The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
The Guiding Principles and New Rules document is now in effect.
If you are running out of ways to add new fees, just charge them for cashing a check!
Basar
IstanbulRegistered User regular
IstanbulRegistered User regular
Saw this on another forum. Wtf? I know they are doing you a service by cashing that check but aren't checks federally recognized as monetary instruments? Most people have bank accounts and I know your bank is not going to charge you for it but what about those who don't have bank accounts? Some people live in deepshit places where they are limited to 1 or 2 banks at most and may not have the funds to keep a checking account open at all times (at BOA).
And the fact that this only applies to certain states makes me wonder whether other states have laws forbidding this sort of BS.
http://www.capecodtoday.com/blogs/index.php/2008/08/07/bank-of-america-raises-fees-for-non-cust-1?blog=158
Edit: Also, take homeless people for example. There are certain criteria to open a bank account (residential address, valid ID, and in some states a utility bill, etc.) so how are they going to cash a BOA check? I am not sue happy but I think BOA should get bent over for this. Grrr.
And the fact that this only applies to certain states makes me wonder whether other states have laws forbidding this sort of BS.
Beginning in September cashing BOA checks issued from a business checking account will cost you $6.00 if you do not have relationship with BOA.
This applies to CT, MA, NH, VT, ME, NY and Delaware.
http://www.capecodtoday.com/blogs/index.php/2008/08/07/bank-of-america-raises-fees-for-non-cust-1?blog=158
Edit: Also, take homeless people for example. There are certain criteria to open a bank account (residential address, valid ID, and in some states a utility bill, etc.) so how are they going to cash a BOA check? I am not sue happy but I think BOA should get bent over for this. Grrr.
i live in a country with a batshit crazy president and no, english is not my first language
Basar on
0
Posts
http://www.rpnlaw.com/pressrelease020405.htm
Well there are people who cannot open bank accounts (ie. homeless) and there are some parts in the U.S. where there are no national big banks and the only local one charges a fee to keep your account open.
See how many books I've read so far in 2010
this.
i lived in a small ass village in northwest kansas for a year. population: 400 including pigs, chickens, and cows.
had only one bank and i couldnt open an account because they required a $500 minimum balance. i was 17 at the time.
This. The article says the fee is for if you walk into a BoA branch office in order to cash a check.
You can still cash your BoA-drawn paycheck at Walmart or whatever for free. Until Walmart thinks they can get a piece of the action.
Pretty sure Wal-Mart charges a fee, too. I know we do (I work at a grocery store... we charge $3).
And stores definitely should be able to - we're not banks. If you want to use us for that service, we're gonna charge for it. Banks, I'm not sure about. If you have an account there, absolutely not. If you don't, things get hairy. I'm of the mind that, since they're not making fees off you normally, then you should have to pay a fee if the bank desires it. They are a business, after all.
https://steamcommunity.com/profiles/76561197970666737/
Otherwise, the banks should be required to have the fee clearly displayed on the check, as if affects the value of the check.
No. I left BoA and went to a credit union because they kept adding more and more fees. Was charged for using my atm/debit card more then 3 times a month. They charged me to use another banks ATM. Then they charged me to close my account.
Listen, credit unions are not, strictly speaking, superior to banks. Yes, some credit unions are easier on fees; others are not. Some banks are easier on fees, too; others are not.
My main problem with modern banks and credit unions, though, is that they seem to be tapping the people who can least afford it for the most money. It's a fucking scummy way to run things.
Except now it looks like starting in October they're going to charge me for leaving my $10 with them because the account is inactive. My current plan: withdraw all but one cent (no minimum balance on this account) and then close it the next day. If they bill me for one cent, I will happily write them a check, which will cost me less than a dollar to send.
Wachovia is a really, really terrible bank, and I have no problems believing that they kick puppies and spit on the elderly in their spare time.
No one has a responsibility to cash that check except the bank it's drawn on.
If you come over and paint my house and I write you a check for it, this check represents a service the bank is providing for me, not you. It's convenient for me because I can just keep a checkbook around and write out how much people can take form my account. It isn't conventient for you, you have to go get the money out of my account now instead of just getting cash from me. You aren't interested in the services of my bank, you just want me to pay you what I owe.
If you take it to the name and address of the bank that's on the check, then that means you've arrived at the place where you get my money I promised you. If, at that point, they tell you, "you can't have all of it, we keep some," then you've been fucking scammed by me and my bank and the value of that check has clearly been reduced.
No where else has any responsibility whatsoever to take that piece of paper. It's got my name on it, your name on it, and my bank's name on it. Me and my bank are promising to give you the amount. Not some amount less. No free-check-cashing service is promised here, so it doesn't matter that you are lucky enough to know a place that will cash it for free. That check-cashing-place still has to submit the check to the bank just like you were being asked to do, the bank just isn't going to scam them because they can afford a lawyer.
To clarify: the bank is not providing you a service when you show up to cash my check for an account with that bank. They are providing me a service by giving you the money I owe you based on that little note that tells them to do so. A bank is providing you a service when they let you cash a check for some other bank, because then they have to go to that abnk and get the money.
So this is clear lawsuit territory. They either need to charge the check-writer $5 per check, or print it on the check that a $5 fee will be charged when this check is presented. Anything else is a fucking scam and the banks should know that.
Well, a lot of young people don't have bank accounts, at least I didn't till I turned 18. And as I have already mentioned once before, openning a bank account requires information such as address, phone number, valid (not expired) state ID, etc... I don't think homeless people can provide all those. And having seen Washington DC, boy you have a serious homeless problem.
Edit: Just reread what I wrote and I need to apologize for my shitty English, but you get the idea, right? :P
Larger banks benefit from economies of scale that credit unions generally can't take advantage of. Are there credit unions that offer fewer/lower fees than banks? Absolutely. Is it a rule that all credit unions are superior to banks? Absolutely not.
Which is more of a government funded monopoly, but whatever.
Are you sure it only applies to that? It only says "cashing BOA checks issued from a business checking account will cost you $6.00 if you do not have relationship with BOA." So say you write me a BOA check from your business checking account. I go cash it at my Wells Fargo. It sounds like BOA can charge me $6 because I cashed a BOA check and I don't have a relationship with BOA.