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Originally Posted by RIJIMMY
I've heard this recently from someone else, there is something seriously wrong with that. It undermines the security and trust of a check. It pushes the burden on the recipient when it should be on the issuer. It makes Citizens checks worth $7 less than any other banks. Im surprised this is not being challenged in court
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If it's a fee just to cash the check at a teller then it's a service. The bank has to pay a teller to sit there and cash the check of this non-customer. If the person doesn't want to pay the fee, they should either open an account at Citizens or deposit the check at their bank and wait for it to clear.
I think Bank of America does the same thing. One of the guys I work with opened a BoA account once they started charging a fee (I think it was $4) to cash a BoA check at a branch without an account. That's exactly why they institute the fees - to persuade people to open an account with them.
Banks are businesses and the nice thing about the industry is that there are a lot of options. With the digital age, local credit unions are able to be more competitive and much more readily available. Before, the issue with a CU was that there was only 1 or 2 branches and you had to drive to their ATM to get cash or deposit a check. Today, I can just used my debit card and get cash back at the grocery store, access my account online and at some CUs even deposit checks by taking a picture with my iPhone.
I've been lucky and avoided all the new fees that BoA has created because I have a credit card with them. But the minute they create a new fee that costs me money on a monthly basis, I'll be closing my two accounts with them and moving all funds to my CU acct.