Please view our Foreign Exchange Sales and Trading Practices for more information about our foreign exchange standards.
1. Clients must maintain at least one City National Bank U.S. dollar deposit account in good standing to qualify for a Foreign Currency Deposit Account. A Foreign Currency Deposit Account may be opened concurrently with a U.S. dollar deposit account if necessary.
2. Currency is sold or purchased at City National's announced rates. Currency returned following delivery will be repurchased at City National's then current purchase rate. A service charge may apply on a transaction under a stated U.S. dollar amount. Orders for currency cancelled following confirmation but before delivery are subject to reversal at City National's then current purchase rate. Special orders for currency not carried in stock must be prepaid. Other transaction minimums and service fees may apply. Ask us for details.
3. While Foreign Currency Deposit Accounts are FDIC insured up to allowable limits, they are subject to exchange rate risk. Exchange rate risk is the risk of fluctuations or change in the value of the foreign currency, which are inherent in foreign exchange markets. Foreign currency valuation may be impacted by numerous economic, political and social factors as well as supply and demand and government intervention, control and adjustment. Clients should be aware of the risks involved and are solely responsible for any and all decisions relative to foreign currency transactions.