Thu, 09 Sep 2010

Canadian Banking System WTF??

I have two business accounts at a Canadian bank known as BMO. One is a Canadian dollar account and the other is a US dollar account.

I've been accustomed to dropping off cheques in the night deposit box and having them show up one (or maybe two) business days later in my account. It all worked very smoothly.

Until recently. I deposited two USD cheques on August 31st. They didn't show up in our account until September 8th. Why? Well, the nice person at BMO told me that BMO now outsources processing of the night deposit contents. Here's the procedure:

  1. A truck drives up to the bank in Ottawa. The contents of the deposit box are driven to a processing centre in Montreal.
  2. The Montreal centre processes all the deposits. Er... well. All the cash deposits.
  3. Cheques are loaded onto a truck and driven back to the branch in Ottawa where they are processed.

So now all my night deposits get a scenic round trip from Ottawa to Montreal and back.

Well. I do have an ATM card. I can even use it to deposit Canadian dollar cheques in the CAD account so as to avoid the jaunt to Montreal. But I cannot deposit USD cheques via an ATM. Why not? Well, according to the nice person at BMO, it Simply Cannot Be Done.


Update, 2010-12-29

BMO seem to have fixed their process. Cheques deposited in the after-hours box now show up quickly. Yay!


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