PNC Bank Canada Branch
Helping You Succeed in a Vital Market
If you are a U.S. company with actual or projected operations in Canada, or a Canadian company, we offer specialized knowledge and access to credit and cash management services to help you streamline your cross border banking.
Doing Business in Canada
The United States and Canada enjoy the world’s largest and most comprehensive trading relationship, which supports millions of jobs in each country. The two countries trade more than $2 billion in goods and services daily.
Although the relationship between the United States and Canada is historically close, Canada has its own customs, laws, rules, regulations – and potential -- that require just as much attention and insight as those of our more distant trading partners.
PNC Bank, through its full service branch in Canada ("PNC Canada"), can help your business succeed in this important market. Our team offers many years of combined experience and our services include:
- Experts that respond quickly to requests regarding treasury management and credit requirements and amendments
- Ability to lend to your Canadian operations in Canada
- Familiarity with your business and sector, along with existing relationships with Canadian financial institutions, professionals and suppliers that can benefit your business expansion
- Assistance with the streamlining of collateral and documentary relationships
For more than 160 years, PNC has navigated a steady course while growing in size, sophistication & service. Learn more about us »
U.S. Business Confidence in Canada
New survey from AmCham Canada assesses future trends in employment and perceptions of the economic climate among other issues. Learn More »
Streamline Your Canadian Cash Flow
PNC Canada offers a comprehensive suite of cash management services that can be tailored to help you efficiently manage your Canadian receivables and payables.
PNC Canada's cash management services can also complement PNC's U.S. products and services so clients with cross-border operations can utilize services such as PINACLE®, PNC's top-rated online banking portal, and A/R Advantage, PNC's wholesale lockbox solution, to support their operations in both countries.
Access Flexible Capital Solutions
PNC Business Credit is a leading provider of cash flow lending and second lien financing. We offer cross border financing for U.S.- based companies and domestic financing throughout Canada. We are positioned to meet the needs of mid-sized companies.
We believe most companies have strengths that may never appear on a balance sheet or an income statement. Our flexible capital solutions can help you meet your goals.
Take Advantage of Emerging Opportunities
PNC Canada’s Corporate Bank provides a wide range of competitively-priced committed and uncommitted revolving and term loan facilities and letters of credit* in Canadian or U.S. dollars to corporate and commercial clients.
These facilities can assist with operating expenses, capital equipment purchases, acquisition/expansion activities, and more.
In addition, syndications and club deals can provide flexible access to satisfy larger capital needs, including acquisitions, and can help you take advantage of emerging opportunities.
*Letters of Credit are provided by PNC Bank, National Association
Acquire the Assets You Need to Thrive
PNC Equipment Finance (“PNCEF”) is a recognized leader in providing equipment financing solutions to clients throughout the U.S. and in Canada through PNC Canada.
In Canada, PNCEF offers financing solutions to large corporations, as well as governmental agencies on a wide range of equipment assets. We provide operating leases, loans or capital leases to our clients, assisting them in acquiring the assets they need to run their business. In addition to our direct finance solutions, we offer manufacturers, distributors and equipment resellers finance programs that have proven to increase their equipment sales and provide them a competitive advantage.
Regional President & Principal Officer — PNC Bank Canada Branch
David Olsen is an experienced financial services professional with more than 20 years in the industry. He currently serves as the regional president and principal officer for PNC Bank Canada Branch in Toronto, Ontario.
Working across a broad spectrum of financial services in the United States and Canada, Olsen has developed a deep-seated knowledge of corporate banking, treasury management, business banking, retail banking and risk management.
During his tenure with PNC, he has held a number of leadership roles, most recently as chief operating officer in Canada. He has also served as regional sales director for the regional president organization; division manager in treasury management, with responsibility for corporate banking product management; corporate banking relationship manager; workout loan officer; business banking underwriter and retail branch manager.
Olsen serves on the Public Affairs Committee of The Canadian Bankers Association. He is the chairman of Select USA in Toronto, and is also a member of the board of directors for the Greater Toronto Area Chapter of The American Chamber of Commerce in Canada.
Mr. Olsen holds a bachelor of science degree from Miami University, Oxford, Ohio, and a master’s degree in business administration from Case Western Reserve University, Cleveland, Ohio.
Chief Operating Officer — PNC Bank Canada Branch
Eric Brock currently serves as Chief Operating Officer for PNC Bank Canada Branch in Toronto, Ontario, and has more than 20 years of financial services experience in sales, business management, and regulatory compliance across retail banking, commercial banking, and investment banking.
Prior to joining PNC Bank, Brock held senior roles in anti-money laundering and sanction compliance, operations, regional program management, and investment banking relationship management for Canadian and international banks in Canada and in Latin America.
He holds a master’s degree in business administration from the Schulich School of Business at York University, Toronto, and a bachelor of arts with honors degree from the University of Toronto. He is currently completing a master’s degree at the University of Toronto Law School in the law program.
- Canadian Dollar
- U.S. Dollar
- Automatic account transfer
- Billing in currency
- Branch Deposits
- ACH / EFT
- A/R Advantage Toronto lockbox
- Payables Advantage* (Checks & ACH/EFT)
- Tax Express
- Bill payments
- Positive Pay
- Debit block
- PINACLE previous day reporting
- Current Day Reporting
- Account data transmissions
- Account and lockbox images online
- Account and lockbox images bulk image transmissions
- Comprehensive reports
*Payables Advantage is offered by PNC Bank, National Association.
PNC Equipment Finance professionals offer special expertise to finance the following assets in Canada:
- Corporate Aircraft for businesses and high net worth individuals
- Construction equipment
- Solar Energy Projects (Ontario Only)
- Transportation assets including power units and trailers
- Manufacturing equipment
- Rail cars
- Mining equipment
- Energy Savings Projects
Which currencies does the PNC Bank Canada Branch Support?
May I deposit foreign currency items?
Prior to depositing checks drawn in a currency other than that of the Designated Account, you must seek approval for exception processing by contacting PNC Bank Canada Branch as described in the Master Banking Services Agreement. Lockbox remittances received in a currency other than that of the lockbox will be processed in accordance with your instructions provided during implementation. To review these options, contact your treasury management officer.
May I make deposits at a branch?
Leveraging our arrangement with the Royal Bank of Canada, clients can be pre-approved to make deposits at more than 1,300 RBC branches in Canada.
How are services for the PNC Bank Canada Branch billed?
All billing for Treasury Management services are integrated through Corporate Account Analysis (CAA). At present, services are billed in USD.
Collections & Payments
What services does PNC Bank Canada Branch offer that will expedite the collection of my Canadian accounts receivable?
PNC Bank Canada Branch offers its depositors the ability to receive incoming Canadian EFT/ACH payments, incoming wire transfers (with electronic advices), branch deposit services, and wholesale lockbox with imaging and data transmission options. With six lockbox sites throughout Canada, we can help you process your collections efficiently, obtain data on your funds availability, and maximize your cash flow.
What is the mail pickup and processing schedule for a Canada Branch lockbox?
Mail is received at the lockbox site by 8:30 a.m., when Canada Post is finished processing for the day. Canada Post has no mail pickup on weekends or holidays and has only a single shift Monday through Friday. Standard lockbox reporting time is 4:00 p.m. Earlier times are available upon request. Consult your treasury management officer for more details and options.
What are some of the differences between Canadian lockbox processing and a U.S.-based lockbox?
- Lockbox deposits are processed overnight for same-day value (funds deposited on the day the items are received and processed)
- Post-dated (future valued) checks are permitted in Canada. Clients will identify how post-dated items should be handled during the implementation process
- Canada Post delivers mail only once per day Monday through Friday (business days) only
What is a Pre-Authorized Debit?
A pre-authorized debit (PAD) is a withdrawal from your account at a financial institution (FI) that is initiated by a company or an FI that has your authority to do so. PADs are often used as a convenient way to make recurring payments to an organization or transfer investment funds on an ongoing basis. Frequent use of PADs includes mortgage and utility payments, membership dues, charitable donations, RSP investments, and insurance premiums. The requirements for PADs are set out in the Canadian Payments Association’s Rule H1. Your company may also originate PADs. For more information, please consult your PNC treasury management officer and check out the Canadian Payments Association’s Business guide to the power of the pre-authorized debit at http://www.cdnpay.ca/imis15/eng/Home/Payment_Guides/Businesses/eng/business/pay ment_guides/business_power_of_pads.aspx
What web-based tools do you offer for your PNC Bank Canada Branch treasury management services?
PNC Bank Canada Branch offers online access to all your Canadian treasury management functions, including current-day reporting, lockbox and outgoing check images, EFT origination, and much more.
Previous-day reporting for PNC Bank Canada Branch accounts is available via PINACLE®. Through PINACLE’s Multibank Services, you can view your bank accounts around the world and determine your global cash position with adhoc FX rate analysis, USD equivalents and custom balance reports.
May I obtain a daily BAI file of my PNC Bank Canada Branch account activity?
PNC Bank Canada Branch offers a daily BAI file containing all previous-day transactions processed through the account. The file is transmitted by 7:30 a.m. ET.
Will the PNC Bank Canada Branch accounts be covered by the United States Federal Deposit Insurance Corporation (FDIC) or similar depositor insurance?
Deposits with PNC Bank Canada Branch are held in Canada and are therefore not insured by the United States Federal Deposit Insurance Corporation (FDIC), nor are they guaranteed by the United States Government or any agency thereof.
As a Canadian Schedule III Full Service Branch, deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation (CDIC).
What are the float and funds availability rules for PNC Bank Canada Branch?
Canada has no float on Canadian dollar check deposits regardless of the time zone.
What is the payment clearing system in Canada?
Canada’s two main interbank payment clearing systems are the Large Value Transfer System (LVTS) and the Automatic Clearing Settlement System (ACSS).
The LVTS is the country’s real-time settlement system, used for high-value and urgent electronic payments (comparable to a wire). It is operated by the Canadian Payments Association (CPA). Also operated by the CPA, the ACSS is the country’s main low-value payments clearing system (comparable to ACH). It is used to process bulk electronic payments as well as CAD-denominated checks. USD-denominated checks can be settled via correspondent banks in New York using the U.S. Dollar Bulk Exchange system (USBE).
What is the check clearing process in Canada?
There is one centralized check clearing system, with six clearing centers across the country and 11 direct clearers.
The Canadian Payments Association (CPA) operates the clearing of checks and relies on two systems for the clearing and settlement of payments: the ACSS and the LVTS. Additionally, many banks outsource check processing to Symcor/Intria.
We Request Your Consent
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This legislation requires that we secure your consent to send email communications that interest you such as: economic reports, newsletters and other information that is relevant to you and your business.
Important Legal Disclosures & Information
 Embassy of the United States of America, Ottawa, Canada, January 2017
PNC and PNC Bank are registered marks of The PNC Financial Services Group, Inc. ("PNC").
In Canada, PNC Bank Canada Branch, the Canadian branch of PNC Bank, National Association (“PNC Bank”), provides bank deposit, treasury management, lending (including asset-based lending through its Business Credit division) and leasing products and services (through its Equipment Finance division). Deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation. Deposits with PNC Bank Canada Branch are not insured by the Federal Deposit Insurance Corporation, nor are they guaranteed by the United States Government or any agency thereof. In the event of failure of PNC Bank, National Association, deposits with the PNC Bank Canada Branch would be treated as unsecured general liabilities, and you would be considered a general creditor of PNC Bank, National Association.
Lending and leasing products and services, as well as certain other banking products and services, may require credit approval.
PNC Bank Canada Branch does not provide legal, tax or accounting advice.