When it comes to corporate greed, there are some fees charged by big companies that are so indefensible, so blatantly money-grubbing, they almost have to be savored like a fine wine. Otherwise, it’s just too painful to think these guys are routinely taking us to the cleaners.
For instance, there’s the $1.75 that AT&T charges every month to not include your name and number in its automated phone directories. Frontier Communications, which purchased Verizon’s wirelines in California, charges a whopping $2.50 monthly for the same non-service.
Then there’s the $25 fee most major airlines charge just to check a bag. Or the fee of up to $3.50 many banks charge if customers have the nerve to use another bank’s ATM — on top of whatever fee that other bank imposes.
And so we come to the fee du jour: the squeeze that banks put on non-customers to cash a check drawn on one of the bank’s own accounts.
Bank of America is notifying its checking-account customers that, beginning Aug. 15, if non-customers try to cash a personal check at the bank written by a BofA account holder, the check casher will have to pay an $8 fee.
The fee applies to personal checks for $50 or more and matches an $8 fee that already applies to non-customers cashing BofA business checks.
Why, you might ask?
Betty Riess, a bank spokeswoman, explained to me that “our priority is to serve our customers with accounts, and this will reduce their wait time in the financial centers.”
This, however, is completely untrue.
BofA and other major banks currently are trying to figure out what to do with increasingly empty branches as their customers switch in droves to ATMs and online transactions.
A senior BofA official was quoted in American Banker in March as saying that 65% of customer deposits were made at teller windows five years ago. But now, only 30% of deposits are made with tellers.
Linda Sherry, director of national priorities for the advocacy group Consumer Action, said BofA and other banks are simply gouging people who may not have their own bank account.
“Why should they prey on people who just want to cash a check drawn on a customer’s account?” she asked. “And how much can it actually cost to cash a check?”
OK, I know what you’re thinking: You’re wondering why people don’t just get their own bank accounts and cash checks at their own bank.
Maybe they live paycheck to paycheck and have no need of a bank account, especially if they face monthly fees for not maintaining a minimum balance. Maybe they’re undocumented immigrants.
The point is they’re being discriminated against for no other reason than because the bank knows it can get away with it. What’s the non-customer’s alternative, after all — a predatory check-cashing service that charges a percentage of the check’s total amount?
And let’s stress this point: It’s not as if banks have any reason to question if a check’s good. It’s the bank’s own account, written and signed by the bank’s own customer.
Bank of America is keeping pace with Chase, which bumped up its own check-cashing fee for non-customers to $8 a couple of years ago. Wells Fargo is close behind with a $7.50 fee, which a spokesman told me “is intended to cover the costs of offering our convenient network of branches and bankers to non-customers.”
When I first looked into these bogus fees about a dozen years ago, I noticed that in some cases they violated the California Labor Code, which requires that paychecks be “negotiable and payable in cash, on demand, without discount.”
If a non-customer has to pay a fee for cashing his or her paycheck at the bank where it was issued, that represents a “discount,” state officials acknowledged when I brought it to their attention.
Subsequent lawsuits against BofA and Wells Fargo were settled out of court, with the banks pledging to no longer charge fees for cashing paychecks or to make it easier for workers to open accounts.
Needless to say, the banks admitted no wrongdoing. And they still haven’t gotten rid of the fees for non-payroll checks.
The only big bank I was able to find that doesn’t nail people with the fee is Citi. “We don’t charge fees for non-customers to cash checks,” a spokesman said.
So does Citi know something about branch management that BofA, Chase and Wells do not?
No, of course not. Moreover, there’s no evidence that charging non-customers a check-cashing fee makes things demonstrably better for customers.
All banks are now seeing declines in customer foot traffic as their business increasingly moves online.
According to the Federal Deposit Insurance Corp., the number of bank branches nationwide peaked in 2009. The fewer-than 92,000 total branches open last year was the lowest number in over a decade — even as total deposits climbed nearly 6% to $11.2 trillion.
Bank of America has closed about 1,400 branches since 2010. Meanwhile, it added nearly 2 million digital accounts over the last three months to reach 34 million, mostly customers using mobile devices.
Wells Fargo, which operates the country’s largest branch network, closed 93 branches in the first half of this year and plans to shutter about 450 by the end of 2018. The bank now has more than 20 million mobile users. Chase has over 28 million.
And here we have BofA rolling out an $8 check-cashing fee for non-customers. To reduce wait times at branches.
Which is about as believable as the phone company saying it costs them roughly $2 a month to not list you in their directory database.
Just savor that bouquet.
David Lazarus’ column runs Tuesdays and Fridays. He also can be seen daily on KTLA-TV Channel 5 and followed on Twitter @Davidlaz. Send your tips or feedback to [email protected].
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FAQs
How much does it cost to cash a check at Bank of America?
$8
Does Bank of America cash checks immediately?
Funds deposited before 9:00 p.m. ET on a business day will generally be available the next business day. Funds deposited before 8:00 p.m. PT on a business day will generally be available the next business day.
Can you cash a check at Bank of America without an account?
Go to the Check-Issuing Bank Still, you may have to pay for the privilege because you’re not a customer. Here are some examples: If you don’t have an account, Bank of America will charge an $8 fee to cash its own checks.
How do I cash a check at a Bank of America ATM?
You don’t need a deposit slip to make your BOA ATM check deposit. Endorse your check by signing it on the reserve side as usual. Select “Deposit,” then “Checks” when the ATM prompts you for which service you need. If you have more than one check to deposit, endorse them all before proceeding.
Can a bank refuse to cash a check drawn on it?
Funds Availability Policies
Any bank can refuse to cash a check?even if that bank’s customer wrote the check and has sufficient funds. The bank may decide not to cash checks if something is suspicious, or if it chooses not to serve non-customers.
Can I cash a check at my bank without depositing it?
Is this legal? There is no federal law or regulation that requires banks to cash checks for non-customers. Most banks have policies that allow check cashing services only for account holders. If a bank agrees to cash a check for a non-customer, it may legally charge a fee.
Can I cash a check at any bank without an account?
No worries, you can still cash a check without a bank account and you can do this by cashing it at the issuing bank or a check cashing store. When most people receive a check, they deposit it in their bank account, cash it at their bank, or show their ID and cash it at the bank that issued the check.
How do I turn my check into cash?
Transform your cash into an easy-to-deposit check by buying a money order at a local retailer or a post office, then make it payable to yourself. If your online bank has an electronic scan feature, you can snap a photo and upload the money order to your account for deposit.
How much is available after depositing a check Bank of America?
When you deposit certified or cashier’s checks, or teller, travelers or government checks, the first $5,525 of each day’s deposits are available before the second business day. The remaining funds are available on the fifth business day after the deposit.
How long does it take for a $30000 check to clear?
Most checks take two business days to clear. Checks may take longer to clear based on the amount of the check, your relationship with the bank, or if it’s not a regular deposit. A receipt from the teller or ATM tells you when the funds become available.
How Long Does It Take Bank of America to deposit a check?
Deposit holds typically range from 2-7 business days, depending on the reason for the hold. For deposits made on weekends, funds are considered deposited on Monday (the first business day), so the hold will go into effect the next business day (Tuesday).
Do banks verify checks before cashing?
Because paper checks have no actual monetary value themselves, banks have to verify whether the transaction can actually be completed or not.
Can a check bounce if you cash it?
The process takes time, and a check still can bounce after you deposit it?even if your bank allows you to withdraw cash from that deposit.
Bank of America Financial Center Services FAQs
Bank of America Financial Center Services FAQs Sign inLog inLocationsShow/Hide Menu related links Select Your StatePlease tell us where you bank so we can give you accurate rate and fee information for your location.Your Location: *Go and get state informationPrintShow all panels | Hide all panels How do I find the nearest Bank of America financial center and hours of operation? Use our locator tool or use the Locations function in our Mobile Banking app to find a convenient financial center near you. Can I schedule an appointment to meet with a bank representative at a financial center? What is the bank’s holiday schedule for 2022? Can I get cashier’s checks at a financial center? What alternatives does Bank of America offer to a cashier’s check? Does Bank of America offer notary services? Does Bank of America offer safe deposit boxes? If so, what are the fees? Can I redeem a Federal Savings Bond at a Bank of America financial center? Can I cash a check at a financial center if I don’t have a Bank of America account? What is the FDIC? What does the FDIC insure? Does Bank of America participate in the FDIC’s Transaction Account Guarantee Program? How can I determine my current level of insurance coverage? Where can I get more information about FDIC insurance?
How to use Mobile Check Deposit for Fast & Simple Deposits
How to use Mobile Check Deposit for Fast & Simple DepositsGet it on the App StoreBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.Or we can text a download link directly to your phonePhone Number In 999-999-9999 FormatPlease enter a valid 10-digit phone numberBy providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Get it on the App StoreBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.Or we can send you a link by emailPlease enter a valid email addressApple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.Get it on Google PlayBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.Or we can text a download link directly to your phonePhone Number In 999-999-9999 FormatPlease enter a phone numberBy providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.Android is a trademark of Google Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd.Get the mobile banking appBefore you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their polices.Continue We’ve sent you a download linkWe sent an email with the download link to We sent a text message with the download link to We couldn’t send the linkWe’re sorry we weren’t able to send you the download link. Please try again, or use your mobile device to get the app from its app store.
Cashing a Large Check at Bank of America: Policy & Fees …
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Banks' greed on full display with check-cashing fee for non …
Banks’ greed on full display with check-cashing fee for non-customers – Los Angeles TimesWhen it comes to corporate greed, there are some fees charged by big companies that are so indefensible, so blatantly money-grubbing, they almost have to be savored like a fine wine. Otherwise, it’s just too painful to think these guys are routinely taking us to the cleaners.For instance, there’s the $1.75 that AT&T charges every month to not include your name and number in its automated phone directories. Frontier Communications, which purchased Verizon’s wirelines in California, charges a whopping $2.50 monthly for the same non-service.Then there’s the $25 fee most major airlines charge just to check a bag. Or the fee of up to $3.50 many banks charge if customers have the nerve to use another bank’s ATM — on top of whatever fee that other bank imposes.And so we come to the fee du jour: the squeeze that banks put on non-customers to cash a check drawn on one of the bank’s own accounts.Bank of America is notifying its checking-account customers that, beginning Aug. 15, if non-customers try to cash a personal check at the bank written by a BofA account holder, the check casher will have to pay an $8 fee.The fee applies to personal checks for $50 or more and matches an $8 fee that already applies to non-customers cashing BofA business checks.Why, you might ask?Betty Riess, a bank spokeswoman, explained to me that “our priority is to serve our customers with accounts, and this will reduce their wait time in the financial centers.”What she’s saying is that there are so many darn non-customers cluttering up branches that Bank of America had no choice but to act in the interests of honest-to-goodness customers.This, however, is completely untrue.BofA and other major banks currently are trying to figure out what to do with increasingly empty branches as their customers switch in droves to ATMs and online transactions.A senior BofA official was quoted in American Banker in March as saying that 65% of customer deposits were made at teller windows five years ago. But now, only 30% of deposits are made with tellers.Linda Sherry, director of national priorities for the advocacy group Consumer Action, said BofA and other banks are simply gouging people who may not have their own bank account.“Why should they prey on people who just want to cash a check drawn on a customer’s account?” she asked. “And how much can it actually cost to cash a check?”OK, I know what you’re thinking: You’re wondering why people don’t just get their own bank accounts and cash checks at their own bank.Maybe they live paycheck to paycheck and have no need of a bank account, especially if they face monthly fees for not maintaining a minimum balance. Maybe they’re undocumented immigrants.The point is they’re being discriminated against for no other reason than because the bank knows it can get away with it. What’s the non-customer’s alternative, after all — a predatory check-cashing service that charges a percentage of the…
Fees to Cash Checks for Non-Customers at the Top Banks
Fees to Cash Checks for Non-Customers at the Top Banks | MyBankTracker When you receive a check but don’t have any way to deposit it, you have to go to the bank that issued the check if you want to cash it. However, it’s going to cost you. What are the fees at the top banks? MyBankTracker contacted the top 20 banks in the U.S. in order to determine their non-customer check-cashing fee policies, which we have compiled in the table below. While some banks, like Capital One, Citibank, and SunTrust maintain a policy of providing this service for free, other banks are profiting by charging anywhere from a percentage of the check to a $10 fee. Frustrated with your bank? Check out these new top banks that people are talking about: Here are the fee policies of the top 20 U.S. banks (flat rates apply to business and personal checks unless otherwise specified) and how they have changed in recent years: Cost of Cashing Checks for Non-Customers Bank Non-Customer Check Cashing Fee Bank of America $8 per check for amounts greater than $50.00 Chase $8 BB&T Free under $50; Over $50 a fee of $8 BMO Harris Bank $10 ($50 is the minimum amount you can cash) Capital One Free BBVA Compass $10 Citibank Free for checks under $5,000 Fifth Third Bank 1% of the check amount ($4 minimum and $25 maximum) HSBC Bank Free for personal checks; $3 for business checks under $100 and $5 for business checks of $100 or more KeyBank 1.0% of the check amount ($3 minimum and $25 maximum) M&T Bank 2% of the check amount ($3 minimum) PNC Bank Free for checks $25 and under; 2% of the check amount for checks greater than $25 ($2 minimum) Regions Bank Free under $10, but above $10, 1% of the check amount ($2 minimum and $20 maximum) Citizens-Bank $7 SunTrust Free for checks $50 or under; $7 if greater than $50 TD Bank $10 Union Bank $10 fee for personal checks over $100; $10 for business checks over $25 U.S. Bank $5 Wells Fargo $7.50 Every bank requires that you have two forms of government-issued ID (i.e., driver’s license and U.S. passport) when you go into the branch to cash a check as a non-customer. If you are trying to cash a check that is written to yourself and another person, remember that these rules that apply and it could cause more of a hassle to get your money. Understanding how it works Here’s a simple scenario to show you how to deal with cashing out a check as a non-customer: Let’s say you receive a Chase-issued check for $100. You personally bank at Bank of America, but for whatever reason, can’t make it to your bank’s branch. You also need the money as soon as possible, so you decide to go to Chase to cash it. When you arrive at Chase, you go to the counter and ask the teller to cash your check. The teller tells you that since you are not a Chase member, you will, unfortunately, have to pay a $6 fee for the cashing of your check. Analyzing the data Interestingly enough, compared to fees in 2013, some banks have increased their fees, while others have made their policy more affordable for everyday consumers to cash,…
Bank of America Check Cashing: Policy, Fee, Limit & ATM
Bank of America Check Cashing: Policy, Fee, Limit & ATM • CFCNExplore all you need before you do check cashing at the Bank of America outlet or ATM near you.If you are looking for the policy or requirements for cashing a check at the Bank, you will find this article to be highly invaluable. I will also examine the fees and limits of the checks cashed here.Does Bank of America Cash Checks?Yes, the Bank of America cashes checks. However, there are certain types of checks that are not allowed.For instance, if you do not have their account, you will most probably not be able to cash your check.I have said, most probably, meaning that in some branches you may be allowed to cash your check, regardless of whether you have an account or not.However, to prevent such cases, individuals are advised to inquire first about the Bank’s branch that is near them to be able to avoid having their checks rejected.Bank of America Check Cashing Requirements, Policy & LimitsJust like any other financial institution, Bank of America has its requirements, policies, and limits.These are specifically meant to streamline the operations and ensure that people receive quality banking services.The following sections show the requirements and limits at Bank of America.Requirements for cashing a check at Bank of AmericaWhen you have an account at the Bank of America, you stand a good chance of cashing your checks at any of their branches.However, additional requirements besides the account include:A state-issued identification card,A valid state given passport,A military card, andA printed and signed checkCheck cashing limits at Bank of AmericaThe limits are usually meant for cash and security management purposes to allow the banks to carry enough cash to service day-to-day services.The maximum amount of money you can cash at the Bank of America varies, depending on the type of check.For instance, a personal check should not exceed $25 a day, while a payroll check should never exceed $57 a day.You should visit the nearest branches to know the limits of their checks.This information will be important and shall assist the clients to avoid wasting time moving from one bank branch to another in search of the bank that can cash all their checks.Check Cashing Fee at Bank of AmericaIndividuals with an account at the Bank of America, usually pay an $8 fee for the checks.However, the fee is only applicable if the checks are $50 or more and matches an $8 fee that is already applicable to non-nonclients.Individuals are therefore advised to evade this fee by registering and opening an account with the Bank of America.You should not ignore the advice if you are a non-customer, open an account with the Bank of America, it is free and you will never pay the fee!Cashing a Large Check at Bank of AmericaSeveral institutions do not allow cashing of large checks since they hinder the normal operations of the bank on that day.Some clients can sometimes come with checks that are twice the amount of the bank’s budget for that day.This simply means that if the cashiers go ahead to serve the client, all the other probable clients for that day shall never be served.Large checks that are cashable at the Bank of America: those that are only issued by the Bank of America and printed with magnetic ink.That means that home-printed checks are never accepted at this company.Large checks acceptable at the Bank of America includeCashier’s checks,Payroll checks,Tax refund checks, andGovernment checksHow to Deposit a Check at Bank of America – ATM & OTCThe process of cashing checks at the Bank of America is quite simple:Just make sure you have your valid ID or passport and the printed checkVisit any…