fdic is just for insuring a customers deposit in case the bank goes under ;)

As of today's closing the Canadian Dollar is trading at 1.0032 which is higher than the US dollar. If you have an account with the TD Bank, they usually charge you 2% meaning for every US dollar it will cost you 1.0182. It would appeart that the institusion you did the exchange at either made a mistake or charged a very high fee.

Pick up a newspaper... :roll:

The miscalculated, plain and simple, pretty careless of a serious bank to do that.

I would have exchanged it in Canada. I wanted to, but I took a bus back home though which made it more complicated. Plus I didn't think it would be an issue. As of Sunday the CDN dollar was pretty much equal to the American dollar. I figured I'd get almost the same.

But I got about 20% less. She said the rate was .94. IDK if she meant that $1 USD = .94¢ CDN or $1 CDN = .94¢ USD. But I got back $25 less and according to the table I posted on the fist page, $500 CDN = $529 USD. I have been trying to see how I could be wrong in this, but I don't think I am.

Wait a second, you were in Ontario last weekend???????

You didn't get hosed. You agreed to an exchange rate of .974XXXX USD to every CAD. The market trading value of a currency is not necessarily the conversion rate a bank will give you for that currency.

Think of interest rates. The Fed may state the current rate is 3%.. most banks are offering 3.5-5%. ;)

My Canadian friends always give me USD... My fake Canadian friends give me CAD's that are still sitting on my TV.

And now that Canadian money is worth more today. As of now the rate is:

Last Trade: 1.0130 so it's gone even higher

http://finance.yahoo.com/q?s=CADUSD=X

Bill, if the bank offered 0.974XX, I would be in agreement with you as there COULD be a fee attached. However

1. The Bank of America stated no fees
2. 94c is not 97c and in the currency game 3 cents on each dollar is a huge deal.

The spreadsheet from their site is pretty clear.

If he walked in with USD and wanted CDN, he'd get .94 on the USD. He walked in with CDN and should have walked out with more USD.

Yeah, if it was .94 USD = $1 CDN they'd be right, but according to them $1 CDN = $1.058 USD.

She didn't specify that it was .94 US for every $1 CDN, she just said "the rate is .94." But their chart says .95 CDN for every $1 USD which means I should have gotten more USD.

I do agree that they probably go by different rates. This is from their website:

Though they may use different rates, it seems like they go by the complete OPPOSITE of what is right. :?

Have you demanded satisfaction yet?