Finding a good Bank in the good ol' USA

[cottonwoodindustries]

Anyone out there who could recommend a good Bank in the US

One that has low fees, etc.

Paypal did a number on my sister the other day.
I usually transfer my US money into my sister's paypal account because she has a US bank and everything goes well, except this last time, I sent her a $1000 and paypal wanted to charge her $40 for the privilege, she refunded me back the money and I did get it all back.

Paypal says you can sent money free - true, they are now charging the other person as if it was a sale and charging them fees.

My sister upgraded her paypal, and we are wondering if that is where the problem is. She does not sell or buy on the internet.

So I would just like to cut her out of the equation, I have the time off I thought I would just open an account for myself.

Thanks for any help, Loré

[surplusdealdude]

Some people like M&T bank in the Niagara Region.

I went with Bank of America - they have a special account for people that get income through direct deposit - if you get one electronic deposit per month, they waive the $12.00 monthly charge.

Sounded like a deal to me, so I went for it.

You may need your passport to open the account up and 2 other photo ID's. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[cottonwoodindustries]

Hi, I am on the West Coast

What is M&T

[surplusdealdude]

Forget them, then - they're a regional bank in New York State.

You might look for a credit union just south of BC's border, too - they're pretty good in the States. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[power_batteries]

We do okay with Sterling Savings. Limited services but easy to deal with. (We use mostly just to transfer PayPal funds to.) Branches in Point Roberts and Blaine.

C.G.


> Hi, I am on the West Coast
>
> What is M&T

[cottonwoodindustries]

Thanks for the info, will look into tomorrow:^O

[surplusdealdude]

Make sure you have your passport - you'll need it to cross starting June 1 -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[jakeeangel]

And just so you know....PayPal is now charging fees to receive money in personal accounts if it's for a transaction. There's a board that I belong to where people sell unused makeup & other goodies like that.

The topic of PayPal fees came up. PayPal ammended their terms yet again to charge fees even on personal accounts when there is some sort of transaction.

Just an FYI.

[axe_n_gear_music]

What's so wrong with using banks in "Good Ole Canada?"

AXE.

[surplusdealdude]

A lot of companies in the States won't deal with you unless you have a US Bank account or a credit card from a bank on the US.

Like "The River"

Like Endicia.

And so on. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[axe_n_gear_music]

Easy solution- don't deal with companies like that who place these conditions on you.

There are a ton of other great companies out there to choose from. The choice is entirely yours.
(Just like there are many other better Canadian poets to quote from, besides this U.S. poet Cummings, whose quote not only makes very little sense but is also completely irrelevant to this or any other conversation on this Canadian board.
Just my take.

Cheers,
AXE

[surplusdealdude]

But I WANT to deal with them! -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[cottonwoodindustries]

The only reason I am opening an US account is to get my US money out of paypal without losing to much money on the exchange that paypal charges.

Besides I have an US account with BMO and it came with a US credit card, but paypal does not recognize it, surprise, surprise...

I spoke to paypal this morning there is no fees for sending money on a personal account, only if you upgrade to premier.

My sister upgraded to premier and that is why there was a charge.

You can only downgrade your paypal account once.

[surplusdealdude]

She can just open a new Paypal account up, too, and leave that at personal. -------------------------------------------------------------------

"To be nobody-but-yourself -- in a world which is doing its best, night and day, to make you everybody else -- means to fight the hardest battle which any human being can ever fight; and never stop fighting." -- e.e. cummings

[jakeeangel]

Cottonwood,

There are never fees when sending money but there are now when you are receiving money on a personal account for a transaction. I found the post on the other board I belong to.

Now, it may only be US accounts, I don't know but here's the info.

Effective Date: June 3, 2009

Beginning June 3, 2009 PayPal user agreement is being amended as follows:

1. Section 4.2 of the user agreement will read as follows:

“4.2 Receiving Payments for Commercial Transactions and Personal Transactions.

a. Fees depend on whether you are making a commercial transaction or a personal transaction. A commercial transaction involves buying and selling goods or services, and payments received when you send a “request money” using PayPal. A personal transaction involves sending money to and receiving money from friends and family without making a purchase.

b. If you are selling goods or services, you may not ask the buyer to send you a personal payment for the purchase. If you do so, PayPal may remove your ability to accept personal payments.”

[jakeeangel]

> Easy solution- don't deal with companies like that who place these conditions on you.
>
> There are a ton of other great companies out there to choose from. The choice is entirely yours.
> (Just like there are many other better Canadian poets to quote from, besides this U.S. poet Cummings, whose quote not only makes very little sense but is also completely irrelevant to this or any other conversation on this Canadian board.
> Just my take.
>
> Cheers,
> AXE


What's your problem with Americans? There are NO Canadian companies that will let you by postage from the USPS. Canada Post is way too expensive with crappy customer service so several people have chosen to not deal with them and offer our customers faster, cheaper service with Delivery Confirmation from the US.

Surplus has what is called a posting signature & is free to choose whomever he wishes to quote, Canadian or not and post on whatever board he wants, Canadian or not. That has no bearing on anything. Sorry, but your comment makes no sense, personally I rather like Surplus's signature. I find it quite meaningful.

[cottonwoodindustries]

Hi, this was a personal transaction
I phoned PAYPAL, and this is what they said,
It will not cost me to send the money, they will charge my sister because she upgraded her paypal to a premier account so she could receive unlimited money transactions.
If she left her account as personal there would have been NO fees but the most money she could receive is only $500/month.

She can only downgrade the paypal account once.

[cottonwoodindustries]

Canada Post is way too expensive with crappy customer service

WOW!!I have had nothing but great service from Canada Post.
Depending on what you are sending, there are advantages on both sides of the border.

If you need to put in a claim, Canada Post - always pays.
USPS not so much - without a fight and I am still fighting....

Canada Post to Thailand - 3 DAYS!!!

That is just my OPINION!;-)

[pierrelebel]

"The only reason I am opening an US account is to get my US money out of paypal without losing to much money on the exchange that paypal charges. "

The reason I opened a bank account in the USA nine years ago was to receive PayPal, Billpoint (and later BidPay) in US$ without converting.

Now, much is written about the poor exchange rate given by payPal. In reality, it is NOT as bad as often reported. The difference between PayPal and most Canadian banks is approximately one half of one percent (or $5.00 on a US$ 1,000.00 transfer) for most sellers. Sellers with high PayPal volume in US$ are offered a better conversion rate.

Now, if a seller needs to keep US$ to pay suppliers, the small conversion rate differential is not really a factor. What is important is to maintain a US$ avoiding the double conversion from US$ to Cdn$ and back into US$.

If you do not need to maintain a US$ to pay suppliers and your monthly US$ volume through PayPal does not exceed $1,000 on average, I suggest you ignore the issue and simply withdraw to a Cdn$ at your local bank.

[dipmicro]

What is important is to maintain a US$ avoiding the double conversion from US$ to Cdn$ and back into US$.

Exactly. I make USD purchases with my CAD VISA, but CAD come from USD sales. Approx 6% lost in unnecessary exchange rates. 6% from $2,000 is $120 - almost another power seller discount.