What's with all the personal check hatred??

[MEDEVL]

Now that you've shifted the discussion to banking allow me to rant that it's a huge stinking pile of crap that banks charge non-account holders to cash checks that are drawn against the account of a customer of that bank. If I write a US Bank check to some random guy without an account he should be able to cash it at any US Bank branch free of charge. That was something banks did for ever and ever and then decided to change not that long ago. I left 5/3rd because of it after 25 years only to have US Bank (and most others I think) start charging too. It's not right.

I never thought of the power that comes from a check...I'm going to encourage people to send them to me now!!!

[MagickalMemories]

I don't know of any bank that charges to cash PERSONAL checks (not saying it doesn't happen, just that I don't know if any).

Banks are not check cashing institutions. If A BUSINESS writes a check to a person, that bank has a right to charge that individual to cash the check. It actually costs the bank to have those funds available in the branch. The bank has to pay a company (Brinks, etc) to deliver that money to the branch. Also, any money on hand in a branch is money the bank does not have invested, earning interest (which is what helps keep checking accounts fee free). A non-customer coming in to cash a check costs the bank money. I don't see why the bank doesn't have a right to charge that person a fee.

If you've written a PERSONAL check to someone who says your bank wants to charge him a fee to cash it, my guess is that the individual had an account with your bank at one time and it was closed as a "cahrge-off" account, which means the person had a negative balance when the account closed and the person cashing the check caught it. As a bank teller, I caught HUNDREDS of people trying to do this very thing. When we mentioned to them that we couldn't cash the check for them until their debt to our bank was paid, they USUALLY got angry and acted as if we had no right to refuse to cash that check without collecting what was legally due to us.

Some interesting info in this article:
http://expertscolumn.com/content/why-so ... ash-checks

Eric

[tordeck]

Might not be the right thread to ask this but since MM is here and answering bank related questions I'm gunna go ahead and ask.

Say I walk into my bank with a payroll check. Why does my account have to have enough to cover it? that just doesnt make any sense to me. How's a man supposed to get money that he needs to live if the bank wont cash his paycheck?

[kturock]

that's why check cashing stores are making so much money..

[MagickalMemories]

Say I walk into my bank with a payroll check. Why does my account have to have enough to cover it? that just doesnt make any sense to me. How's a man supposed to get money that he needs to live if the bank wont cash his paycheck?

Taken to PM.

[Mr. Bigglesworth]

I also work in banking industry and for one the largest ones.

I don't take checks for many of the same reasons as mm. That check will 9 times out of ten show cleared right away for me, but could return two weeks later. The communication is not instant and my relation with my bank deems me extremely low risk so funds are available immediately.

As mm said I assume liability for depositing a check. I share in the cost if something goes wrong. This is more a lose prevention fee, since not every fee and bad check is going to be covered. Yes there is some profit but fees like this help mitigate risk.

Another point I know you through the internet I can't check your ID and match it to check. I have little to know way of knowing I'm getting a fake check. They are extremely easy to make, anyone with publisher good scanner could make one that would clear a banks system for a dew days.

Since working in a call center, just having my account number, address, full name, you could steal my money and identity. It's not that hard, with the tools available to find people to get my bday, mothers maiden name, and phone number. Social security is harder but is not necessary to steal someone's identity.

I don't like that info floating around and that small fee through paypal is more than worth it for extra security.

Typed on phone so I know a bit of my typing is choppy

[montaa]

Dwolla.com has a fairly inexpensive way to transfer money around. Its $0.25 per transaction. I've had some success with the company, but it does not seem compatible with all banks.

Payments have gotten weird as of late. Paypal seems to be the only thing that is universally acceptable as a method. Which is unfortunate because the fees are high.