Here's another option which we are using which you might want to consider as well. We signed up for a personal US dollar account at Royal Bank. Took all of half an hour (though we had to make an appointment to see a personal banker to do this). I'm not sure if we can deposit the green USMO's (we always request our customers to mail pink Int'l ones or corner-store MOs), but Paypal transfers are an ease, and they come in right into US dollars.. It's a bit tricky to decipher what numbers to put into Paypal's routing # and acct # fields, but this site: http://policy.ssa.gov/poms.nsf/lnx/0202402300#F
help to explain it, plus if anyone wants to sign up for the account I can help them out getting the numbers right. We can even use this account to accept international wire transfers from our customers abroad. Royal Bank clears their checks through 'Royal Bank of Canada - New York Branch' in New York City, so I'm assuming we could cash USMOs - anyone have any opinions on this?
There are no monthly fees, though there is a charge for withdrawals as with most banks, but I believe you get 2 for free each month, plus one extra for every 'Payroll deposit' into your account.
Just something else to consider, we're quite happy with it!