Currency Exchange HELP!!!

I sent a check in Canadian funds of $15,000 to my bank. The exchange rate was .61, which it hasn’t been near in years. The rate should have been .64-.66, depending on the discount they take. But, usually the bank gives me the best rate. It was FROM Canadian and was a Canadian check. I am usually going the other way with a debit card. Does this have anything to do with it? They told me to call the branch, which of course is closed until next tuesday, the day I need the cash of course. They can’t help me at all for now, so I am really pissed. Is there anyone out there who works in a bank or knows if this could possibly be correct? If it is they just made $600 from me that I could have gotten by just going across the border.

I don’t exactly understand your question.

Of course, the current exchange rate for Canadian/US ISN"T .61

They, indeed, might charge you such an outrageous exchange rate for a foreign check. Foreigh drafts, in my experience, are subject to the worst exchange rates. Bank Cards get good rates.

I think your bank just screwed you. I would call the home office of your account and complain. Depending on how good a customer you are, you should be able to negotiate a settlement. Don’t let them bluff you.

Am I misunderstanding your question?

Samclem, are you saying that since it was drawn on a “foreign” bank that might be the reason I got screwed on the exchange rate? I’ve been banking with KEY BANK for 17 years. Well, I guess I’ll call the branch when I get back on thursday from Canada and see if I can yell at them and get more of my money back.

Thanks, Sailor. I use the same site to check exchange rates and that’s where I checked before I sent the check off. I’m thinking I should have checked with KEY about a possible foreign check charge. But, even so that’s an incredibly steep fee.