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Bank of America charge $8 on check

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Effective August 15, 2017 - $8.00 per check for amounts greater than $50.00 if deposit a BOA check elsewhere. So  be careful to write a BOA check to  others.

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You are talking about small amounts. Try taking $2000 or $3000 in coin in and see what they say.

CouponClippen (Jul. 07, 2017 @ 8:57a) |

Newer accounts are charged based on those types of usage. My account and has a smaller per month fee (25+ years old) and... (more)

CouponClippen (Jul. 07, 2017 @ 8:59a) |

My branch as a 'business line' so you don't have to line up with the 'noncustomer'

forbin4040 (Jul. 07, 2017 @ 9:24a) |

OP Statement is misleading.

Starting August 15th, Non Customers cashing a BofA Customer's personal check inside of a BofA Branch will be charged $8 if the check is written for $50 or more.

A 'Customer' is defined as :

A Bank of America relationship customer is an account owner of a deposit account (checking, savings, CD), Individual Retirement Account (IRA), loan, credit card, mortgage, safe deposit box or a Merrill Edge or Merrill Lynch Investment account.
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Are you talking about a fee BofA will charge a non-customer to cash a check drawn on a BofA account? I don't think that's anything to be careful about.

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Need more info before I believe this story.

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truelies said:   Effective August 15, 2017 - $8.00 per check for amounts greater than $50.00 if deposit a BOA check elsewhere. So  be careful to write a BOA check to  others.
  This is for check cashing of personal checks written on BofA accounts when the checks are being cashed by non-BofA accountholders.

https://www.bankofamerica.com/deposits/resources/personal-schedu...
Bank of America said: Check Cashing—Nonrelationship customer

Applies to checks drawn on Bank of America personal accounts


 

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stanolshefski said:   
truelies said:   Effective August 15, 2017 - $8.00 per check for amounts greater than $50.00 if deposit a BOA check elsewhere. So  be careful to write a BOA check to  others.
  This is for check cashing of personal checks written on BofA accounts when the checks are being cashed by non-BofA accountholders.
 

  
To clarify for OP, the fee is not charged to the person writing the check, it is deducted from the amount of the check when the non-account holder cashes it.

Example: I write a check to Bob for $50. Bob brings it in to the BofA branch to cash it. My account is debited $50, Bob gets $42 and a free pitch to open his own account by the teller trying to meet their new account quota.

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doveroftke said:   
stanolshefski said:   
truelies said:   Effective August 15, 2017 - $8.00 per check for amounts greater than $50.00 if deposit a BOA check elsewhere. So  be careful to write a BOA check to  others.
  This is for check cashing of personal checks written on BofA accounts when the checks are being cashed by non-BofA accountholders.

  
To clarify for OP, the fee is not charged to the person writing the check, it is deducted from the amount of the check when the non-account holder cashes it.

Example: I write a check to Bob for $50. Bob brings it in to the BofA branch to cash it. My account is debited $50, Bob gets $42 and a free pitch to open his own account by the teller trying to meet their new account quota.

  If you have a Credit Card with BofA (As well as a mortgage or CD or anything that says 'bofa') they won't charge you the fee.

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doveroftke said: 
Example: I write a check to Bob for $50. Bob brings it in to the BofA branch to cash it. My account is debited $50, Bob gets $42 and a free pitch to open his own account by the teller trying to meet their new account quota.
 


I am Bob. I got a check from doveroftke on BOA for $50. I am not a customer of BOA. I deposited the check to my checking account on WFC (ha!).  Will I be charged $8?

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Why is this news? BOA has done it for years. If you're not a customer why would you expect to get something for free. It's like using the bathroom. If you're not a customer, most places won't let you use it.

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Sounds good bro

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likethemcheap said:   

doveroftke said: 
Example: I write a check to Bob for $50. Bob brings it in to the BofA branch to cash it. My account is debited $50, Bob gets $42 and a free pitch to open his own account by the teller trying to meet their new account quota.


I am Bob. I got a check from doveroftke on BOA for $50. I am not a customer of BOA. I deposited the check to my checking account on WFC (ha!).  Will I be charged $8?


No, but Wells Fargo will helpfully use the $50 to fund two new savings accounts for you.

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It's a true lie.

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Don't pick on Bob!

Bob is my Uncle.

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atikovi said:   If you're not a customer why would you expect to get something for free.
  
As the check writer, I AM a customer, and I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash. I don't like the fee. When I pay someone, I want them to get the full value of the check that I write regardless of how they cash it.

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Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
As the check writer, I AM a customer, and I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash. I don't like the fee. When I pay someone, I want them to get the full value of the check that I write regardless of how they cash it.

  Then change banks.

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Chyvan said:   
When I pay someone, I want them to get the full value of the check that I write regardless of how they cash it.

Then your only option is to ask them how they're going to cash it, and plus up the amount you write on the check. Or tell them to open their own checking account so that they dont have to pay anyone to cash it.
  

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Will this cause problems with my employees, vendors & friends?

Magic 8 Ball says: Most Definitely!

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zapjb said:   Will this cause problems with my employees, vendors & friends?

Magic 8 Ball says: Most Definitely!

  $6 was ok, but $8 causes problems?  Tell them to go to Walmart, where check cashing is only $3.

What the hell kind of friends do you have that you are writing them checks, anyways? 

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Glitch99 said:   
zapjb said:   Will this cause problems with my employees, vendors & friends?

Magic 8 Ball says: Most Definitely!

  $6 was ok, but $8 causes problems?  Tell them to go to Walmart, where check cashing is only $3.

What the hell kind of friends do you have that you are writing them checks, anyways? 

  Walmart won't cash hand filled out Personal Checks.

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Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
 I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash

How about inconveniencing the kid when he has to go to a bank to get paid? You can't stop by an ATM on the way wherever, to pickup an extra $50 cash?

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atikovi said:   
Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
 I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash

How about inconveniencing the kid when he has to go to a bank to get paid? You can't stop by an ATM on the way wherever, to pickup an extra $50 cash?

  Besides, he isn't going to be charged $8 to cash your check.  He's going to be charged $8 if he chooses to go to Bank of America to cash your check, instead of his own bank.  And I'll ask again, why does this $8 upset you so, but you had no problem with him having to pay $6 to cash your check the same way up to now.

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Nice to see this petition finally worked though!
https://www.change.org/p/bank-of-america-stop-charging-6-to-cash...

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Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
As the check writer, I AM a customer, and I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash. I don't like the fee. When I pay someone, I want them to get the full value of the check that I write regardless of how they cash it.

  Damn, how big is your yard that you are paying the neighbor kid $50 or more to mow your lawn?  Again, you are making problems where there aren't any.  He can open an account or cash it in his or his parents bank.  Problem solved.

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gotpong said:   ....He can open an account or cash it in his or his parents bank.  Problem solved.
  But what if there's no other banks but B of A? Oh wait that's not for another 5 years. Jumped the gun, sorry.

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atikovi said:   
Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
 I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash

How about inconveniencing the kid when he has to go to a bank to get paid? You can't stop by an ATM on the way wherever, to pickup an extra $50 cash?

I'm fairly surprised by the number of checks written to my kids.  People don't carry cash anymore, so my kids routinely get checks for babysitting, tutoring, pet sitting, etc.  Having said that, my kids use their mobile banking apps to deposit to their own accounts.  I don't think they even know what the inside of a bank looks like.  

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zapjb said:   
gotpong said:   ....He can open an account or cash it in his or his parents bank.  Problem solved.
  But what if there's no other banks but B of A? Oh wait that's not for another 5 years. Jumped the gun, sorry.

  
Then we'll all have BofA accounts and will only have to pay the ridiculous fees they charge to their customers, not the ridiculous fees they charge to non-customers.

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forbin4040 said:   
Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
As the check writer, I AM a customer, and I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash. I don't like the fee. When I pay someone, I want them to get the full value of the check that I write regardless of how they cash it.

  Then change banks.

  
Or ask the kid down the street to cash out his check at any other halfway reasonable bank.

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I understand WHY banks try to leverage this type of situation: non customer presenting a check drawn on that bank = sales opportunity to get the non customer an account.

However, I do think it's wrong. IMHO if someone possesses a check drawn on a particular bank, it would seem logical they should be able to exchange that check for the full cash amount written on it at the bank that is listed on the check (without a fee deducted). A check is just a fancy IOU - and one should be able to directly exchange it at the location listed.

If banks aren't going to accept the check in exchange for cash at no charge, they should at least have a mechanism established whereby a third party (one holding the check) can verify funds before depositing the check in their own bank account. While I know that's not foolproof (more payments/withdrawals can come in before the deposited check actually clears) - it seems there is no "free" method of guaranteeing funds available to a person who is holding a personal check (unless that person is also a customer of that particular bank).

Citibank is the only national bank I know of that doesn't (yet) charge when a non-customer wants to cash a personal check written by a Citibank account holder.  Additionally, my experience is they are surprisingly not aggressive trying to sell a non-customer into getting an account in this situation.

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This discussion just reminded me of my misspent youth. Had a couple jobs when check in hand I'd race to the companies bank & cash it. Others weren't fast enough at times & no funds were available.

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Those silly debit cards for the unbanked allow free mobile check depositing. It only takes a couple days longer than if they had a bank account. If you write a $50+ check to someone and they complain about the fee to cash it at your bank because they don't have a bank account, refer them to netspend and you'll both make $20.

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zapjb said:   
gotpong said:   ....He can open an account or cash it in his or his parents bank.  Problem solved.
  But what if there's no other banks but B of A? Oh wait that's not for another 5 years. Jumped the gun, sorry.

  
I sure hope not, BofA's CC promos are weak sauce. I live a lifestyle that requires a healthy stream of executive-heavy banks ready to throw millions of miles and points of me.

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Chyvan said:   
atikovi said:   If you're not a customer why would you expect to get something for free.
  
As the check writer, I AM a customer, and I don't like the idea that when I pay the neighbor kid to mow the lawn that he's going to be charged $8 to cash my check. It inconveniences me because I have to give him cash. I don't like the fee. When I pay someone, I want them to get the full value of the check that I write regardless of how they cash it.

$50 should easily cover a lawn mow; if you have a really big lawn which costs $50 or more to mow, write multiple checks, each < $50.

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civ2k1 said:   If banks aren't going to accept the check in exchange for cash at no charge, they should at least have a mechanism established whereby a third party (one holding the check) can verify funds before depositing the check in their own bank account. While I know that's not foolproof (more payments/withdrawals can come in before the deposited check actually clears) - it seems there is no "free" method of guaranteeing funds available to a person who is holding a personal check (unless that person is also a customer of that particular bank).
 

I don't know if it does anymore, but the Amex Bluebird card used to have a feature like this.  When you wanted to write a check, you'd "pre-authorize" the funds and be given a code to write on the check.  The recipient could then verify funds availability with that code over the phone before depositing.  The funds were held so that there was no chance the check would bounce.

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civ2k1 said:   
If banks aren't going to accept the check in exchange for cash at no charge, they should at least have a mechanism established whereby a third party (one holding the check) can verify funds before depositing the check in their own bank account. While I know that's not foolproof (more payments/withdrawals can come in before the deposited check actually clears) - it seems there is no "free" method of guaranteeing funds available to a person who is holding a personal check (unless that person is also a customer of that particular bank).

 

If you are that uncomfortable with the certainty of getting your money from certain parties with whom you do business, Eight bucks sounds pretty cheap to guarantee that I'm going to get my cash.  Am I the only one who isn't bothered by this kind of fee structure at all? 

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I have two B of A accounts. Having CASH only businesses I have to actually go into the bank sometimes.
Not a single trip to the bank goes by without waiting in line behind NON-bank customers cashing checks. Whining about the fee. Not having ID. Wasting my time and the tellers. I pay monthly fees to bank there so they/you should have to pay for using the bank services too.

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CouponClippen said:    I pay monthly fees to bank there so they/you should have to pay for using the bank services too.
  Then you're not doing it right.

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atikovi said:   
CouponClippen said:    I pay monthly fees to bank there so they/you should have to pay for using the bank services too.
  Then you're not doing it right.

  My money is better used elsewhere so I don't maintain a high balance. No other bank will handle the amount of cash I run through the accounts without charging extra. I am doing it just fine. Now go it yourself a checking account so you don't have to pay the $8 fee.

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atikovi said:   
CouponClippen said:    I pay monthly fees to bank there so they/you should have to pay for using the bank services too.
  Then you're not doing it right.

If he is a commercial customer with a cash business (either depositing or withdrawing a lot of cash, coin orders, etc.), he is likely paying fees.

CouponClippen said:   Having CASH only businesses I have to actually go into the bank sometimes.

 

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Capital One hasn't charged me anything for depositing cash or for a cashiers check, but then, I keep a high balance.

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atikovi said:   Capital One hasn't charged me anything for depositing cash or for a cashiers check, but then, I keep a high balance.
That's not what he's talking about.  Commercial customers who routinely withdraw or deposit large amounts of cash, coin orders, specific denominations, etc., are typically charged handling fees for such services.  Think laundromats, arcades, vending machine operators, bars, etc.  

Skipping 5 Messages...
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My branch as a 'business line' so you don't have to line up with the 'noncustomer'

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