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Dang Banks!!!

G

Greg1959

Well-known Member
Had an estate sale this weekend. The ladies that ran the sale, accepted personnel checks (I did not know this). Today, they delivered my share of the sale. Most of my share was the personnel checks.

So, I spent the day driving around to all the banks that the checks were written on. I don't have a bank account.

One bank, Fifth/Third, told me that since I don't have an account with them they want to charge me 4% or $4.00 per check, whichever was the higher amount.

I presented them with 5 checks written on the bank. It cost me $20.00 to get those checks cashed. I asked them why. Their answer was...."We call that a convenience fee".

I was very upset.
 

I hope you told the bank that not only did you not have an account there, after this you would never have an account there. I once told a bank that only half jokingly for a lot less important reason than you have. Of course, I would have deposited the checks with my bank and let them worry about the rest of it.

KEH
 
(quoted from post at 15:11:09 11/22/16) Had an estate sale this weekend. The ladies that ran the sale, accepted personnel checks (I did not know this). Today, they delivered my share of the sale. Most of my share was the personnel checks.

So, I spent the day driving around to all the banks that the checks were written on. I don't have a bank account.

One bank, Fifth/Third, told me that since I don't have an account with them they want to charge me 4% or $4.00 per check, whichever was the higher amount.

I presented them with 5 checks written on the bank. It cost me $20.00 to get those checks cashed. I asked them why. Their answer was...."We call that a convenience fee".

I was very upset.
Click to expand...
I've run into that before also...not much you can do about it if you don't have an account. Just be glad the checks were all good. My wife took a $5 check once at our produce trailer and the bank returned it and charged us $20 to do it....
 
could have opened a savings account, then let it sit idle, with minimum cash in it. may have saved you a buck or three. maybe i'm not sure if that would work or not. gobble
 
KEH- LOL! Also, at another bank, they not only wanted a I.D. but they wanted fingerprint too! All this for a $6.00 check!!!

Who the heck even writes a check for $6.00????
 
If it were any sort of organized sale, boy oh boy I would not take a third party check from these ladies, that isn't right.

I assume this was some sort of social or family group running a friendly sale and not any sort of business and so my concerns aren't so valid.

But, jeez, to take a check that isn't written to them, but passed on to you, there is a lot of liability issues there on that kind of a transaction! It sounds like you had a pretty good size checks there so a lot of risk.

I don't think it's right for a bank to charge someone for cashing one of their own checks, but their response is so what are you going to do about it and we'll that is that then I guess.

Paul
 
Why no bank account? It only takes a few minutes to open one, then you could have deposited all the checks in one place.
 
So if you don't have a bank account do you pay cash for every thing?

Credit card you would still have to pay it through an account of some kind wouldn't you?

Do you pay cash for cars, house or land payments(if you have one)electric bills and phone???

Just wondering how I guy can operate without a checking or debit account of some kind.
 
Ya know, banks are a business. They have to make money also. I dare say none of you work for free, I know I don't.
 
I pay with cash. Have checking account for SS direct deposit and employer pays direct deposit and get few checks for moonlite work. Do have debit card for online purchess.
 
Write your state banking commission, if it's written on that bank they can't charge any fees, you are not cashing it you are presenting it for payment it's there responsibility to pay it or deny if for ISF.
 
Rule number one when dealing with banks: Never argue with tellers. If you don't like the policy as stated by the teller, say you want to speak with the branch manager (or bank officer if it's a small bank). The teller is stating the policy while the manager has the authority to deviate from policy. And often asking to speak to the manager is sufficient to get the teller to waive a fee.

You can try the Forrest Gump routine and act like you don't understand why they're charging the fee. The reason, of course, is because they CAN. But don't let on that you know that. Leave it for them to tell you the truth, which of course they will be loathe to do. "Garsh, is there a problem with these checks? They seemed like such nice folks. You just can't trust anybody these days. Now I gotta go down to the Sheriff and report them for these BAD CHECKS...." They may just waive the fee so you'll go away.
 
why do you operate on cash only ----sounds fishy or a tax dodge---either way the bank SHOULD charge a fee
 
You should also take note that these ?evil? services can actually be more affordable than the big banks.

Here are two great options:

? Walmart. The nation?s largest retailer will cash your check at the cost of $3 per check of $1,o00 or less or $6 for each check valued at $1,000.01 to $5,000.

? 7-Eleven. Some 7-Eleven kicks will cash your checks for a flat 0.99% fee, which is not too expensive if you?re cashing small checks.
 
I'd back up and want to know why I was given checks by the people that held the sale.If they got paid to do it they should have handled the financial end of it and given you one check in a lump sum for your part.What if the checks bounced? You'd of been left holding the bag for a check you didn't accept.
 
Was working in the next town from where I live. Got a check drawn on the local credit union. Thought I would cash it on my way out of town at the credit union. I don't have an account with them . They wanted 10% as a cashing fee. I thought like hell, give it back and will cash at my bank. Stopped at my bank and cashed it for no fee.Now all checks go to my bank.
 
Not a check but still a rip off.My bank sent me a letter. Saying I could delay my loan payment until January. To have money for Christmas. The delay cost is only 40.00 dollars.I told the bank what I think about their great Christmas program.
 
Per the FDIC, about a third of people in the US are either "unbanked" (no member of the household has a savings or checking account) or "underbanked", meaning some member of the household has a savings or checking account, but they still use "alternative" services such as nnalert, rent-to-own, tax refund anticipation loans, money orders, or other (typically high-interest-and-fee) options for basic financial services. While a substantial percentage of these households are illegal immigrants who lack the documentation to open an account without drawing unwanted attention to themselves, there's many families who either do not have enough money to maintain a sufficient balance to avoid fees or lack confidence in the banking system and prefer to rely on a combination of cash, barter, and, when necessary, alternatives such as money orders. The number does seem to be coming down a bit over the years, but that's still a huge number of people who don't use a bank as their primary financial tool. I'm making no judgement either way, but just throwing this out there to show it's hardly an uncommon phenomenon.
 
TimV- My family has been here for generations. I just prefer to not use banks. Cash only.

BTW, thanks for your explanation.
 
Traditional Farmer- That was my concern too! I don't like how the sale was finalized but, so far those checks that I have cashed have cleared.

When I mention my same thoughts as you, to the estate handlers, they said..."If you have any bad checks, call us and we will take them to court". But, I was told this at the completion of the sale.

Poor communication from them and me for not being more through.
 
Just checked with the closest WM. Thet will only cas checks from:
Payroll checks
Government checks
Tax checks
Cashiers' checks
Insurance settlement checks
401 (k), retirement disbursement checks
MoneyGram money orders that were purchased at Walmart


They will not accept hand-written personnel checks.
 
When I sold firewood years ago I quickly learned to go cash checks at whatever bank the customer wrote the check on, that way if it was hot I could leave it there and ask to be cashed when money went in the account, never had a bank charge me for cashing a check written on their own bank.
 
Not true at all. As an employee of a bank, we will not cash checks for anyone who is not a customer. There is a regulation called Know your Customer. It gives banks a whole set of things that have to documented to do such a transaction.
 
(quoted from post at 20:39:15 11/22/16) Not true at all. As an employee of a bank, we will not cash checks for anyone who is not a customer. There is a regulation called Know your Customer. It gives banks a whole set of things that have to documented to do such a transaction.
Click to expand...

When I sold my truck last month the buyers gave me a personal check for $10,000 down and were to pay the rest in cash when they picked up the truck in a couple of days. I took the check to their bank and asked if there was a charge to convert it to a cashiers check. There was, but no charge to cash it. They took my ss and vitals and then counted our 100 hundreds...kid was all smiles, don't think he had ever handled that much cash before...
 
(quoted from post at 23:39:15 11/22/16) Not true at all. As an employee of a bank, we will not cash checks for anyone who is not a customer. There is a regulation called Know your Customer. It gives banks a whole set of things that have to documented to do such a transaction.
Click to expand...

Shimano- are you calling me a liar? This happened just today?
 
shimano- So, as you suggest, I'm money laundering while trying to cash a $6.00 check? and the bank wants ID. and fingerprints?

Darn, I'm big time! LOL!!!!
 
How do report for income tax. The self employed guys my age and older who bragged about their ability to avoid income tax for years are looking at a small SS check now that they are retirement age.
 
(quoted from post at 21:21:49 11/22/16) How do report for income tax. The self employed guys my age and older who bragged about their ability to avoid income tax for years are looking at a small SS check now that they are retirement age.
Click to expand...

SS checks were not meant to be your retirement....just a safety net. Most people do not understand that. Smart people set up their own retirement accounts...
 
Fixerupper- "How do report for income tax. The self employed guys my age and older who bragged about their ability to avoid income tax for years are looking at a small SS check now that they are retirement age."

This has nothing to do with income tax. This is dealing with liquidating an estate. Therefore, it falls under the "inheritance" guidelines.... capeesh?
 
I have a couple of checking accounts with different banks. I think that Chase does that too. Another bank that I was doing some work in once did the same thing. A lot of banks, maybe even most have this thumb or finger print thing at the windows too. I asked at one bank, "What's this thing" and they told me that its for folks that didn't have an account with them, that they goop up their finger or thumb and put a print on the check that they're cashing...and the check was written by one of their account holders and is being cashed at their bank. I've since seen those things at all kinds of banks.

Here's one for you. A couple of decades ago I was doing a repair at a Social Security office downtown Chicago. People were standing in line like at a bank, stepping up to the window, picking up government checks and leaving. I finished up my job, went outside to load up my tools and saw people leaving the SS building, going into the ally and trading their government checks for booze and or drugs right in the ally next door to the SS building, a hundred feet from the door. Mmm, mmm, mmm.

Mark
 
Greg,
I require all my tenants to pay with check or money order. I couldn't run a business without a checking, saving, and credit cards.

I don't want a a theift thinking I have cash in my house.

I want a paper trail, so IRS can't say I'm cheating.

I want a paper trail so if I have to take a tenant to court for not paying rent, tenant can't say to judge I paid it in cash.

I have to have some kind of account for my pension and SS check to be deposited in.

My bank doesn't charge a fee, except I have to buy checks.

If you don't have a bank account I don't think you have a good reason to complain.

I can't see a good reason for not having a good bank.
George.
 
Chase bank charges more than that and if the check is into the thousands of dollars they won't cash the check unless you have an account with them. Most of the banks I deal with charge that fee. Personally I think that should be illegal. The check is on their bank and you are there at the bank. It costs them nothing to cash the check so to me it amounts to stealing.
 
I saw a check written at Casey's last week for a cup of coffee.

And contrary to the visa commercials, swiping the card takes as long, if not longer, than using cash.
 
But how did you prepay that debit card??

Do you have to go to the dedit card office with cash?

I am not criticizing you just wondering how a guy can get by without a checking account.
 
(quoted from post at 13:29:49 11/23/16) But how did you prepay that debit card??

Do you have to go to the dedit card office with cash?

I am not criticizing you just wondering how a guy can get by without a checking account.
Click to expand...

You can buy them in the checkout lane at Wal Mart next to the gift cards, but they're practically highway robbery if you don't use them quickly since they charge monthly fees against the card.

As others have stated I don't think it's unreasonable for banks to charge a small fee to someone who doesn't have an account to cash a check. Partially because that makes my checking account free to me:)

Still think it's stupid they didn't write you one check and call it good, but oh well.
 
Also didn't Bank of America add a fee to their checking accounts if you want to use a human teller vs. strictly using an ATM for all transactions?
 
We pay all our employees via direct deposit. If they don't have a bank account we get them a debit card and put their paycheck on that. Most of the people I deal with that don't have bank accounts are due to the fact they left an account overdrawn and banks won't open a new account until the old one is closed with a '0' balance.

I'm still trying to figure out an auctioneer service that didn't handle the money. I hope their commission was real low.
 
Sounds to me like your beef is with the auction company. They are pulling something here. Avoiding income or taxes or something.
 
Guys the only reason I have a bank account is because I have to. My military retirement HAS to be direct deposit. And I DO NOT CHEAT ON TAXES! I too pay cash or with a Wal Mart debit card for everything. When I need money I go to the bank, write a check and get cash. Nothing wrong with not using a bank if you don't want to as long as you are paying your taxes!

Rick
 
I cannot understand not having a checking account. If I did not I could not pay my electric bill, phone bill mortage bill, only way to pay those is mail a check. I cannot do online bill payments and there is NO place to pay in person. And my bank is open for business 7 days a week. I have no charges for anything, not even a money order as I have the checking account.
 
Just last week, I wrote a 1400 check to Wells Fargo for a payment, they processed it for 2400 somehow. It hit my bank and over-drafted me before I realized it and put more money in. They promised to get the money back with the overdraft fee to me by last friday, its now weds and no money.... Same bank that wouldn't cash a 40 check written from that exact location without an ID and fingerprints, even though my loan is through Wells Fargo, so I think I should be considered a customer .
 
Fith/Third was definitly wrong. The guy who wrote the check had an account. Would they do it to a Grocery store? or other retail establishments. I would write a letter to the Secretary of state and complain of excessive charges. If everyone who got a 5/3rd check paid 4% the bank would be raking it in.
 
(quoted from post at 21:06:43 11/22/16) why do you operate on cash only ----sounds fishy or a tax dodge---either way the bank SHOULD charge a fee
Click to expand...

I agree - the fee is necessary. Banks have to make a profit and the banks around me are working hard to not have so manmy tellers any more, so cashing checks like that is a real inconvenience. It is not like the banks you are not a customer of owe you anything, including the time of day.

I would also be highly suspicious of any adult without some relationship with a bank.
 
It sounds like good business practice to me. If you don't have an account and some of the checks bounce then they and their regulars customers are left holding the bag. If you have an account then they can debit your account for the bounced check. I agree with the others that the auction company is who you should be talking to. Lesson learned, next time you have an auction find out up front what kind of payment they accept and let them know what you will accept.
I know several people who only use cash for one reason or another. That's none of my affair, whatever floats their boat. I would be out of business without a checking account and banker.
 
I could see them charging if you were cashing a check from a different bank at their bank, i can not agree they should be charging you for cashing a check one of THEIR customers wrote, it is a check on an account from their bank, they can quickly check and confirm there is money in the account to cover the check. Those charges are bs.
 
Pair-a-dice farm- I went directly to the banks that each check was
written on. The bank could check the account to verify that there was
enough funds to cover the checks. The bank would not be at risk.
 
I think that may actually be standard practice for auctioneers. I think I remember seeing signs posted at the cashier trailer that if you pay by check make it out to the owner of the items and NOT the auction company.
 
MarkB_MI- I used your suggestions today at the BB&T bank. I asked for the manager, teller just chuckled and said "He won't help you either".

BB&T bank charged me $8.00 per check to cash.
 
wait till governments really push to use NO cash. If a fellow wishes to use cash only its his business and should not be "fishy or tax dodge". Some of us just chose to go by inscription " all debts public and private".Not that I agree with Greg often, however I support his right to have no bank affiliation.
 
1130Leo- I agree with you. That's why I'm confused about them charging me a fee for a check written on their bank.
 
1948CaseVAI- "I would also be highly suspicious of any adult without
some relationship with a bank."

Why?
 
Greg, just curious, how do you pay your utility bills? Do you have to go to an office that accepts cash?
I've never been in your situation, so I don't know if the electric company, water company, Comcast, and AT&T in my area do that. I do know that it would be a lot of running around to all the places to pay them vs sending a check in the mail.
BillL
 
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