Depositing Canadian check through Chase ATM question
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Canadian checks cannot be deposited with a Smartphone in the U.S. I have always deposited them at a branch. I plan to try ATM for the first time. My question is if this is as safe and sure a method as depositing inside a branch with a teller?
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I don’t know, but I’d call the specific bank(s) you plan to do this at and make sure to talk to someone who knows for sure/is not guessing. Then I’d definitely try it with a test check first with a very small value.
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There is no harm in it. I tried it about 5 years ago, and got a call a couple of days later, IIRC. I had to go into the branch and redeposit it. Today, since they scan the checks, the ATM will probably reject it by identifying the routing number as foreign. If they ever tie their forex rates into the ATM system, they could accept them. The volume is probably so low that it doesn’t warrant the expense, though.
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Yes, anytime I scan and try to deposit with a smartphone I get this message:
You can’t deposit this kind of check through Chase QuickDeposit. Please deposit it at a Chase branch or ATM.
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@richard you can also try it at the drive thru window so you don’t have to go inside the bank. If it’ll require a lot of time, teller may request you to go inside but if the BM says it’s okay, then you’re good to go.
IME with Chase, if I intend to cash out the check and the face value is lower than my available funds, I had no problems BUT if my available funds are much lower than the check’s amount I’m depositing, I was told I can only withdraw amount which is less than my available funds. This is understandable so the bank will not be out of $$ if the check bounces fwr. For bounced checks, they assess a fee for it and Chase is one of those banks that aren’t forgiving especially to those who have opted out of overdraft protection.
I no longer have checking/savings accounts with Chase, only biz and personal CCs.
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@Ma Barker said:
“This is understandable so the bank will not be out of $$ if the check bounces fwr. For bounced checks, they assess a fee for it and Chase is one of those banks that aren’t forgiving especially to those who have opted out of overdraft protection.”@richard, make absolutely sure that the check is not going to bounce. Not only will you be hit with the mentioned fees, but rest assured that the exchange rate for the “bounced” part of the transaction will be much better than the lousy exchange rate for the “deposit” part. Thus, not only do you have hunt down a check bouncer in a foreign country, but you get a bounce fee from Chase, and one additional gut punch of losing 3 - 5 percent on the deposit-bounce transaction. Yuck!
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I always thought that any checks would have to be drawn in U.S. Funds so Canadian checks would not work unless it was drawn in U.S. Funds. If it was in Canadian funds, you can get charged some fee and then the conversion which may or may not be in your favor.
