TD WATERHOUSE SUCKS

[hdwrench1]

Hello All,
TD Waterhouse is terminating our US account in 20 days because of "too much activity" Their words not mine.
We do transfer our US Paypal sales to this account and then write a check on it to our Scotia bank business account on Fridays for deposit.
Does anyone know of another Canadian Chartered bank that has a US account that is US based to replace TD Waterhouse.
Personal replies are fine. heritagehd@ripnet.com
Cheers
Wayne

[zarzuella]

Wow.

I have a TD Waterhouse account too, but I rarely have more than 5-6 transactions per month. How many do you have?

Looks like the writing is on the wall - they obviously don't want Canadian accounts set up for Paypal deposit.

Ann

[shoplineca]

Wayne
Royal Bank is the only other Cdn Bank. Check on some of the threads from last Fall dealing with this.

I have a TD Waterhouse account as well. As I havent recd the notice, I suspect yours may be the result of having a Scotia account that you are transferring to and not a TD/Canada Trust account.

Therefore they see you using them as a clearing house only for your US transactions and there is insufficient profit in it for them to provide you that service absent of further reciprocal business fromwhich they can earn additional fees.

While I havent processed alot of transactions in January and February, I generally average about 8-10 PayPal transfers per month into them with about 5 or 6 withdrawls per month.

From the sounds of it, it seema that I may be doing more transfers than you would have however having the rest of my business and personal accounts at TD/Canada Trust, may be the difference.

Malcolm

[hdwrench1]

Hi Guys,

[hdwrench1]

Hi Guys,
We do about 3 deposits a week from Paypal and one check every Friday. I can't really see what the fuss is all about. If you were doing deposits into a personal account and wrote yourself one check a week no bank in Canada would shut you out.
I'll look into Royal but have to contact Paypal to see if they are on their "approved" list first.
Thank you for the advice. Any more will be much appreciated.
Thank you
Wayne

[shoplineca]

Wayne
You dont need to check with PayPal. They neither approve nor disaprove and the account you will open with the Royal Bank will have a different name for the bank.

What is required is that the bank is a US bank, not the account. In other words, all Cdn banks can open up a US dollar bank account however only 2 of them have US banks with the required 9-digit routing code.

After that, you can go to the US an open up an account with a local bank. I also believe that the thread started last year gives the names of one or two US banks, where you can open up an account online.

Malcolm

[hdwrench1]

Thanks Malcolm,
If anyone has the URL for the thread of last years post I would appreciate it.
I would rather open the account on-line as opposed to actually crossing the border which is a hug PITA for me.
Cheers
Wayne

[shoplineca]

Wayne
Do a search in this discussion board for topics such as "US Banks" or "Canadian US Banking" or similar searches. You are asking others to do that for you which isnt really fair.

Malcolm

[hdwrench1]

Thanks Malcolm,
I didn't know it was possible to do that type of search
Cheers
Waayne

[sunset_sports_cards]

I use Royal Bank and to date have not had any problems that have been spoke of by the first post. Boy...for a business to say they do not want your business is beyond me. But I guess if you make profits in the neighbourhood of 300 million a year, my guess is you can do what you want.

[shoplineca]

Wayne
Right under the heading "Discussions" there is a search bar for searching discussion topics with an advanced feature in it.

Malcolm

[recped]

Funny this should come up again. I'm just in the process of opening a US account (with a US based bank). So far it's been pretty straight forward although there have been a few glitches (the W8?? form required for foreigners was not included in my "opening account package") and this has caused some delays (I'm promised the form is on the way to me, once completed the account will be activated).

Since I recently passed the half century I went for the totally free old(er) guys checking account (even pays some minor interest). It even looks like it may be possible to receive international wire transfers for a very minimal fee. On the account application there are a number of questions realting to the the intended activity levels of the account especially incoming/outgoing wire transfers. I suspect this is more Homeland Security related rather than any sort of general use restriction on the account.

I found this bank via a Google search "online banking Buffalo". They did tell me on the phone that I could open the account in ten minutes or less if I visited one of the branches. I'm on a "watch list" (a very old one) so that wasn't possible for me.

Ben
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915

[alero0]

I use RBC Centura (Royal Bank) I opened my account about 4 months ago and I haven't had any problems. The great part about this is that my RBC Canadian account and my RBC US account are interlinked online so I can access both accounts from the same web page and easily transfer from one account to the other.

Harvey

[mirakbiz_inc]

I had the same problem with them about a year ago, had to call their Risk Management people and explain that I used the account to direct the "extra" money that was sitting in my paypal account. The issue they have is that they don't accept business accounts. Too much activity usually means "business" to them.

After I convinced them that it was only my savings, they let me keep the account. I only transfer money there once every couple of weeks and remove once or twice a month by depositing a check to my USD account in Canada.

[macktaru]

I have a US account with TD Canada Trust but they wouldn't let me link it to PayPal. TD Waterhouse has a different US account that works with PayPal?

[muminlaw]

Hi macktaru, a US account with a Canadian bank involves too many unfavourable exchange fees, and charges.

You need an account with a US bank, based in the US - TD Waterhouse is the US affiliate to TD Canada Trust, so if you open an account with TD Waterhouse, you can deposit your PayPal funds without charge, then you can transfer them without exchange to your US dollar account with TD Canada Trust. You can then transfer to your Cdn dollar account when you feel the exchange rate is advantageous. Glenda
To Golf or Not To Golf? What a stupid question!

[macktaru]

If only I could open up an account with TD Waterhouse. According to the website:

"TD Waterhouse Bank, N.A. is unable to establish accounts for residents of Canada at this time."

[muminlaw]

You might want to try the Royal Bank - I understand they have a US affiliate also. My own US account is with the Bank of America and I'm very happy with their service, although they don't have an affiliation with a Cdn bank, but I understand that they are not opening new accounts for Canadian residents right now either.

Glenda
To Golf or Not To Golf? What a stupid question!