please explain check cashing fees to me (1 Viewer)

[northern exposure]

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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

 

[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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

 

[northern exposure]

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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

C'mon man your IQ is 176, you know the answer to that.

 

[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.

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

You get cash from the teller.

Or you find a bank that offers a free checking account and sign up for one, then you can access your funds with a debit card.

 

[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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

C'mon man your IQ is 176, you know the answer to that.

Intelligence and knowledge are two seperate things. Im completely ignorant of the workings of a bank because ive never had a significant ampunt of money. The most I ever had at one time is $1500 but that never went in a bank. I spent that on drugs

 

[northern exposure]

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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

C'mon man your IQ is 176, you know the answer to that.

Intelligence and knowledge are two seperate things. Im completely ignorant of the workings of a bank because ive never had a significant ampunt of money. The most I ever had at one time is $1500 but that never went in a bank. I spent that on drugs

My comment was in reference to your serious or sarcasm question.

 

[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?

You get cash from the teller.

Or you find a bank that offers a free checking account and sign up for one.

That confuses me. Its free to go to the teller but I pay to use a machine or make an electronic transaction with a card.

Now to avoid losing $20 a month I have to wait on a line and learn how to fill out those mysterious pieces of paper on that little table. I think id rather pay $20 to avoid that.

Now it all makes sense!

 

[northern exposure]

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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

Questions about banks? I think SWC is the man to go to with these brohan!

 

[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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

C'mon man your IQ is 176, you know the answer to that.

Intelligence and knowledge are two seperate things. Im completely ignorant of the workings of a bank because ive never had a significant ampunt of money. The most I ever had at one time is $1500 but that never went in a bank. I spent that on drugs

My comment was in reference to your serious or sarcasm question.

Its hard to tell in text. Either you were humorously agreeing with me or sarcastically calling me an idiot. 2 weeks ago I would have assumed the latter with about 99% accuracy but you havent been so mean lately so im confused. You may have just been agreeing with me.

 

[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?

Just another example of The Man (The Rich Man actually) keeping a poor brother down. Testify MC!

Serious or sarcasm?I dont know much about banks. How does a savings account work?

Questions about banks? I think SWC is the man to go to with these brohan!

Why, is he jewish?

 

[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.

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

You get cash from the teller.

Or you find a bank that offers a free checking account and sign up for one.

That confuses me. Its free to go to the teller but I pay to use a machine or make an electronic transaction with a card.

Now to avoid losing $20 a month I have to wait on a line and learn how to fill out those mysterious pieces of paper on that little table. I think id rather pay $20 to avoid that.

Now it all makes sense!

You seem like the kind of person who deliberately avoids following instructions.

 

[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?

You get cash from the teller.

Or you find a bank that offers a free checking account and sign up for one.

That confuses me. Its free to go to the teller but I pay to use a machine or make an electronic transaction with a card.Now to avoid losing $20 a month I have to wait on a line and learn how to fill out those mysterious pieces of paper on that little table. I think id rather pay $20 to avoid that.

Now it all makes sense!

You seem like the kind of person who deliberately avoids following instructions.

That depends, what kind of instructions?

 

[tdoss]

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.

Banks cleared $32 Billion in overdraft fees a year ago...not sure this last year's totals but trust me...they find that money.

Roy Lah

 

[The Big Guy]

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.

Banks cleared $32 Billion in overdraft fees a year ago...not sure this last year's totals but trust me...they find that money.Roy Lah

And how many people benefited from the bank extending them that interest free loan? When the bank paid that mortgage check even though there were no funds in the account, how much did the consumer save on late fees and bounced check fees from their mortgage company? When the credit card bill payment was honored and there were no funds in the account, how much did this save that customer in interest and fees as well as the potential for the credit card flipping to the default interest rate or being blocked from future use etc.

 

[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.

Banks cleared $32 Billion in overdraft fees a year ago...not sure this last year's totals but trust me...they find that money.Roy Lah

And how many people benefited from the bank extending them that interest free loan? When the bank paid that mortgage check even though there were no funds in the account, how much did the consumer save on late fees and bounced check fees from their mortgage company? When the credit card bill payment was honored and there were no funds in the account, how much did this save that customer in interest and fees as well as the potential for the credit card flipping to the default interest rate or being blocked from future use etc.

I'll remember to thank baby Jebus for the banks when I say my prayers tonight.

 

[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.

No.

Please try again.

If it was a bogus check from one of their own legitimate checking accounts, wouldn't they just refuse to cash it, confiscate the forgery and call the police?

 

[Spin]

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.

Wait til you try to pay your car payment over the phone. You thought these "convenient" fees were bad....

 

[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.

Wait til you try to pay your car payment over the phone. You thought these "convenient" fees were bad....

Yeah, I noticed that when I tried to make a cable payment over the phone. I just laughed at the lady and said noo thanks and made the payment online fee free. Now that's how I make just bout all my bill pays.

 

[UniAlias]

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.

If it was a bogus check from one of their own legitimate checking accounts, wouldn't they just refuse to cash it, confiscate the forgery and call the police?

Sure, assuming the $10/hr teller spots the forgery. Otherwise you're handing cash to a complete stranger who walks out the door and you have absolutely no way to recover it.

 

[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.

If it was a bogus check from one of their own legitimate checking accounts, wouldn't they just refuse to cash it, confiscate the forgery and call the police?

Sure, assuming the $10/hr teller spots the forgery. Otherwise you're handing cash to a complete stranger who walks out the door and you have absolutely no way to recover it.

Is a $7 fee really going to stop someone from cashing a forged check? Just add $7 to the amount and you're back to even.

 

[UniAlias]

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.

If it was a bogus check from one of their own legitimate checking accounts, wouldn't they just refuse to cash it, confiscate the forgery and call the police?

Sure, assuming the $10/hr teller spots the forgery. Otherwise you're handing cash to a complete stranger who walks out the door and you have absolutely no way to recover it.

Is a $7 fee really going to stop someone from cashing a forged check? Just add $7 to the amount and you're back to even.

Not at all. I was just explaining the fraud risk involved with these transactions. This type of fraud is becoming more common as it's a lot harder to commit general check fraud these days.

FWIW my credit union doesn't charge a fee for these transactions, which I'm guessing is typical of most smaller institutions. We do require the person to ink their thumbprint on the back of the check though. I don't think it's completely absurd to charge for these transactions as these people take up time from the bank dealing with their regular customers. 2.5% seems pretty high to me though.

 

[Zow]

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

Hey, at least you're honest and can take a joke.

 

[Zow]

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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!

It's probably because I have short hair.

 

[MC Gas Money]

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

Hey, at least you're honest and can take a joke.

Was the check from an account at that bank?

Then shouldnt they cash it free to do a service for their customer and subsequently the people he/she does business with

 

[Chadstroma]

It comes down to this: A lot of new regulations and laws have been put into place that basically took income away from banks. As any business would, they are seeking to recoup that lost income by finding new income areas.

The bank is providing you a service, cashing a check. It is then asking you, since you have no business relationship, to pay for that service. As otherwise you are the customer of some other bank and let that bank incur the cost of servicing you.

That is the entirety of it all.

 

[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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you need a minimum balance for that?

 

[Chadstroma]

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

Roughly about average for the industry.

 

[Zow]

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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you have a minimum balance for that?

I honestly don't know.

 

[MC Gas Money]

It comes down to this: A lot of new regulations and laws have been put into place that basically took income away from banks. As any business would, they are seeking to recoup that lost income by finding new income areas.

The bank is providing you a service, cashing a check. It is then asking you, since you have no business relationship, to pay for that service. As otherwise you are the customer of some other bank and let that bank incur the cost of servicing you.

That is the entirety of it all.

Well boo hoo for them.

Those bankers sure have it rough. Where do I send a donation?

 

[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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you have a minimum balance for that?

I honestly don't know.

Can you get me this info?

 

[Chadstroma]

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.

And that neighborhood must have been pricey to live in.

 

[Chadstroma]

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.

There is not a single service being provided. One service is providing the ability to write checks or pay in other methods for things other than cash/batering. Another is providing a place to deposit the item and turn it into cash. Both are services being provided and do cost the bank to provide them.

 

[MC Gas Money]

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.

And that neighborhood must have been pricey to live in.

Most likely a really poor area. Rich folk use banks, not those check cashing places.

I can understand how they stayed in business. If there is a line in one people just go to the other and vise versa.

 

[Zow]

They're like the pats and genos of check cashing.

 

[avoiding injuries]

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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you have a minimum balance for that?

I honestly don't know.

Can you get me this info?

Example:http://www.citizensbank.com/100/

 

[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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you have a minimum balance for that?

I honestly don't know.

Can you get me this info?

Example:http://www.citizensbank.com/100/

Cool! 100 smackeroos. I can deposit that $250 my the end of next month if I seal the deal on these two accounts.Then I can afford that book about Israel.

 

[The Big Guy]

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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you have a minimum balance for that?

I honestly don't know.

Can you get me this info?

Example:http://www.citizensbank.com/100/

example that exists in NYC for MC https://www.santanderbank.com/us/pages/personal/extra20

Simple account, simple rules and I collect my $20 every month from them.

 

[Chadstroma]

I can get you guys an extra $50 on a rewards credit card. different cards to choose from but you open the card up by 8/15 and make 5 transactions for $50 at grocery/gas stations by 9/30 and you get the $50 money back on top of whatever rewards you gain from the purchases. If interested in more details PM me. It will take a few days for me to be back at work and get the exact details though so be patient.

 

[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?

Get this: my pay check gets deposited into an account which the bank actually pay me money to keep open!It's probably because I have short hair.

Dont you have a minimum balance for that?

I honestly don't know.

Can you get me this info?

Example:http://www.citizensbank.com/100/

example that exists in NYC for MC https://www.santanderbank.com/us/pages/personal/extra20Simple account, simple rules and I collect my $20 every month from them.

Damn I dont meet the requirements