Quote:
Originally Posted by RIJIMMY
I understand Johnny, but a check is a substitute for currency and should be worth the face value of the note. If the check is drawn on Citizens Bank's paper, it should be worth the face value at a Citizens branch. They should honor their own paper. The issuer has to have an account at Citizens and as a result, pays for the teller.
It may just be perception, but I believe they are undermining the trust in the banking system of checks.
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Forgive me because I only have direct experience with BoA... Does any check written by someone with a Citizens Bank account have the fee deducted from the amount or is it only if someone cuts me a check from Citizens and I try to go to a Citizens branch to have it cashed?
If it's the former and you're charged the fee even if you just deposit the check and wait for it to clear, then that's completely unacceptable. If it is a "check cashing fee" for going into a branch to cash a check without an account, then I don't see the big deal (this is how BoA is).
It takes man-power, time and causes an inconvenience for actual customers of the bank. Quick example: I used to have to go into a local BoA branch every Friday for my company. It'd take 30 minutes to get through the line because at least half (if not more) of the people in line were there to simply cash their check and that's with all the teller stations open. If it weren't for all the people cashing their checks and leaving (people that are no value to the bank), they could have had 1 fewer teller (reduced expenses) and the line still would have moved quicker (increased experience for an actual customer).
Maybe I just don't understand why people *have* to physically cash their checks the second they receive them as opposed to depositing them into an ATM and waiting the 24 hours for the check to clear.
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