yes that way they can con him into using a debit card and start nailing him with over drafts too. brilliant.
yes that way they can con him into using a debit card and start nailing him with over drafts too. brilliant.
Anubis
No Lifer
- Oct 30, 2000
- 42,589
- 5
- 0
dainthomas
Lifer
- Dec 7, 2004
- 14,932
- 3,911
- 136
Some homeless guy can't just walk in and open a free checking account. There are certain credit and other criteria if I recall. Therefore if you're a homeless guy who can't open an account and just got a minimum wage job that paid you with a BoA check, then they're charging you an hour's labor to get your money. Nice.
That's why it will always be WAMU or my credit union for me. Banks with fees to just look at a teller can suck it.
somebody without a bank account is probably bad with money. They are preying on these people im sure.
Anubis
No Lifer
dainthomas
Lifer
- Dec 7, 2004
- 14,932
- 3,911
- 136
Capt Caveman
Lifer
- Jan 30, 2005
- 34,543
- 651
- 126
Sorry but just about all banks will either charge you or not even allow you to cash a check with them unless you're an account holder. Surprised BoA hasn't had this requirement sooner.
mugs
Lifer
- Apr 29, 2003
- 48,920
- 46
- 91
Maybe that guy should refuse to accept checks that are drawn from BOA accounts. Demand cash. I'm sorry if I really don't care about the financial problems of a guy who can't even manage to have a free bank account without screwing it up. We can't hold everyone's hands, some are going to fall by the wayside. It's nature's way of ensuring the continuation of the species.
well I don't know they have forclosed millions of homes this year....im sure there are plenty of homeless that found that get paychecks still. Plus people trying to get back on there feet may be staying in shelters. Its very ignorant to assume all people without a home are worthless trash.
cashing someones check with out bending them over is hand holding ......who is the crazy one here?
I have never heard of this. Proof? I cashed personal and paychecks at many different banks in my state. never an issue.
Are you guys saying everyone can get a free checking account? Even the homeless guy with no know address and bad credit? Anyway, $6 to process a check is pretty excessive.
HardcoreRobot
Lifer
- Nov 7, 2000
- 16,403
- 3
- 81
This is honestly not much of a surprise to me as someone who has worked in the banking industry. I find it disgusting that they can get away with screwing the public like this.
The tactic is, as others have pointed out, a move by BOA to try and keep funds with in the bank and to also squeeze people for as much money as they can get away with.
As to "why would a homeless guy have a check" comment. Many state governments offer programs and funding to try and assist the homeless and mentally ill, and some of these programs are in the form of a monthly stipend.
Also, in order to open a checking account at any institution it is federal law that the individual is required to have two forms of ID (SS Card doesn't count as ID) so if someone was homeless they would need a State ID and their birth certificate because they more than likely do not have a Credit Card or any other accepted form of ID.
There are plenty of legitimate reasons to NOT have a checking account or want one. One such reason would be that many banks and credit unions (BOA especially) will close peoples accounts for overdrawing their accounts as little as two times. Once the accounts are closed the customer is reported to a "check fraud prevention" agency which then reports the closure to all other major financial institutions, there by screwing the customer from getting any sort of account for as little as 2 years to as many as 7.
The more you know.
EDIT: Couple of things I forgot.
In addition to 2 forms of ID a person is required to have a permanent non-P.O. Box address AND phone number in order to open any sort of financial account. This is Federal Law.
This isn't entirely true. Banks can charge you for cashing a check that does not originate within the same bank because they have no way to verify if the funds are available or if the account is even open so they take a major risk by cashing it.
If the check originated from the bank but the person who wants to cash it doesn't have an account with that bank, the bank should just issue the cash because they are able to verify if cash is available. If they charge you then they're crooks.
The tactic is, as others have pointed out, a move by BOA to try and keep funds with in the bank and to also squeeze people for as much money as they can get away with.
As to "why would a homeless guy have a check" comment. Many state governments offer programs and funding to try and assist the homeless and mentally ill, and some of these programs are in the form of a monthly stipend.
Also, in order to open a checking account at any institution it is federal law that the individual is required to have two forms of ID (SS Card doesn't count as ID) so if someone was homeless they would need a State ID and their birth certificate because they more than likely do not have a Credit Card or any other accepted form of ID.
There are plenty of legitimate reasons to NOT have a checking account or want one. One such reason would be that many banks and credit unions (BOA especially) will close peoples accounts for overdrawing their accounts as little as two times. Once the accounts are closed the customer is reported to a "check fraud prevention" agency which then reports the closure to all other major financial institutions, there by screwing the customer from getting any sort of account for as little as 2 years to as many as 7.
The more you know.
EDIT: Couple of things I forgot.
In addition to 2 forms of ID a person is required to have a permanent non-P.O. Box address AND phone number in order to open any sort of financial account. This is Federal Law.
This isn't entirely true. Banks can charge you for cashing a check that does not originate within the same bank because they have no way to verify if the funds are available or if the account is even open so they take a major risk by cashing it.
If the check originated from the bank but the person who wants to cash it doesn't have an account with that bank, the bank should just issue the cash because they are able to verify if cash is available. If they charge you then they're crooks.
Anubis
No Lifer
ive never seen a bank cash a check for someone who did not have an accnt with them
this was i assumed common knowledge.
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