Quote:
Originally Posted by JohnnyD
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.
|
Johnny, you would be charged the $7 if you took your customer's check, written on their Citizen's account, and tried to cash it at a Citizen's branch, without having a Citizen's account yourself.
Manpower and an inconvenience to "actual" customers???? You've got to be kidding me..... That whole paragraph is pathetic thinking.
Only time I have been charged to cash a check at BoA is when it is a corporate check.
Your experience with lines is because it is on a Friday, the customary pay day for much of the working world. If issued a check, that person has every right to turn it into cash, or deposit it, or do as they please with it. In my cicumstances, it may be that I have already paid for materials and or my labor expenses. By getting cash, I know I can cover those outlays. I get checks from many customers issued from many banks. No way I can have an account at all of them. Nor should I be made to wait to know that funds are good on that check, if I am tight on paying myself. I'll wait in line if I feel I want to. You can too, without a bank charging me to cash their check. In terms of cashing a personal check, I am not aware of any other bank charging a fee like this, for not having an account, other than the thieves at Citizens Bank.
Threaded Mode