BofA

[Brian Macgyver]

Agreed on all of the above!
I cash customer checks at all of the local and larger banks. The locals and CU's are by far the best.
All of the majors charge $5 to cash their own customer's check. But the locals have smaller revenues, so have to charge me too much for a business account. A business account would be silly anyway, since we just cash the checks and buy 2x4's anyway.
When I put my own money in the bank, I expect to be able to give it to my friend without my bank charging him $5 to collect it! If my friend is in a pinch, or needs a few bucks to do something for me, should I have to pay him an extra $5 because my banker is an ass?
Every time that I estimate the cost of anything that I do for a friend, I have to estimate the number of checks required, and add $5 for each. If banks think that those charges are at no cost to their customers, they need to rethink. I always pass on the savings! If your bank charges to cash your check, I will add it to your bill. You will never see the charge, but I promise that it will be there. I suggest that no one should do business with any bank that holds to this practice.
BTW, In my experience, the worst of them are Chase & B of A, the very same ones that keep offering you money to open and keep an account. If they "give" you money to open an account, you will pay more by way of the unnecessary fees that they charge. It will cost you in the end.

 

[AZHilux]

Agreed on all of the above!
I cash customer checks at all of the local and larger banks. The locals and CU's are by far the best.
All of the majors charge $5 to cash their own customer's check. But the locals have smaller revenues, so have to charge me too much for a business account. A business account would be silly anyway, since we just cash the checks and buy 2x4's anyway.
When I put my own money in the bank, I expect to be able to give it to my friend without my bank charging him $5 to collect it! If my friend is in a pinch, or needs a few bucks to do something for me, should I have to pay him an extra $5 because my banker is an ass?
Every time that I estimate the cost of anything that I do for a friend, I have to estimate the number of checks required, and add $5 for each. If banks think that those charges are at no cost to their customers, they need to rethink. I always pass on the savings! If your bank charges to cash your check, I will add it to your bill. You will never see the charge, but I promise that it will be there. I suggest that no one should do business with any bank that holds to this practice.
BTW, In my experience, the worst of them are Chase & B of A.

Now Im not agreeing or disagreeing that its wrong to charge an individual to cash a check, but many account holders (generic term) tend to forget that a bank is not a Non-profit organization. The bank is a business and they do think of ways to make a profit on a service.

Think about this way... If the person cashing the check had an account he wouldnt be charged. However many people do not prefer to just deposit because their bank will most likely place a hold. Why the hold? well it can be two situation...
1) the account holder does not hold thier account in good standings. ( Several NSF's, low balances, low activity)
We need to remember that a bank conducts these practiced to protect you (client) and itself (Bank).
What if the check is bad, then you the check casher is in the hole, so they place a hold to make sure the check clears.

2) or the account is new.

They have to prove that they can hold an account in good standing. Its tough being a financial inst, especially now a days where every loss is a pound to the ton.

Now Im not saying any of you hold your account in bad standing, Im speaking in a generic tone, since I come from experiance.

 

[mrhustle23]

So if the check from BofA is a cashier check, like the situation stated from a.mus.ed in episode #3, and his bank wanted to put a hold on it, isn't it possible for his bank to call BofA (or whichever bank the cashier check came from) and verify funds? I've ran into that when I was paying off my truck. My CU just called up the bank and verified the funds and all was good. Maybe in the future all, ask if that is possible. Also just speaking from my experience.

 

[AZHilux]

So if the check from BofA is a cashier check, like the situation stated from a.mus.ed in episode #3, and his bank wanted to put a hold on it, isn't it possible for his bank to call BofA (or whichever bank the cashier check came from) and verify funds? I've ran into that when I was paying off my truck. My CU just called up the bank and verified the funds and all was good. Maybe in the future all, ask if that is possible. Also just speaking from my experience.

if they believe in customer service they would of done that. I cant speak for other banks or branches but that is at the discretion of the branch/banker/teller.

 

[mp_cude]

threaten to close your account if they do not reverse the fees. May not work on overdraft fees but on all the other fees it works for me. They tried to charge me $4 when i called to check my balance....I told em hell no and the said ok sir.....punk sukkas takin advantage thinkin i wont notice eff that

 

[Brian Macgyver]

I can understand when a check is drawn on another bank. But when I write a check on my own account at my bank, it is easy for them to be sure that I have the money. There is no excuse for charging my friend $5 for cashing my check on my own account. When they do this, they cost me money as a customer. I have to cover the charge. It costs me $5 for every check that I write. This is unacceptable. This is my money, that I have trusted them with. They are earning interest on my money in my account. I am not earning interest. They have no right to charge me a fee to cash a check on my account. They can and they will, but I can refuse. I can and will end my business with the bank. I will not pay for the checks that I write at $5 EACH. If my friends cannot cash my checks without a fee, I am doing business in the wrong bank. I will take my business elsewhere. I do have a choice. If any bank pulls this crap on me, I drop them like a hot rock! Since I have biz with most of the banks in town, they know me. I don't put up with it, and you don't have to! There is no reason that you should have to pay to let your friends cash a check on your account. If your bank does this, fire them instantly! They are your employees. Fire them promptly! Don't hesitate!

 

[Brian Macgyver]

It is rather enlightening how we look to banks.
There was a time in the recent past when I owed nearly $500,000 to Wells Fargo. I was a blue chip client. I had several accounts and I moved some money every month. Every time that I walked into a bank, they would show me the computer screen on demand. They treated me like a King!
I used some small accounts to show a lot of money movement and a lot of activity. We actually hadseveral bank accounts, and we moved money around until even we were confused. But the bank saw it clear to lend us 75,000
We bought a hut for 65,000 placed on 1/3 acre with a creek on the back.
We are done with Wells Fargo. Our mortgage is history. screw the bank!