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BOA charged $6 fee to cash check drawn on them

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DH and I had our eye exams and got glasses about two weeks ago, received our checks back from VSP (vision insurance) and they were drawn on Bank of America. I didnt want to mess with mailing them in to our primary bank and we were out shopping so I told DH to just go in a local branch to cash them. He came out and said they charged $6 a check and they were drawn on Bank of America.....RIDICULOUS, I see why everyone hates them. I wouldn't have paid it, heck I would have spent the 44 cents to mail them in but.....

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Most banks charge you a fee to cash a check when you don't have an account. Sucks, but thems the breaks.

 

The prefect fee. Not only does this fee avoid their customers' radar, it also entices non-customers to open accounts with them!

 

Whoever worked at the first bank to impose such a fee probably got a huge bonus.

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Wow, what a comment...which bank do YOU work for?

 

I had a similar situation with Associated Bank recently...$6 fee to cash a $300 check also.

 

Funny, it had the OPPOSITE effect on me....Since they charged me, I'd NEVER open an account with them.

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Wow, what a comment...which bank do YOU work for?

 

I had a similar situation with Associated Bank recently...$6 fee to cash a $300 check also.

 

Funny, it had the OPPOSITE effect on me....Since they charged me, I'd NEVER open an account with them.

 

It's irritating..and certainly would cause me to simply cash the check with my bank rather than pay the fee. Which I believe is the objective behind the fee to begin with.

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DH and I had our eye exams and got glasses about two weeks ago, received our checks back from VSP (vision insurance) and they were drawn on Bank of America. I didnt want to mess with mailing them in to our primary bank and we were out shopping so I told DH to just go in a local branch to cash them. He came out and said they charged $6 a check and they were drawn on Bank of America.....RIDICULOUS, I see why everyone hates them. I wouldn't have paid it, heck I would have spent the 44 cents to mail them in but.....

 

Very typical. Did they fingerprint him too?

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I had a Wells Fargo payroll check and they tried to charge me 5 bucks to cash it. This was after they tried to get me to open an account with an annoying hard sales pitch. I was PO beyond belief and left without cashing it. It costs them nothing to cash an in-house check. Total scam.

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Sigh, people need to realize there is a cost to cashing on-us checks, despite what consumers gripe about.

 

- Branch teller: 2-4 minutes, depending.

 

- Back office imagining/processing: 2-4 minutes, depending. If the check is a larger amount (most banks set this at $500), a call must be made to the account holder, adding easily 3-5 minutes, if not longer, to the transaction.

 

- Increased cash orders (which do cost the bank money) is there's an increase of non-customers cashing on-us checks.

 

- Potential risk/fraud involved. Fee collection offsets this.

 

There's a cost for everything. Even most credit unions charge for cashing an on-us check to a non-customer, so it's not exactly a Bank of America-only thing.

 

If you do not wish to pay a fee, deposit or cash it at the bank that holds your DDA. Not trying to be rude or start an argument, but the argument that "it doesn't cost anything" is not accurate.

 

In fact, I get a weekly report of tellers that charge or waive the fee. Too many waivers and they receive a warning, per my regional enhancements.

 

Very typical. Did they fingerprint him too?

 

I'd hope so, since it's a Federal requirement of the Patriot Act.

Edited by TheBanker

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Sigh, people need to realize there is a cost to cashing on-us checks, despite what consumers gripe about.

 

- Branch teller: 2-4 minutes, depending.

 

- Back office imagining/processing: 2-4 minutes, depending. If the check is a larger amount (most banks set this at $500), a call must be made to the account holder, adding easily 3-5 minutes, if not longer, to the transaction.

 

- Increased cash orders (which do cost the bank money) is there's an increase of non-customers cashing on-us checks.

 

- Potential risk/fraud involved. Fee collection offsets this.

 

There's a cost for everything. Even most credit unions charge for cashing an on-us check to a non-customer, so it's not exactly a Bank of America-only thing.

 

If you do not wish to pay a fee, deposit or cash it at the bank that holds your DDA. Not trying to be rude or start an argument, but the argument that "it doesn't cost anything" is not accurate.

 

In fact, I get a weekly report of tellers that charge or waive the fee. Too many waivers and they receive a warning, per my regional enhancements.

It's funny to hear banks bellyache about all the costs of doing business. Perhaps instead of complaining they should just find another business. I'm tired of banks trying to justify their greed with BS excuses. Why not just say "we want to make as much money as possible, so this is what you'll pay to do business with us" instead of making up these sorry sounding tales of woe that your poor poor bank just can't afford to stay open without charging you to walk through the door?

 

For countless YEARS, before electronic everything and even ATM's, these charges didn't exist. Then when ATM's came around we were told that banking would become less expensive because the banks could reduce their staffing. Then in the late 80's and early 90's they started adding monthly fees to accounts that didn't meet ever increasing minimum balance requirements. Then when direct deposit and electronic bill pay became commonplace they started eliminating those fees. Until they realized they could gouge customers further by jacking up fees once again by charging non-customers to cash checks. Of course the stupidity of this policy just reinforces most peoples' common sense instinct to avoid doing business with a bank that would try to extort you into opening an account with them just for the privilege of not being gouged another fee to cash a check.

 

Banks are not an unprofitable enterprise. Like any other business, sometimes you have "loss leaders" to bring in other more profitable business. Checking and savings accounts are those kind of loss leaders. Most gas stations make most of their daily profit on non-gas purchases. Maybe they should start charging a $5 surcharge if you don't buy a Coke or get your oil changed while you're there too! :rolleyes:

 

Very typical. Did they fingerprint him too?

 

I'd hope so, since it's a Federal requirement of the Patriot Act.

BS!

 

Prove it. Cite the specific chapter and section of the Patriot Act that mandates banks take the fingerprints of any non-customer cashing a check. Make sure it says the word "fingerprint" in the citation.

 

I love how so many people knee-jerk with the "Patriot Act" catch-all answer when someone questions their shady business practices. It's like the car dealer who insists he has to run your credit report to sell you a car, even if you've come in with your own financing. As long as I've produced a valid identification in compliance with the Patriot Act, any further action such as fingerprinting me or pulling my credit for a non-credit transaction is nothing more than a way to bully the customer into spending more money with them.

 

Bully the customer by charging them a $6 fee and taking their fingerprint often enough and eventually they'll open an account with you so you can gouge them in monthly fees, ATM fees, forex fees, etc.? That's an awesome business model!

 

I've cashed countless checks and bought several vehicles since the passage of the Patriot Act without once surrendering my fingerprint(s) or authorizing release of my credit report to do so. I simply walk out of any branch or dealership who makes such nonsense a condition of doing business with them. There are always other enterprises willing to do business on an honest level and not demean the customer by parroting the "Patriot Act" lie to try to coerce a potential customer.

 

I have the luxury and intelligence not to fall victim to this kind of BS by banks and other businesses. The sad fact is that these kinds of policies are specifically targeted at the unsophisticated consumer; the working Joe, the young and inexperienced, immigrants, the elderly. The people unlikely to fight back and who can usually least afford it.

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Sigh, people need to realize there is a cost to cashing on-us checks, despite what consumers gripe about.

 

- Branch teller: 2-4 minutes, depending.

 

- Back office imagining/processing: 2-4 minutes, depending. If the check is a larger amount (most banks set this at $500), a call must be made to the account holder, adding easily 3-5 minutes, if not longer, to the transaction.

 

- Increased cash orders (which do cost the bank money) is there's an increase of non-customers cashing on-us checks.

 

- Potential risk/fraud involved. Fee collection offsets this.

 

There's a cost for everything. Even most credit unions charge for cashing an on-us check to a non-customer, so it's not exactly a Bank of America-only thing.

 

If you do not wish to pay a fee, deposit or cash it at the bank that holds your DDA. Not trying to be rude or start an argument, but the argument that "it doesn't cost anything" is not accurate.

 

In fact, I get a weekly report of tellers that charge or waive the fee. Too many waivers and they receive a warning, per my regional enhancements.

 

It's funny to hear banks bellyache about all the costs of doing business. Perhaps instead of complaining they should just find another business. I'm tired of banks trying to justify their greed with BS excuses. Why not just say "we want to make as much money as possible, so this is what you'll pay to do business with us" instead of making up these sorry sounding tales of woe that your poor poor bank just can't afford to stay open without charging you to walk through the door?

 

For countless YEARS, before electronic everything and even ATM's, these charges didn't exist. Then when ATM's came around we were told that banking would become less expensive because the banks could reduce their staffing. Then in the late 80's and early 90's they started adding monthly fees to accounts that didn't meet ever increasing minimum balance requirements. Then when direct deposit and electronic bill pay became commonplace they started eliminating those fees. Until they realized they could gouge customers further by jacking up fees once again by charging non-customers to cash checks. Of course the stupidity of this policy just reinforces most peoples' common sense instinct to avoid doing business with a bank that would try to extort you into opening an account with them just for the privilege of not being gouged another fee to cash a check.

 

Banks are not an unprofitable enterprise. Like any other business, sometimes you have "loss leaders" to bring in other more profitable business. Checking and savings accounts are those kind of loss leaders. Most gas stations make most of their daily profit on non-gas purchases. Maybe they should start charging a $5 surcharge if you don't buy a Coke or get your oil changed while you're there too! :rolleyes:

 

You may be tired of banks trying to justify their "greed," however, I'm sick and tired of people complaining about any company's right make a profit - MAKING A PROFIT IS NOT A CRIME. If you do not like how a company makes its profits, don't do business with them. Actually, in that case, don't do business with ANY company except non-profits.

 

As for the ATM vs. staff argument can also come down to the consumer - despite the fact that ATMs can do the majority of what tellers do, most consumers prefer to go to a person. So if you're going to complain, complain to those who still go in branch, regardless of the fact an ATM is readily available.

 

Checking accounts are still loss leaders, even with the fees.

 

And here's a question... if I buy the oil at the gas station, should I demand they change my car's oil for free? Logically speaking, a check on-us, that comes from the same place, and that should not have a fee, is a service - for free. Using such logic, I should demand a free oil change next time - it's just a service, right? No real value. Reverse engineering your own logic, anyway.

 

Very typical. Did they fingerprint him too?

 

I'd hope so, since it's a Federal requirement of the Patriot Act.

BS!

 

Prove it. Cite the specific chapter and section of the Patriot Act that mandates banks take the fingerprints of any non-customer cashing a check. Make sure it says the word "fingerprint" in the citation.

 

Prove to me where it doesn't allow us to imply how we interpret the word "identification." All major banks, and every single other bank in my market trade area, considers a fingerprint a condition of acceptance for a check in conjunction with the Patriot Act. There isn't a specific quote - but it also does not limit how one can interpret it.

 

I love how so many people knee-jerk with the "Patriot Act" catch-all answer when someone questions their shady business practices. It's like the car dealer who insists he has to run your credit report to sell you a car, even if you've come in with your own financing. As long as I've produced a valid identification in compliance with the Patriot Act, any further action such as fingerprinting me or pulling my credit for a non-credit transaction is nothing more than a way to bully the customer into spending more money with them.

 

Yes, because a credit check is the same as a fingerprint. :rolleyes:

 

Bully the customer by charging them a $6 fee and taking their fingerprint often enough and eventually they'll open an account with you so you can gouge them in monthly fees, ATM fees, forex fees, etc.? That's an awesome business model!

 

I've cashed countless checks and bought several vehicles since the passage of the Patriot Act without once surrendering my fingerprint(s) or authorizing release of my credit report to do so. I simply walk out of any branch or dealership who makes such nonsense a condition of doing business with them. There are always other enterprises willing to do business on an honest level and not demean the customer by parroting the "Patriot Act" lie to try to coerce a potential customer.

 

I have the luxury and intelligence not to fall victim to this kind of BS by banks and other businesses. The sad fact is that these kinds of policies are specifically targeted at the unsophisticated consumer; the working Joe, the young and inexperienced, immigrants, the elderly. The people unlikely to fight back and who can usually least afford it.

 

Can we say "bitter," children?

 

BTW, don't bring "the young" into this. I'm in my 20s, and can say, without a doubt, that financial intelligence does not necessarily come with age. I know young people who are salamanders with money - and I know middle aged and older people who are salamanders with their money.

Edited by TheBanker

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I guess what bothers me is that I remember when all banks cashed in-house checks for free, but now it costs money. I know its an industry wide practice now so I ended up opening a Chase savings for the sole purpose of cashing these oddball checks. I keep the minimum of 300 in the account and use them as my clearinghouse. Problem solved.

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I guess what bothers me is that I remember when all banks cashed in-house checks for free, but now it costs money. I know its an industry wide practice now so I ended up opening a Chase savings for the sole purpose of cashing these oddball checks. I keep the minimum of 300 in the account and use them as my clearinghouse. Problem solved.

 

 

In certain instances I have done the same thing. I was doing a lot of business with compnaies at the time that would issue out of state BOFA checks. At the time these checks would take 5 to 7 business day's to clear though my bank. I opened an account at BOFA. When I opened the account all I wanted was a regular business checking account. The rep talked me into opening a bunch of accounts that were all suppossed to be fee free. He told me that BOFA were intrested in only doing volume of opening as many new accounts as possible.

 

He promised me the world & than never returned my calls & was transfered or fired a few weeks later. It was a total joke. Than BOFA started charging all sorts of monthly fees to several of the accounts. After going back & forth with them I told them enough was enough & cancelled the accounts. They actually sent a CA after me to collect there fees. I went after them & never heard from them again. There isn't one thing in my signed paperwork with them that dictats that I had to pay any maintence fees on any of the accounts.

 

Banks have a right to make money, we as consumers have the right to tell the banks to shove it. However when a bank misrepresents itself to the consumer about it's fees & charges them that is what we call theft.

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Banks have a right to make money, we as consumers have the right to tell the banks to shove it. However when a bank misrepresents itself to the consumer about it's fees & charges them that is what we call theft.

 

Exactly. I approve not of hidden or "gotcha" fees, however, if fees are clearly stated or given in writing (whether it be cashing a check or opening an account), then all bets are off, and it's up to the consumer to conduct their own due diligence to best avoid said fees.

 

However, when they're clearly noted or stated - then that's business. If you have problems with it, then don't take your business there.

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Unfortunately our primary credit union only has offices in Houston, Norman, OK and DFW area and doesn't offer deposit at home or scan deposits yet. This is why i'll be making NFCU our primary Credit Union now.

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FYI, not ALL banks charge this. I have been to a few smaller banks and cashed checks without a fee.

 

 

 

Banks have a right to make money, we as consumers have the right to tell the banks to shove it.

 

That's the problem... people don't DO THAT! They just look at the fee and shrug their shoulders and say, "Eh, it's only $6." The reason these banks are so GREEDY is because Americans are so apathetic about so many things and won't stand up against these corporations. STOP SUPPORTING THEM!

 

I get BOA checks all the time and REFUSE to pay them $6 to cash it. I send it off to USAA (or take it to UPS to deposit) and they release it immediately.

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Wow, what a comment...which bank do YOU work for?

 

I had a similar situation with Associated Bank recently...$6 fee to cash a $300 check also.

 

Funny, it had the OPPOSITE effect on me....Since they charged me, I'd NEVER open an account with them.

 

I thought I was laying the sarcasm on pretty thick. Apparently not thick enough to convey on the internet.

 

I avoid banks like the plague. It takes a few days to hit my account, but dropping a check in the mail is so much less stressful than dealing with actual branches.

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I thought I was laying the sarcasm on pretty thick. Apparently not thick enough to convey on the internet.

 

No sarcasm is thick enough to convey on the internet! :P

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You may be tired of banks trying to justify their "greed," however, I'm sick and tired of people complaining about any company's right make a profit - MAKING A PROFIT IS NOT A CRIME. If you do not like how a company makes its profits, don't do business with them. Actually, in that case, don't do business with ANY company except non-profits.

 

100% agree, well said.

Edited by cranston3

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FYI, not ALL banks charge this. I have been to a few smaller banks and cashed checks without a fee.

 

 

 

Banks have a right to make money, we as consumers have the right to tell the banks to shove it.

 

That's the problem... people don't DO THAT! They just look at the fee and shrug their shoulders and say, "Eh, it's only $6." The reason these banks are so GREEDY is because Americans are so apathetic about so many things and won't stand up against these corporations. STOP SUPPORTING THEM!

 

I get BOA checks all the time and REFUSE to pay them $6 to cash it. I send it off to USAA (or take it to UPS to deposit) and they release it immediately.

bold=mine.....Agreed! I would NOT have paid it but DH already came out and had paid the $12. If we really needed the money I'd have taken it to WalMart where they would have cashed it for $3 but I would have rather mailed it in. MEN.... :rofl:

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bold=mine.....Agreed! I would NOT have paid it but DH already came out and had paid the $12. If we really needed the money I'd have taken it to WalMart where they would have cashed it for $3 but I would have rather mailed it in. MEN.... :rofl:

 

He may have made the completely rational decision. I look at things like this: Is the alternative worth my time? For example, I bought the GF a camera for Christmas. The camera was $10 cheaper at Best Buy than Target. It was Christmas Eve, and Best Buy is in the mall, and about an extra 15 minute drive each way assuming no traffic (unlikely). I had to park pretty far from Target, but I didn't need to fight for a spot, and I was in and out in 15 minutes tops. At Best Buy, I surely would have spent 10 minutes searching for a parking spot. Assuming I got in and out at Best Buy in a comparable amount of time, going to Best Buy would have cost me at least 40 more minutes of my time.

 

On Christmas Eve, with wrapping left to do when I got home, $10 for 40 minutes of my time was a price I was happy to pay.

 

A smarter solution that would have saved me even more time, would have been to buy the damn camera online, and have it shipped to the house. But as you put it so well "Men.... :rolf:"

 

;)

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Sure banks have expenses, but the bank needs to recover their expenses from their customer-- the account holder. They know that a certain percentage of checks written are going to come back to the bank to be cashed in person. Account for that in the fee structure for having a checking account. The hapless person who was paid by a check from such a greedy bank is not necessarily a customer of that bank, nor would he want to be. Cashing checks shouldn't cost money at that end, writing checks does.

 

It is the law in most places that pay checks must be readily negotiable at face value. Checks for other purposes are a gray area. If I were the OP I'd have gone back to the insurance company (and/or the insurance commission) and demand a payment in a form that is negotiable at face value.

 

In short this is something that banks do because, inexplicably (well, there's an easy explanation but it's beyond the TOS), it is still legal.

Edited by mk_378

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So for years past not only was my checking account fee, but people I wrote checks to could show up in person with the check and get paid. Somehow banks were profitable during this time.

 

Now not only is the bank getting a monthly fee from me (BOA no longer has *any* free accounts in my area, I'm a lucky test market), but they're charging the people I write checks to also.

 

Seems like its double dipping to charge me for checks cashed and charge the other person too....

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I apologize, TroyP....you are right....I didnt recognize the sarcasm.....

 

(MAYBE ITS CUZ i'M not A vp IN MY 20S.....darn those oldsters...)

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I apologize, TroyP....you are right....I didnt recognize the sarcasm.....

 

(MAYBE ITS CUZ i'M not A vp IN MY 20S.....darn those oldsters...)

 

Hey, to be fair, none of my issues were with the sarcasm. ;)

 

Even I'm against massive bonuses, if a bank is financially struggling. ;)

 

As for old people, however... Bah to them! :P

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Very typical. Did they fingerprint him too?

 

I'd hope so, since it's a Federal requirement of the Patriot Act.

 

BS!

 

Prove it. Cite the specific chapter and section of the Patriot Act that mandates banks take the fingerprints of any non-customer cashing a check. Make sure it says the word "fingerprint" in the citation.

 

Prove to me where it doesn't allow us to imply how we interpret the word "identification." All major banks, and every single other bank in my market trade area, considers a fingerprint a condition of acceptance for a check in conjunction with the Patriot Act. There isn't a specific quote - but it also does not limit how one can interpret it.

 

 

This is flawed logic. You stated you hoped the OP's husband was fingerprinted, since it's a Federal requirement of the Patriot Act. You were then asked to prove it. Just because the banks choose to use this method, which is clearly an inconvenience to the customer, does not make it a Federal requirement of the Patriot Act.

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