross-border
shopping seasons of the year, Quinn offers his insight into five
little-known differences between the US and Canadian retail banking
systems to help travellers avoid unnecessary stress:
Post-dated cheques are not recognized in the US - If you post-date a cheque and the recipient deposits it early, the
cheque will clear and the amount will be deducted from your account
The US clearing system is a little slower - Depending on when the payee deposits or cashes the cheque, cheques in
Canada can clear the same day while cheques in the US may take up to 14
days to clear.
You can't pay bills at US ATMs - Unlike in Canada, US ATMs do not have bill payment capabilities.
Cheques are a very common way to pay bills south of the border, and you
can also use online banking.
Account balances are not shown in 'real time' in the US - In the US, transactions may take a few days before they are posted to
your account. For example, ATM and debit transactions take one to three
days and bill payments processed through merchants may take five to
seven days. In addition, transactions that have not cleared yet will
decrease your available balance online, but sometimes not for the final
amount. For example, restaurant tips and hotel deposits may not be
accurately reflected until the entire transaction clears.
When making deposits and withdrawals at a bank branch, you fill out
slips for the transactions rather than using your debit card.
For more information, advice or support on US banking needs, please call
the TD Cross-Border Banking Support Line at 1-877-700-2913 or visit www.tdcanadatrust.com/crossborderbanking.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 11.5
million customers. We provide a wide range of products and services
from chequing and savings accounts, to credit cards, mortgages and
business banking, to credit protection and travel medical insurance, as
well as advice on managing everyday finances. TD Canada Trust makes
banking comfortable with award-winning service and convenience through
24/7 mobile, internet, telephone and ATM banking, as well as in over
1,100 branches, with convenient hours to serve customers better. For
more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the
sixth largest bank in North America.
SOURCE: TD Canada Trust
For further information:
Liz Christiansen / Steve Presant
Paradigm Public Relations
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