Was in the bank yesterday and saw a sign I've never seen before. If you bring a check written by a Regions customer into the bank to cash the check, and you are not a customer, you pay a fee of $7 to cash that check.
I guess this is the first of the new fees that Congress has given the people of this country with their credit card bill of rights.
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posted: Jun. 17, 2010 @ 8:12a
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Senior Member - 1K
posted: Jun. 17, 2010 @ 8:32a
I haven't ever tried this, because I actually have a bank account to deposit things into, but don't most banks charge you to cash a check if you are not an account holder?
Senior Member - 1K
posted: Jun. 17, 2010 @ 8:49a
I've never seen it done on a check drawn from one of their own accounts.
posted: Jun. 17, 2010 @ 8:59a
BofA has been doing it for a long time. And OP blaming it on the Credit Card Act is stupid.
posted: Jun. 17, 2010 @ 10:07a
WalMart is cheaper. I have yet to figure out why people pay money, to get cash, from a check, that is written to them. Can't figure it out. I suppose some people just don't have bank accounts?
Senior Member - 1K
posted: Jun. 17, 2010 @ 10:09a
Do the math: what will cost more, income taxes on the check or avoiding Uncle Sam for $7? jk
If you get a bank account you can cash checks against it for free.
posted: Jun. 17, 2010 @ 1:08p
There's a whole subculture that doesn't have bank accounts of course.
There are also people who might get stuck with a check of dubious validity who would rather take it to the bank it was drawn on so that they can check if there are funds on deposit and get them before the check writer has a chance to withdraw them. The alternative is risking a $29 returned check fee if they deposit the check in their own account.
posted: Jun. 17, 2010 @ 1:21p
Infinion said: WalMart is cheaper. I have yet to figure out why people pay money, to get cash, from a check, that is written to them. Can't figure it out. I suppose some people just don't have bank accounts?I remember seeing a video (might have been here) not too long ago with two guys roaming "the hood" and finding out why people went to check cashing places. They didn't really have a good answer -- they felt that banks didn't understand them but the check cashing places did. They also didn't think the fee was that big of a deal..
These places make tons of money off of this perception, and many of them sell you overpriced bling/DVDs/pipes on your way out.
Senior Member - 10K
posted: Jun. 18, 2010 @ 12:24a
olegos said: BofA has been doing it for a long time. And OP blaming it on the Credit Card Act is stupid.And Key Bank, and HSBC. Most large banks have done this for years; it's one of the cheapest ways to acquire a new customer. BUT, you might find that actually CHARGING the fee is at the whim of the teller.
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