Author Topic: (Free) bank account in US?  (Read 2402 times)

daverobev

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(Free) bank account in US?
« on: August 18, 2013, 01:56:44 PM »
Ok, so I'm looking to buy a rental property in the US. I'm British, but resident in Canada.

I'm wondering if I need the ability - as the property owner - to do online bill payments?

Royal Bank of Canada have a US arm that does a proper US Checking account... but costs $3 a month. I was going to get a Bank of America eBanking account in about 2 weeks from now... but they just stopped doing them. Not sure if a rent payment in would count for the $250 direct deposit required to waive the $12 (!) maintenance fee.

RBC also do what is called a Money Market Investment savings account which, I believe, includes the ability to write cheques, but NOT do bill payments.

I'm going to be in the Detroit area at the start of September, which is when I was going to open the BoA account, just wondering if there are any better options. I'm going in to see RBC tomorrow.. I'll ask about the Money Market account but I think it might not quite cut it.

Any ideas? You do NOT usually need an SSN to open an account if you have Canadian stuff going on, unless trying to do it online. I have an address in the US I can use in the mean time. They will also give you a credit card, often, I believe. I *know* RBC will because, well, they do a pull on your Canadian history.

For the sake of $3 a month... sigh. I'll probably just open the checking account with RBC and not worry!

Cheers!

arebelspy

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Re: (Free) bank account in US?
« Reply #1 on: August 18, 2013, 02:09:38 PM »
Check with Schwab about one of their online accounts and your eligibility without a SSN.
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cdub

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Re: (Free) bank account in US?
« Reply #2 on: August 18, 2013, 02:39:25 PM »
Ditto with Schwab - it's free and it pays interest! :)

daverobev

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Re: (Free) bank account in US?
« Reply #3 on: August 18, 2013, 03:10:25 PM »
17:07:56 : Cynthia Kauffman: As a non-US resident you woudl not be able to open the Schwab Bank Investor Checking.

Bah!