CND DVC's - US Bank ???

[jenkh]

Hi All,

Well today we got some troubling news. We closed our contract and all the paperwork was done and ready to go (back in Sept). We opened up a US bank account at BMO and sent DVC all the info (months ago - we even got all the signed paperwork back over 3 weeks ago)

Today they call us and say it has to be a US bank not a US bank Account. So they've taken away our 1% finance discount and are now making us pay our dues yearly (rather then the much appealing monthly) until we all get this sorted out.

To say were upset is an understatemt as we've talked to member accounting many times when we were getting all this organized and we even specifically asked if our CND bank would work. sigh. Why they waited until less then 14 days before our first payment of 07 dues are due, I have no idea.

So now it's rush time as we want this settled NOW. So my question is, are there any CND banks that have a US partnership? If not can anyone recommend a US bank as Buffalo is not to far away and we'd be willing to drive.

Thanks in advance

(and ignore my little rantings, I know no one is really to blame, but with such a huge money purchase you'd think they'd be much clearer for us Canadians)

 

[Charlesaway]

Hi All,

Well today we got some troubling news. We closed our contract and all the paperwork was done and ready to go (back in Sept). We opened up a US bank account at BMO and sent DVC all the info (months ago - we even got all the signed paperwork back over 3 weeks ago)

Today they call us and say it has to be a US bank not a US bank Account. So they've taken away our 1% finance discount and are now making us pay our dues yearly (rather then the much appealing monthly) until we all get this sorted out.

To say were upset is an understatemt as we've talked to member accounting many times when we were getting all this organized and we even specifically asked if our CND bank would work. sigh. Why they waited until less then 14 days before our first payment of 07 dues are due, I have no idea.

So now it's rush time as we want this settled NOW. So my question is, are there any CND banks that have a US partnership? If not can anyone recommend a US bank as Buffalo is not to far away and we'd be willing to drive.

Thanks in advance

(and ignore my little rantings, I know no one is really to blame, but with such a huge money purchase you'd think they'd be much clearer for us Canadians)

I would try RBC. They have a sister bank in the U.S., called RBC Centura, and I believe it is possible to set up a U.S. Account with them through RBC. We moved here (Georgia) on fairly short notice last year, and had attempted to setup our account through them. We setup the account in Canada, and after a few weeks it was activated.

Of course, by then, we had already moved and now I bank with a local U.S. bank (I miss Canadian banking! But I digress), but the long and short is try looking into it. You should explain the circumstances to them, and specifically mention RBC Centura, and RBC Access USA.

Hope this helps, and I hope you're able to save the extra 1% in the end!

 

[Chuck S]

I'm not a Canadian, so I guess I'm confused. I understand how Member Accounting got it confused. What exactly is a US bank account at a Canadian Bank? I've never heard of someone in the United States setting up a Canadian bank account at a US bank. Maybe its a different meaning to the Canadians, but I certainly would have assumed that a "US Bank Account" would mean having a bank account at a bank in the United States.

 

[tiggerrr]

I'm not a Canadian, so I guess I'm confI understand how Member Accounting got it confused. What exactly is a US bank account at a Canadian Bank? I've never heard of someone in the United States setting up a Canadian bank account at a US bank. Maybe its a different meaning to the Canadians, but I certainly would have assumed that a "US Bank Account" would mean having a bank account at a bank in the United States.

The basic difference is you can have a bank account at a Canadian bank (like BMO) that is denominated in US dollars. All transactions that occur will be in US dollars but the bank itself is located in Canada, subject to Canadian law, etc. This is more of an enhanced service to customers. This is what the OP must have set up.

The alternative is to have a bank account at a US bank, which would naturally be denominated in US dollars. This is what DVC would want because the bank would be in the US and subject to all appropriate laws. This what the OP needs.

To the OP: BMO also has a partner bank in the US called Harris Bank who can provide the required service.

 

[jenkh]

Thanks all for the replies. On the way home we stopped by a TD. Because it was near closing they couldn't solve our problem then and there (we didn't expect them too) But they were more then willing to set up a proper meeting tomorrow where they are willing to talk to member accounting themselves and make sure we are getting exactly what they require before we open the account there.

We will also look into RBC as well. Thank you all! If anyone has any personal experience I would love to hear it

I understand why DVC would need a bank based in the states. Our main issue was that we asked for clerification many times that a US funds account was all that was required. So to find out that is not the case with a deadline of only 2 working days was a shock (we were told this has to be sorted by Monday to keep the direct deposit)

But we are feeling better now that we've talked to TD and are looking into RBC. We brought this up with BMO, but let's just say our branch isn't about customer service because they never even mentioned that. So we are more then happy to look elsewhere