This thread is for US Ebayers - re: Canadian Money Orders

[suitman19]

Please no fights - no trolling. And no smart answers from people that do not deal with American banks on a regular basis.

I brought this up a while ago - but my banks have made it worse than ever.
Originally they decided to charge a fee to accept Money Orders drawn on Canadian Banks - regardless of being in US Funds or not. That fee is $15. - and it was not just my bank, which is a small 'Boutique Bank' but my other bank which is , surprise, a Multi-National monstrosity and one of the 5 largest in the world. Now my third Financial institution - a credit Union - has also adopted this policy. And they have extended it to money Orders drawn on US Banks but issued in Canada.

The reasoning behind this is that they are trying to recoup the fees that the Feds are charging them to process these transactions across borders.

My first question is - are any of you in the US also starting to receive these charges - and have you examined your bank statements closely for fees????

My second question is 0- what are you doing about - accepting Paypal only??? Suggesting cash???

I have some auctions ending tonight - and a gentleman from Montreal - just will not accept my answer of No Money Orders. He keeps sending me explicit instructions on how I can cash them.... of course he has 46 feedback and I only have 2900+.

Any Suggestions???

bruce

 

[The Great Zo]

I have NEVER been successful in trying to cash a money order drawn on a Canadian bank -- not without the huge fee, of course. If you get one drawn on a Canadian bank... might as well return it to the sender...

There's two work-arounds to those who insist on using money orders.

1) I've received money orders from Canada that were actually drawn on US banks. Not sure how that works -- but my bank took it without issue.
2) Canadian Postal Money Orders -- at least as of last check a year ago -- can be cashed at a US Post Office.

 

[2fnlo]

Postal Money order is the only kind I will ship to a US seller. To bad things like this bring down the hobby. Paypal only is a decent option I hate having to pay with anything else other than paypal, just a few US sellers won't accept paypal from Canadian buyers.

 

[dahabsfan]

With those kind of fees I definitely would go paypal only, fortunately up here the only restraints on money orders are "clearance times" (some as high as 30 day hold periods) which many banks up here are starting to adopt due to the high number of fraudulent money orders (mostly Western Union) that have been funneling in from the US lately.


Although I'm on the CND side of things, there is one option I've recently revceived a few of that is quite handy. It's MoneyGram instant transfers. The buyer goes to his outlet provides the payment info (to whom, how much, etc), pays the amount and receives a serial #. He then emails the serial number to me - which I take to the Post Office. I give them the serial #, they automatically print out the money order AND cash it. I wish more non-paypallers would use these - takes the bank right out of the equation. I'm pretty sure they're also available pretty much world wide.

Darren

 

[nrcanada]

I live in Canada and whenever I've had to send down a money order to the US, my bank (Scotia Bank) give me a money order in USD from Chase Bank in New York. Nobody that has received them has told me about the $15 charge.

That charge seems crazy. The bank charges the sender (I don't pay because they charge me enough for other crap) and then the receiver has to pay...that's double dipping.

 

[suitman19]

I live in Canada and whenever I've had to send down a money order to the US, my bank (Scotia Bank) give me a money order in USD from Chase Bank in New York. Nobody that has received them has told me about the $15 charge.

That charge seems crazy. The bank charges the sender (I don't pay because they charge me enough for other crap) and then the receiver has to pay...that's double dipping.

I understand what you think you are buying - but even though Scotia Bank is giving you the MO from a US bank - it still has to clear through the Canadian Banking System - at least that is what 2 banks here told me.

PS - for anyone else - so far the bank has credited me back any fees as a courtesy for my own business and the company I work for as well. But they did tell me they had to stop. I was amazed when I brought this up to other local sellers that they were unaware and some had actually paid that fee and not realized it.

I will check with the local PO about Canadian Postal MO's but I would be suprised.

 

[cjkuehn]

I have had no problems taking the money order as long as its
in US funds and can be drawn on a US Bank. I deal with the
Pennsylvania State Employees Credit Union.

I have also had no problems taking Candian Postal money orders
and getting them cashed at the Post office.

c.j.

 

[hometeam5]

Hi Bruce.

Great to speak with you again.

I'm lucky enough to have addresses in both Ontario and Michigan. I bank with Huntington in MI and I have not been charged any processing fee's. You might want to check with them as they are all over MI.

My Canadian Bank processes Money Orders from Amicus which is a US financial institution. If you receive an MO from a fellow Canuck which is drawn from a US account, you should not be charged any subsequent fee's.

Sorry... can't help you with the QC bidder......

Mike (hometeam5)

 

[Turtlelo]

I bank at Bank of America. They'll let me deposit those no problem.

Same here, I've never been charged a fee for cashing a Canadian money order.

 

[meatmancgy]

All I can add here is this: the point of the Cdn banks drawing their money orders on their US affiliates (I deal at CIBC, and they also use Chase in NY) is to avoid the cross-border concerns. As for them clearing through back to Canada, I think that's a fallacy, potentially to cover their asses for charging those stupid fees. If that was the case, what's the point of drawing the funds on Chase? I believe once the MO is issued, CIBC/Scotia/whoever transfer the funds to Chase to clear the MO when it's cashed down south through the Fed system. My 2 cents.

 

[quincy]

That is my understanding as well.
Bruce/suit, it may be worth your time to follow this up with an entity like the BBB or other consumer advocacy groups.

As for your Quebecois, you'll have to get shirty with him: You won't accept it, it's not an option. If he insists otherwise, tell him that his bid has been cancelled and he is barred from your auctions. If the auctions happen to close before then, simply wait your seven days, file the NPB and second chance them to the next bidders.