RBC Access USA – Cross Border Banking

Whether you are a seasonal visitor to the United States or a professional living and working here, you have unique banking needs. Fortunately, we’re a unique bank. RBC Access USA allows you to transfer money instantly between your U.S. and Canadian funds and pay both U.S. and Canadian bills with free online bill pay. We can offer you unique home lending solutions and simplify the mortgage process by letting you take advantage of your Canadian credit history when applying for a loan.

RBC Access USA can also help you navigate the many differences between the way you manage finances at home and the banking methods observed here in the U.S. We want to help you take advantage of unique opportunities and create financial success.

As you become acclimated with daily banking activities in the United States, there are several distinctions that, unless you’re aware of them, can cause unnecessary stress. The following are some of the most important:

– Post-dated checks are not honored in the U.S. If you post-date a check and the party to whom you wrote it deposits it earlier than you had intended, the check will clear, and the amount will be deducted from your account.

– Utility bills cannot be paid through banking offices, telephone banking or ATMs. They can be paid via check, credit or check card, or online bill pay services directly to the utility company.

– The U.S. clearing system is often much slower than Canada’s. While a check clears in one day in Canada, a check can take up to 14 days to clear in the U.S.

– Account balances are not shown in “real-time.” U.S. bank accounts display two balance types. The ledger balance is calculated at the end of each business day. Deposits made prior to banking center or ATM cutoff times are included in this balance, as are checks clearing from highest to lowest dollar amount. Overdraft fees are calculated using this balance. The available balance reflects the amount of money in your account actually available for use. The available balance may be lower than your ledger balance as check items in your deposit may not have cleared. Check card transactions that haven’t cleared yet will reduce your available balance but many times not for the exact amount. Tips at restaurants, gas pump purchases, and hotel deposits or reservations are typically not accurately reflected until the entire transaction clears.

– Overdraft protection lines are not automatically repaid. While an overdraft protection line will automatically advance funds to cover overdrafts, you must call, visit or use online banking to pay back the principal and interest in full.

– Debit and check cards may authorize purchases causing you to overdraw. This can occur due to an overstated available balance based on checks or transaction holds that haven’t cleared. An overdraft line of credit can help prevent this.

While you’re here, our bankers can also help you create even more financial and personal security through a trusted referral network of service providers. They include:

– Immigration attorneys
– Tax & estate planning attorneys
– Accountants
– Real estate agents
– Homewatch representatives
– Wealth management consultants
– Insurance providers

For more information on RBC Access USA and ways to navigate the differences between Canadian and U.S. banking, visit rbcbank.com or call 1-800-ROYAL®-5-3 for more information.

Member FDIC. ©RBC Bank (USA) 2012. ®Registered trademark of Royal Bank of Canada. Used under license. RBC Bank is a trade name used by RBC Bank (USA) and its branch offices operate under this trade name. Loans subject to credit approval.