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HelicopterOff Topics › Bank of America is ripping us off!!!
09-03-2009 02:43 AM  8 years agoPost 1
Jawbone44

rrNovice

Spring, TX

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Today I had a rather substantial check to deposit. My bank has a tendency to place checks of this size on hold for a week until they clear the bank they are drawn on. I can usually get this kind of thing pushed through with a few phone calls. But I noticed that the check that I had was drawn on Bank of America, which has a branch not too far from my bank. So I thought, “Well I’ll just go cash the check at Bank of America and then I can deposit cash at my bank.”
So I went into the lobby of Bank of America and presented the endorsed check and my driver’s license. They also asked for some other form of ID with my name on it like a credit card which I also presented. I was then asked if I had an account with Bank of America. “No.” I replied, expecting to then get a sales pitch on banking with Bank of America. But I was surprised to discover that I did not get a sales pitch. Instead I was told that there is a $6 check cashing fee for non-account holders. “But the check is drawn on this bank.” I protested. “Sorry, we charge $6 if you don’t have an account here.” The teller replied. I thought, "There’s no way this can be legal.", but given the small percentage of money relative to the amount of the check, I accepted my fate and paid $6 for the privilege of watching the teller count my money.
On the way to my bank I began to think, “I write checks to people who may not have bank accounts, and they usually aren’t for very much money.” So let’s say I was a Bank of America customer, and I let the kid down the street come and cut my grass. As payment I write him a check for $20. If that kid goes to Bank of America to cash it, he will have to give up 30% of that money, unless he has an account there.
After making my deposit at my bank I began to do a little looking into this. Apparently in 2001 the State of Texas tried to stop this practice by passing the “par value” law which basically says that a bank in the state of Texas has to cash checks drawn on them for their face value if there is enough money in that account to do so. Several national banks including Wells Fargo Bank of Texas, Bank of America, Bank One, Chase Manhattan Bank, and Comerica Bank-texas, have so far successfully challenged this law on the basis that the National Banking Act prevents Texas from enacting such legislation. Further that Texas banking laws allow for Texas chartered banks to have the same rights as nationally chartered banks. So Texas banks may do the same thing to their customers.
The main point here is that check cashing has become big business. Ever since the large banks mostly abandoned low-income areas check cashing outlets have opened up all over. This is because in 1977 Congress enacted the Community Reinvestment Act to encourage banks to serve low income and minority communities. So many banks gave loans to these check cashing outlets to meet those requirements. They soon discovered that these outlets were making close to a billion dollars a year in fees. Not wanting to be left out, they soon began to charge fees of their own. When Texas and several other states began to enact legislation to protect consumers from this kind of behavior, the banks fought back under the National Banking Act which was enacted in 1864. So they can protect their fees.
This is just plain wrong! If I write someone a check, I expect that the check I write is worth what I wrote it for. When I deposit a check in my bank and they draw on it from the bank it belongs to, my bank doesn’t get charged a $6 fee. You can count on that! So this is basically all the banks in America, screwing Americans out of our money. And paying lawyers to make sure that their fees are protected. I am sending this same entry to my congressman and senator. I suggest anyone who reads this, please pass it on and write your congressman and senator. The banks are getting federal bailout money because they are so poor they can’t do business. Funny how they have so much money for lawyers to squeeze more money out of us.

"Some problems don't have solutions, only outcomes" --Isaac Asimov

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09-03-2009 03:07 AM  8 years agoPost 2
jcrack_corn

rrVeteran

End of Time

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right.

but.

you CHOSE to accept a check.

next time say "cash, amex traveler's check, postal money order, western union money order ONLY."

all of those things either have no fees or the person giving you the money has to pay the fees upfront.

Bank of america is a private business, if you dont like how they operate, dont do business with them, dont accept payments from their customers.

------------------------------------------------------------------
do it inverted
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09-03-2009 03:37 AM  8 years agoPost 3
Jawbone44

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Spring, TX

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right.

but.

you CHOSE to accept a check.

next time say "cash, amex traveler's check, postal money order, western union money order ONLY."

all of those things either have no fees or the person giving you the money has to pay the fees upfront.

Bank of america is a private business, if you dont like how they operate, dont do business with them, dont accept payments from their customers.
You're missing the point. If that was it, I would have just taken the check to my bank and deposited it there for free. My point is that if I write someone a check, I want my check drawn on my bank for its face value. I don't want someone to whom I write a check to tell me that they want cash or an amex traveler's check because they don't know if my bank is too tight to give them the money I wrote the check for. What's the point of having a checking account if you can't use it because the banks are ripping off the people I write checks to? The laws right now allow any bank to do this without informing the person who has the checking account. That's not right!

"Some problems don't have solutions, only outcomes" --Isaac Asimov

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09-03-2009 03:41 AM  8 years agoPost 4
Dennis (RIP)

rrApprentice

Oregon

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It was not your bank. You did not have an account there. You asked for their service. You pay for their service.

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09-03-2009 03:45 AM  8 years agoPost 5
Jawbone44

rrNovice

Spring, TX

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It was not your bank. You did not have an account there. You asked for their service. You pay for their service.
see post above yours

"Some problems don't have solutions, only outcomes" --Isaac Asimov

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09-03-2009 04:08 AM  8 years agoPost 6
Cowjock

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Pa.

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Sounds like the same kind of crap Wachovia does!!!!

Damn that ground is hard! When's the right time to get out of this money sucking hobby?

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09-03-2009 04:27 AM  8 years agoPost 7
Damper

rrVeteran

Point Blank TX USA

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All big banks do that even with payroll checks! Community banks usually do not so I bank at those. We bailout those fat cats and they even know how run .02 cent cash register.

Full Throttle Spooning Leads To Forking

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09-03-2009 04:56 AM  8 years agoPost 8
tom dubya

rrApprentice

st.louis

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Not sure if my bank(Regions) does it but I've had troubles trying to cash a check at banks before. One time it was a $5 fee, which i was surprised at but was like whatever,first time I had ever heard of it. Another time it was a $15 fee which I would of walked out on but i needed the cash that day for some materials on a job I was working on. And if that wasn't bad enough they couldn't give me the entire cash amount so they wanted to give me a portion of it in a bank check. Which they wanted to charge another $15 for !!!! At that point I got irate and they ended up dropping that fee.

And here's another one for ya. Awhile back ago I sold a car to a guy and he wanted to pay me with a personal check. Which after meeting with him i felt comfortable enough with and told him that I would hold onto the title until I went and cashed his check. So I go to the bank the next day to cash it(his bank not mine) and the teller asks if I have an account. I say no, not here and she tells me that i would need to have my bank do a "guarantee" which basically means that i do have bank account elswhere. So i ask her "Well what if i don't have a bank acount somewhere else" and she says then were not cashing that check. Dumbfounded I just went to my bank and got it done. They were scatching their heads at that one to. But get this they didn't charge me to cash the check, i just had to jump through hoops to get it cashed.

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09-03-2009 05:23 AM  8 years agoPost 9
whirlyspud

rrKey Veteran

USA

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I agree with the original poster. The fee is BS. The bank issued the check, they should cash it without an additional fee.

Mike

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09-03-2009 10:36 AM  8 years agoPost 10
DS 8717

rrProfessor

Here wishing i was somewhere else

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You should thank your lucky stars you dont bank with Bank of America.I use to bank with them and it was the worst customer of any business i ever had,not just banks but business's in general.

YOU ONLY LIVE ONCE..IF YOU LIVE IT RIGHT THATS ALL YOU NEED

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09-03-2009 01:23 PM  8 years agoPost 11
TRACERBOB

rrVeteran

Closer than you think

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Thats why I do all my banking at my local credit union. No fees.

Life is hard. Harder when your stupid

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09-03-2009 02:41 PM  8 years agoPost 12
DS 8717

rrProfessor

Here wishing i was somewhere else

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Me too

YOU ONLY LIVE ONCE..IF YOU LIVE IT RIGHT THATS ALL YOU NEED

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09-03-2009 03:15 PM  8 years agoPost 13
GyroFreak

rrProfessor

Orlando Florida ...28N 81W

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I like Bank of America. The service at my branch is top notch. The internet banking with them is very good and secure.

I think about the hereafter. I go somewhere to get something, then wonder what I'm here after ?

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09-03-2009 03:36 PM  8 years agoPost 14
Ronald Thomas

rrMaster

Gainesville, Fl, USA

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I had the same thing happen with BOA

I was told of the fee and then I asked them where was the sign or the policy written for the fee. They did not have a clear answer for me so I told them I was not going to pay a random fee that someone just may have appeared to make up on the spot. After about 30 seconds of speaking to the manager, he cashed it for free. That being said, I would not try it again and I just don't take checks....too much risk and hassle........Ron

Team MikadoUSA 480XXTreme, 550SX, 600SX, 700XXTreme, 800XXTreme!!

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09-03-2009 04:21 PM  8 years agoPost 15
DS 8717

rrProfessor

Here wishing i was somewhere else

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BOA,i went through the drive tru and paid a CC with the payment coupon.1 month later the payment was late,they applied the payment to the wrong account so it wasnt posted to the one for the coupon i gave them. they refused to correct THEIR mistake and apply it to the correct accont,i had to make another payment for the one THEY screwed up.Worst bank on the planet..Use a credit Union now.

YOU ONLY LIVE ONCE..IF YOU LIVE IT RIGHT THATS ALL YOU NEED

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09-03-2009 04:48 PM  8 years agoPost 16
cbflys

rrVeteran

Nesconset, NY - USA

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I agree, Bank of America (as well as some other major players) are always coming up with new and creative ways to nickle and dime even their own customers pay more for their services.

These are the same boneheads that underwrote mortgages knowing full well that the borrower's couldn't affort it. When their little get rich plan fell apart because the housing market tanked, guess who bails them out. Yep - you and me.

I closed all my accounts at Bank of America when I started noticing a charge on my checking for not maintaing a minimum deposit. When I asked them how much interest they were going to give me if I kept that minimum depost, they gave me some incredibly small number. So small in fact that paying the fee would have been preferable to the lost interest income that money would have in a higher interest yielding account - but I guess they already knew that.

Long story short - I no longer do business with Bank of America.

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09-03-2009 04:58 PM  8 years agoPost 17
classic

rrElite Veteran

All over the place!

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Same crap happed to me on a 100.00 check a customer had wrote me.
Hate them bastards, will never do business with boa.

Of course, you could allways post your story here:
http://www.bankofamericasux.com/vie...af4cfbf90dfdc60

Which is worse, ignorance or apathy? I don't know and I don't care!

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09-03-2009 06:21 PM  8 years agoPost 18
Professor Fate

rrKey Veteran

Goose Creek S.C.

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Think you have it bad? Read this chit. Bank of A-holes.
http://news.yahoo.com/s/nm/20090903...bank_thumbprint

Welcome my son, Welcome to the machine

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09-03-2009 08:01 PM  8 years agoPost 19
Mutt

rrKey Veteran

M ca usa

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boa is not the only bank that does that so does wells fargo another worthless bank

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09-03-2009 08:03 PM  8 years agoPost 20
cbflys

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Nesconset, NY - USA

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It just takes one bank to figure out how to "legally" rip someone off - then the rest of them jump in on the bandwagon.

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