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They charge you a service fee to put a stop payment on a check?

Welcome to the 1980's.

Fees are a huge income source for banks and credit unions, get used to it.
 
yah i had to pay 10 bones canadian for stopping a check a couple weeks ago... what a crock eh?
 
Originally posted by: Skoorb
Yeah it's freaking nuts. Overdraft and stop payment are about the same amount of money.
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Yeah you REALLY get rammed up the ass on NSF/bounced checks:

Merchant charges you an NSF fee of $25 - $50
Your bank charges you an NSF fee of $25 - $50
You still owe the merchant for the original check amount

So writing a $5.00 check to Walmart CAN result in costing you $55 total.
 
Stopping payment on a check should only be done in an extreme emergency, there is considerable cost to the bank for doing so and it is good to have a disincentive to prevent abuse.
 
Originally posted by: Dead Parrot Sketch
Stopping payment on a check should only be done in an extreme emergency, there is considerable cost to the bank for doing so and it is good to have a disincentive to prevent abuse.
Click to expand...

Not only that, but people tend to forget that banks are businesses too. Just because you get free checking, and maybe some free checks, doesn't mean that they can give everything away for free. They need to make money somehow. Remember what happened to all those banks in the 80s and 90s that used to not charge you for anything and solely relied on loans for income, they got bought out.
 
If the amount of the check is less than the fee to stop payment, why wouldn't you just write a 2nd check and hope the first doesn't get cashed?
 
Originally posted by: psteng19
Originally posted by: LordJezo
Why'd you write a check? Place didnt accept CC?
Click to expand...

Deal in FS/FT.
Check never arrived, got lost or something so I'm going to send out another one.
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At that point it would've been worth it to you to just not cancel the check. That way, there's only a slight chance someone would find it and successfully cash it. If they did successfully cash it, you'd still be out the same money. If they couldn't cash it or the letter just comes back to you, rip up the check and save $25.
 
Originally posted by: pulse8
Originally posted by: psteng19
Originally posted by: LordJezo
Why'd you write a check? Place didnt accept CC?
Click to expand...

Deal in FS/FT.
Check never arrived, got lost or something so I'm going to send out another one.
Click to expand...

At that point it would've been worth it to you to just not cancel the check. That way, there's only a slight chance someone would find it and successfully cash it. If they did successfully cash it, you'd still be out the same money. If they couldn't cash it or the letter just comes back to you, rip up the check and save $25.
Click to expand...

This thread got me thinking. How long does cheque is considered valid and can be cashed? 1 yr after the date on the cheque? 2yr? Eternity??
 
Also, please note that a stop payment on a check does not always stop payment on the check. There are lots of exclusions.

Alas, I know this.
 
Lets see, you put your money in the bank. The bank takes your money and uses it to make investments to bring in money. Then the bank charges you money for them to store your money which they invest to make them money. Then when you overdraft they have to take thier money to cover your bill and then charge you more money for using thier money. If anything goes wrong they charge you more money to provide services that should have been included in your checking fees.

In return you get interest that can't keep up with the cost of living and a lollypop at the counter. Seems like a good deal if your 5 years old.


Verizon wireless double debited 140$ from me one month (i paid 2 months at once). I call the bank, they say we can't stop payment on the check while its pending call back when its posted. when it posts i call and they say they can't stop payment becuase its posted. In the meantime 4 checks go through the bank.

4 X 29$ = 116$ in overdraft fee's. two credit card companies each charge me 29$.

Then to top it all off in order to get verizon to pay for their mistake i had to take off work to go to the bank (they open at 8:30am which is 30 mins after i have to be at work.) and then close at 5 which is exactly when i get off work (how fortunate for them.) After i get my statement printed another item goes through the bank and bounces for another 29$. I call the bank and demand a statement faxed to me becuase im not missing work again for it, they screw it up 3 times, i never get my fax and guess what, they charged me a 10$ "research" fee for the call.

So, 29 x 4 + 29 x 2 + 29 + 10 = i hate banks.

Verizon paid for it all eventualy but i dropped the bank as soon as i could get an account with a different place. It could have all been avoided if the bank had stopped payment on that 300$ debit from verizon when i told them to.

Oh yeah, and i tried to get them to drop the stuipid overdraft fees and their response was "well verizon will have to help you with that"

 
A while ago I had to send NY state a check in the amount of $90 (traffic violation). Well turns out they don't accept personal checks, so I got a letter stating just that and that I'll have to send them a money order. Since I didn't want to pay $25 to cancel that check, I have to hope that NY state doesn't decide to screw me over and cash my personal check.
 
My sister gave me a check the other day as a downpayment for a PC of mine she's going to buy. I go to her credit union to cash it (the check is drawn from this very same credit union) and they charged me $4 to cash the check!! It was THEIR customer's account!!
 
Originally posted by: conjur
My sister gave me a check the other day as a downpayment for a PC of mine she's going to buy. I go to her credit union to cash it (the check is drawn from this very same credit union) and they charged me $4 to cash the check!! It was THEIR customer's account!!
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Although common sense would dictate since you cashed her check at HER credit union, it should be easiest for them. Nope banks don't think that way.

Only cash checks with banks where you hold an account.
 
Originally posted by: MegaloManiaK
Lets see, you put your money in the bank. The bank takes your money and uses it to make investments to bring in money. Then the bank charges you money for them to store your money which they invest to make them money. Then when you overdraft they have to take thier money to cover your bill and then charge you more money for using thier money. If anything goes wrong they charge you more money to provide services that should have been included in your checking fees.

In return you get interest that can't keep up with the cost of living and a lollypop at the counter. Seems like a good deal if your 5 years old.

Verizon wireless double debited 140$ from me one month (i paid 2 months at once). I call the bank, they say we can't stop payment on the check while its pending call back when its posted. when it posts i call and they say they can't stop payment becuase its posted. In the meantime 4 checks go through the bank.

4 X 29$ = 116$ in overdraft fee's. two credit card companies each charge me 29$.

Then to top it all off in order to get verizon to pay for their mistake i had to take off work to go to the bank (they open at 8:30am which is 30 mins after i have to be at work.) and then close at 5 which is exactly when i get off work (how fortunate for them.) After i get my statement printed another item goes through the bank and bounces for another 29$. I call the bank and demand a statement faxed to me becuase im not missing work again for it, they screw it up 3 times, i never get my fax and guess what, they charged me a 10$ "research" fee for the call.

So, 29 x 4 + 29 x 2 + 29 + 10 = i hate banks.

Verizon paid for it all eventualy but i dropped the bank as soon as i could get an account with a different place. It could have all been avoided if the bank had stopped payment on that 300$ debit from verizon when i told them to.

Oh yeah, and i tried to get them to drop the stuipid overdraft fees and their response was "well verizon will have to help you with that"
Click to expand...
So I guess you keep all your money in a mattress now?

BTW, most of you don't realize how many man-hours it takes for the bank to process one lousy Stopped Check. It's not like we just wave a magic wand and make it go away, y'know.
 
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