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 mortgage."
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 costs
- 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 exchange fees
"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 straight away.
- 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
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