please explain check cashing fees to me (1 Viewer)

[dutch]

Not how they work or what they are but why they exist.

I was out and about at lunchtime today when I noticed a Suntrust branch in the shopping center I was wandering. This reminded me that I had an HRA check in my pocket written from a Suntrust corporate account. Normally I would deposit any checks I had into my account in another bank but decided I wanted a little walking around money so thought I'd cash this check while I was here. I hand over my two forms of id and the endorsed check and wait. The teller asks if I'm an account holder and when I say no she looks up and asks if I'm aware of the seven dollar check cashing fee.

What's that?? Come again? You want to ding me for cashing a check drawn from an account in your bank? GTFO.

Obviously it's been awhile since I cashed a check at a bank not my own so I am wondering how long has this sheet been going on and why the heck are these fees there in the first place?

 

[General Malaise]

Welcome, I think you'll enjoy the 1990s.

 

[mquinnjr]

Not how they work or what they are but why they exist.

I was out and about at lunchtime today when I noticed a Suntrust branch in the shopping center I was wandering. This reminded me that I had an HRA check in my pocket written from a Suntrust corporate account. Normally I would deposit any checks I had into my account in another bank but decided I wanted a little walking around money so thought I'd cash this check while I was here. I hand over my two forms of id and the endorsed check and wait. The teller asks if I'm an account holder and when I say no she looks up and asks if I'm aware of the seven dollar check cashing fee.

What's that?? Come again? You want to ding me for cashing a check drawn from an account in your bank? GTFO.

Obviously it's been awhile since I cashed a check at a bank not my own so I am wondering how long has this sheet been going on and why the heck are these fees there in the first place?

Because banks aren't making money off of interest anymore, they're gauging you elsewhere.

HTH, please see mine!

 

[dutch]

As I said, I havent cashed a check in ages. Normally I just deposit them and move on. Guess I'm waayyy out of touch. Sucks to be me.

 

[dutch]

what is HTH?

 

[mquinnjr]

what is HTH?

Hope that helps.

 

[Corporation]

what is HTH?

Hope this helps

Yes banks should absolutely take on the risk of your check being fraudulent for free, makes perfect sense.

 

[Sarnoff]

They are providing a service. A human being is standing there working for you. You do expect to have to pay her, right?

 

[UniAlias]

$7 seems high. How much was the check for? I'm guessing the fee is percentage based..

 

[[icon]]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

 

[dutch]

I can understand if it was a personal check but this is a check from an insurance company with a corporate account.

 

[dutch]

The check was for $280.

 

[[icon]]

I can understand if it was a personal check but this is a check from an insurance company with a corporate account.

Yes.. because those are 100% impossible to fake

 

[[icon]]

Most banks will cash checks for free IF you maintain an active account with them. File under "we know where you live/sleep and hold some of your money in case this is BS".

Random dude walking into a random bank with a random check? Open your wallet.

 

[dutch]

Shoot, I remember going to the bank and cashing personal checks from relatives before I even had a bank account and I don't remeber there being a cehck cashing fee back then. Of course as GM points out, I am likely stuck in a time warp.

 

[RUSF18]

I thought this was going to be about check cashing "stores" where people pay enormous fees to cash their paychecks.

 

[Cliff Clavin]

The nerve of a business charging money for a service they provide. What is happening to this world!?

 

[RUSF18]

Shoot, I remember going to the bank and cashing personal checks from relatives before I even had a bank account and I don't remeber there being a cehck cashing fee back then. Of course as GM points out, I am likely stuck in a time warp.

Was this before the real-life events of "Catch Me If You Can" took place?

 

[IvanKaramazov]

Not how they work or what they are but why they exist.

I was out and about at lunchtime today when I noticed a Suntrust branch in the shopping center I was wandering. This reminded me that I had an HRA check in my pocket written from a Suntrust corporate account. Normally I would deposit any checks I had into my account in another bank but decided I wanted a little walking around money so thought I'd cash this check while I was here. I hand over my two forms of id and the endorsed check and wait. The teller asks if I'm an account holder and when I say no she looks up and asks if I'm aware of the seven dollar check cashing fee.

What's that?? Come again? You want to ding me for cashing a check drawn from an account in your bank? GTFO.

Obviously it's been awhile since I cashed a check at a bank not my own so I am wondering how long has this sheet been going on and why the heck are these fees there in the first place?

You're not a customer of the bank, and you're surprised that they won't provide you a service for free. Is that an accurate summary?

 

[dutch]

Not how they work or what they are but why they exist.

I was out and about at lunchtime today when I noticed a Suntrust branch in the shopping center I was wandering. This reminded me that I had an HRA check in my pocket written from a Suntrust corporate account. Normally I would deposit any checks I had into my account in another bank but decided I wanted a little walking around money so thought I'd cash this check while I was here. I hand over my two forms of id and the endorsed check and wait. The teller asks if I'm an account holder and when I say no she looks up and asks if I'm aware of the seven dollar check cashing fee.

What's that?? Come again? You want to ding me for cashing a check drawn from an account in your bank? GTFO.

Obviously it's been awhile since I cashed a check at a bank not my own so I am wondering how long has this sheet been going on and why the heck are these fees there in the first place?

You're not a customer of the bank, and you're surprised that they won't provide you a service for free. Is that an accurate summary?

yes

 

[dutch]

Shoot, I remember going to the bank and cashing personal checks from relatives before I even had a bank account and I don't remeber there being a cehck cashing fee back then. Of course as GM points out, I am likely stuck in a time warp.

Was this before the real-life events of "Catch Me If You Can" took place?

1980's

 

[Phil Elliott]

A lot of banks will allow you to deposit your check from your phone now.

 

[TheIronSheik]

what is HTH?

Hope that helps.

Hope what helps?

You didn't even give an answer.

 

[Sarnoff]

I thought this was going to be about check cashing "stores" where people pay enormous fees to cash their paychecks.

Honest to god, down the street from where I used to live, TWO check-cashing "stores" operated for at least 10 years next door to each other. They physically shared a wall in the same minimart. I've never, ever, seen competing businesses so ridiculously close.

There was a third across the street.

 

[dutch]

I thought this was going to be about check cashing "stores" where people pay enormous fees to cash their paychecks.

Honest to god, down the street from where I used to live, TWO check-cashing "stores" operated for at least 10 years next door to each other. They physically shared a wall in the same minimart. I've never, ever, seen competing businesses so ridiculously close.

There was a third across the street.

Was there also a liquor store within spitting distance from these two stores?

 

[Dan Gladden's Mustache]

Not how they work or what they are but why they exist.

I was out and about at lunchtime today when I noticed a Suntrust branch in the shopping center I was wandering. This reminded me that I had an HRA check in my pocket written from a Suntrust corporate account. Normally I would deposit any checks I had into my account in another bank but decided I wanted a little walking around money so thought I'd cash this check while I was here. I hand over my two forms of id and the endorsed check and wait. The teller asks if I'm an account holder and when I say no she looks up and asks if I'm aware of the seven dollar check cashing fee.

What's that?? Come again? You want to ding me for cashing a check drawn from an account in your bank? GTFO.

Obviously it's been awhile since I cashed a check at a bank not my own so I am wondering how long has this sheet been going on and why the heck are these fees there in the first place?

You're not a customer of the bank, and you're surprised that they won't provide you a service for free. Is that an accurate summary?

The "service" is for the account holder. It's pretty much why checks exist in the first place.

 

[East Coast Bias]

You actually went inside a bank?

 

[dutch]

A lot of banks will allow you to deposit your check from your phone now.

Don't have a smart phone and I thought I was doing the convenient thing anyway. As it turns out I was not only wrong about the convenience but also about my omniscience.

 

[RUSF18]

I thought this was going to be about check cashing "stores" where people pay enormous fees to cash their paychecks.

Honest to god, down the street from where I used to live, TWO check-cashing "stores" operated for at least 10 years next door to each other. They physically shared a wall in the same minimart. I've never, ever, seen competing businesses so ridiculously close.

There was a third across the street.

How was it living on Martin Luther King Boulevard?

 

[Sarnoff]

I thought this was going to be about check cashing "stores" where people pay enormous fees to cash their paychecks.

Honest to god, down the street from where I used to live, TWO check-cashing "stores" operated for at least 10 years next door to each other. They physically shared a wall in the same minimart. I've never, ever, seen competing businesses so ridiculously close.

There was a third across the street.

How was it living on Martin Luther King Boulevard?

You'd think that... but this is one of the more quickly gentrifying areas of the city, values there are through the roof. I tried to buy a home in the neighborhood but $500K only got you a 2 bed/1 bath fixer, 850sqft with no permits. Had to bring $650K to the table to have a shot at anything decent. "Nice" homes go for a million-plus and there are a few $8-12mil estates two lights down the road.

 

[The Big Guy]

Not how they work or what they are but why they exist.

I was out and about at lunchtime today when I noticed a Suntrust branch in the shopping center I was wandering. This reminded me that I had an HRA check in my pocket written from a Suntrust corporate account. Normally I would deposit any checks I had into my account in another bank but decided I wanted a little walking around money so thought I'd cash this check while I was here. I hand over my two forms of id and the endorsed check and wait. The teller asks if I'm an account holder and when I say no she looks up and asks if I'm aware of the seven dollar check cashing fee.

What's that?? Come again? You want to ding me for cashing a check drawn from an account in your bank? GTFO.

Obviously it's been awhile since I cashed a check at a bank not my own so I am wondering how long has this sheet been going on and why the heck are these fees there in the first place?

You're not a customer of the bank, and you're surprised that they won't provide you a service for free. Is that an accurate summary?

The "service" is for the account holder. It's pretty much why checks exist in the first place.

The insurance company paid the bank for writing the check as well.

HTH

 

[hxperson]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Wah Lah?

 

[Notorious T.R.E.]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Wah Lah?

Yeah, s/b WA LA!

 

[Phil Elliott]

A lot of banks will allow you to deposit your check from your phone now.

Don't have a smart phone and I thought I was doing the convenient thing anyway. As it turns out I was not only wrong about the convenience but also about my omniscience.

Eminence can get you a better phone.

 

[Ignoramus]

$7 is cheap. I usually charge three points for payroll checks.

 

[ClownCausedChaos2]

A lot of banks will allow you to deposit your check from your phone now.

Don't have a smart phone and I thought I was doing the convenient thing anyway. As it turns out I was not only wrong about the convenience but also about my omniscience.

Eminence can get you a better phone.

I thought this WAS Eminence...

 

[Foosball God]

$7 is cheap. I usually charge three points for payroll checks.

three points or three racks?

 

[Johnny Rock]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Why would the bank have any risk? It was drawn from their own bank. Should be no charge.

 

[MC Gas Money]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

 

[East Coast Bias]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

There are still free checking accounts.

 

[MC Gas Money]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

There are still free checking accounts.

Which banks do free checking?

Im sick of chase taking $20 out every month when I never write checks and only use my card to pay for something once a month (phone bill)

I shouldnt be paying for that when I get nothing but direct deposit

 

[Mr. Retukes]

I can understand if it was a personal check but this is a check from an insurance company with a corporate account.

They probably charge even more if it's a personal check.

 

[[icon]]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

There are still free checking accounts.

Which banks do free checking?Im sick of chase taking $20 out every month when I never write checks and only use my card to pay for something once a month (phone bill)

I shouldnt be paying for that when I get nothing but direct deposit

Bank of America offers free checking. At least, mine is. But I've been a customer for almost 25 years at the same branch.

 

[[icon]]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Why would the bank have any risk? It was drawn from their own bank. Should be no charge.

No.

Please try again.

 

[[icon]]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Wah Lah?

Yes. Wah Lah.

 

[Dan Gladden's Mustache]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Wah Lah?

Yes. Wah Lah.

It's spelled WA LA. Get it right, junior.

 

[Dan Gladden's Mustache]

What happens when the check turns out to be bogus and they have to eat the money lost?

Take that occurrence.... distribute it among the checks they cash while adding on a factor of 2-3 for the hassle.

Wah Lah.

Why would the bank have any risk? It was drawn from their own bank. Should be no charge.

No.Please try again.

Yet banks make billions in fees like this and overdraft charges and late fees. Looks like that risk is paying off quite nicely.

 

[MC Gas Money]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

There are still free checking accounts.

Which banks do free checking?Im sick of chase taking $20 out every month when I never write checks and only use my card to pay for something once a month (phone bill)

I shouldnt be paying for that when I get nothing but direct deposit

Bank of America offers free checking. At least, mine is. But I've been a customer for almost 25 years at the same branch.

Perhaps a smaller bank who needs more business?

 

[Mr. Retukes]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

Open a savings account and deposit your money there.

 

[MC Gas Money]

So basically these days there is no way to get paid without paying a percentage to someone else?

Either its a cashing fee or checking fee on ypur account. You have to pay to get paid.

Open a savings account and deposit your money there.

How do you take money out of a savings account? Dobt you have to transfer it to a checking or go to the window?

If I can just go to the ATM why am I paying for something that doesnt require a teller to do anything?