so deposit the check at your own bank in your account
if someone doesnt have a bank account, then a $6 fee is the least of their worries
also, consider this... the actual need for a live human teller is decreasing. More transactions can now be done at the ATM and online. Even non-routine transactions can be done online. The bank teller generates no revenue-they're merely a cost. Cashing a check without an account requires verification procedures that a machine can't perform
Free at the library, but since this Ice guy is homeless he probable already knows that as it seems the library is always full of them
How do you think some people post here.
so someone who dooesn't have a checking account is going to have access to a computer, know how to use one, know how to get online, etc etc etc....i mean i know this is a tech forum but I know plenty of people that don't own a computer and are perfectly happy that way.
Maybe because he has bad credit. Some banks will check your credit before giving you even a savings account. BOA tried this years ago when they took over my local bank that I had an account with for 10 years. They said I didn't meet the requirements for a savings account. I was 16 or 17 at the time. They wanted to run a credit check on a teenager to keep my account open. BofA can suck my wang.
Originally posted by: Marlin1975
Free at the library, but since this Ice guy is homeless he probable already knows that as it seems the library is always full of them
How do you think some people post here.
They just want to cash a pay check they dont want to A) open a library account B) take lessons on computers and internet C) open a checking account who says they have the time or physical ability to do this. what if they are illiterate or handicapped
So you don't mind the ecomomic down turn due to all the bad loans banks were giving people they knew wouldn't be able to pay back. They just hoped then mortgagee would pay on the loan long enough for the originator to dumb the loan on someone else greedy enough to pick it up in hopes of making a high % return.
You can try to place the blame on the borrower but when companies deceive, manipulate, and pray on people just wanting to own their own home. The blame is on the greedy bastards that look for a quick buck right now.
I'd also bet that BOA puts a hold on their own check for a business day or two to verify funds availability negating the whole deposite into $0 balance account and immediate withdrawl plan. I hope I'm wrong though.
Ns1
No Lifer
- Jun 17, 2001
- 55,420
- 1,600
- 126
Originally posted by: IcebergSlim
Originally posted by: Marlin1975
Free at the library, but since this Ice guy is homeless he probable already knows that as it seems the library is always full of them
How do you think some people post here.
They just want to cash a pay check they dont want to A) open a library account B) take lessons on computers and internet C) open a checking account who says they have the time or physical ability to do this. what if they are illiterate or handicapped
Or they can go to WaMu and bypass all this ridiculousness.
While I agree that it's completely stupid, your over generalization doesn't justify simply opening an account. If the account is the issue, then many banks also have a low-interest free savings account you can get with a $5 minimum. It's cheaper than $6 to cash the check.
You should scan the flyer and post to the consumerist.com
they will unless you ask them to specifically cash it then deposit it. trust me they've fucked me on this before.
Linflas
Lifer
- Jan 30, 2001
- 15,395
- 78
- 91
This should be illegal. A check is a written order of payment from an account and should always be able to be cashed without a fee at the bank it is drawn on. If there are any fees to be paid they should be paid by the drawer and not the payee. People need to start refusing to accept BOA drawn checks as payment unless the drawer adds $6.00 to the amount to cover the fee.
PepePeru
Diamond Member
- Jul 21, 2005
- 3,846
- 0
- 0
i just now finally cancelled my BofA account.
I had been getting charged 5.95 a month for too long and finally everything's cleared.
that charge just started appearing w/o explanation.
i just found out it was b/c my employer doesnt do direct deposit for my paychecks.
so i was getting charged 5.95 a month for a teller to deposit 2 checks a month.
wtf...
I had been getting charged 5.95 a month for too long and finally everything's cleared.
that charge just started appearing w/o explanation.
i just found out it was b/c my employer doesnt do direct deposit for my paychecks.
so i was getting charged 5.95 a month for a teller to deposit 2 checks a month.
wtf...
Unless you ever get in financial trouble and get behind on your car payment, so they freeze all of your money.
Not entirely true. One of the jobs of the tellers it to push services onto customers. Don't have a credit card? Here's an application. Want to refinance? Let me set you up with one of our employees. It's easier to crack somebody in person as opposed to flashing ads for services online.
yeah shame on BofA for not forcing you to read the terms of your account and for not calling you when your employer failed to use direct deposit. Don't take that crap man!
dainthomas
Lifer
- Dec 7, 2004
- 14,932
- 3,911
- 136
Originally posted by: SagaLore
You bolded the wrong part.
A lot of banks charge if you cash a check but don't have an account with them. Because they have to process it and give you cash with the possibility of the check bouncing. Just cash it at your own bank.
This whole thread is about checks drawn on BoA accounts, being cashed at BoA. They are well aware of whether the account has money in it.
This doesn't apply to Oregon though, so the fee is probably illegal here.
Linflas
Lifer
- Jan 30, 2001
- 15,395
- 78
- 91
Originally posted by: SagaLore
You bolded the wrong part.
A lot of banks charge if you cash a check but don't have an account with them. Because they have to process it and give you cash with the possibility of the check bouncing. Just cash it at your own bank.
Actually you have it wrong. The payee should absolutely be able to cash a check drawn on BOA at BOA if the drawer has sufficient funds to cover it since the drawer does have a demand deposit account there. The whole idea of a checking account at a bank is to enable the account holder to issue orders of payment to 3rd parties. You would be correct if the payee took the check to a non BOA bank and wanted to cash it.
DrPizza
Administrator Elite Member Goat Whisperer
I find it incredibly annoying when I'm out of town & end up shopping at a grocery store that requires idiotic savers cards. I have to waste an extra 5 minutes going to the service desk, filling out an idiotic application (I usually put a fake name down, just out of spite), just to get their idiotic card. The alternative is paying higher than their normal price for items. I've noticed that when a $2 item is on sale for $1.50, it's "1.50 with your superduper fantastic savers card, off the regular price of $3.24. You save $1.74!" Bullshit. I have to waste my time getting your idiotic card just to avoid paying an extra $1.24 on an item that happens to be "on sale" like 90% of the other items in the store that week. When they hand me the card, there's a keyring thing, and two extra cards to go in my wallet. "Here, you can throw these out." "Don't you want them in your wallet?" "Look, if I put every one of these idiotic cards in my wallet, I'd need to purchase pants that are 3 sizes too big in order to be able to hold the wallet.
Anyways, now suppose you're out of town and receive a check from someone with a business checking account. You want to cash it at BOA. WTF? You think getting those stupid shoppers cards is a pita, I just want my f'ing money. I don't want to have to fill out all the stuff for a checking account - oh, it's not free if you don't do it online? What a pain in the ass, just to avoid $6 - essentially, they'd be screwing me out of that $6 because the hassle wouldn't be worth it.
So, all you "it's free!" people, well, if it's free, go ahead and open a checking account with BOA online, right now. Come back and tell me how long it took. Come back and tell me how much it actually cost you.
Anyways, now suppose you're out of town and receive a check from someone with a business checking account. You want to cash it at BOA. WTF? You think getting those stupid shoppers cards is a pita, I just want my f'ing money. I don't want to have to fill out all the stuff for a checking account - oh, it's not free if you don't do it online? What a pain in the ass, just to avoid $6 - essentially, they'd be screwing me out of that $6 because the hassle wouldn't be worth it.
So, all you "it's free!" people, well, if it's free, go ahead and open a checking account with BOA online, right now. Come back and tell me how long it took. Come back and tell me how much it actually cost you.
DrPizza
Administrator Elite Member Goat Whisperer
Hey, here's an idea - if there really are no charges to open an account; no hidden fees (i.e. you have to order at least a book of 50 checks at a cost of $18), then we should go for the Anandtech effect - everyone open an account without depositing a penny - let them know the reason: "In case I ever have to cash a BOA check at your bank."
Originally posted by: Linflas
Originally posted by: SagaLore
You bolded the wrong part.
A lot of banks charge if you cash a check but don't have an account with them. Because they have to process it and give you cash with the possibility of the check bouncing. Just cash it at your own bank.
Actually you have it wrong. The payee should absolutely be able to cash a check drawn on BOA at BOA if the drawer has sufficient funds to cover it since the drawer does have a demand deposit account there. The whole idea of a checking account at a bank is to enable the account holder to issue orders of payment to 3rd parties. You would be correct if the payee took the check to a non BOA bank and wanted to cash it.
Ths problem is the official tally of how much a checking account holds is only done once a day. In this case, BOA is protecting itself from the scenario where multiple checks are written and the sum of those amounts is greater than what the account holds.
In any case, there's no law requiring banks to allow this.
DrPizza
Administrator Elite Member Goat Whisperer
*unlikely scenario.
These are business accounts, not personal account. Not that I haven't known of businesses that have bounced checks, but it's pretty rare.
TRENDING THREADS
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 25K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes + WCL Discussion Threads
- Started by Tigerick
- Replies: 22K
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
-
News NVIDIA and Intel to Develop AI Infrastructure and Personal Computing Products- Started by poke01
- Replies: 411
Facebook
Twitter