Home Forums Hunting & Shooting Hunter's Campfire Went to cash a check today

Back in the late 80's or early 90's banks started charging for a lot of their services that used to be free to their account holders. This went as far as charging for service when you went to withdraw your money from a teller. The banks were sued, but won. The judge basically saying they can do what they want and the customer has the right to leave and go find a better deal elsewhere. It did create competition, because all of the sudden banks were advertising free stuff that carries on to this day and I am not referring to toasters. If they did things like this prior I am not aware of it.

I'll probably get flamed for this but, My wife works in the operations portion of a local bank. What a lot of people don't realize is Big Brother, Our Government is involved with everything banks do. Banks are required to do things that credit unions and now insurance companies who are doing loans, retirement accounts and other related activities, are not required to do. Banks are also required by our government to loan a certain amount of money each year that they know at the beginning will have to be written off for non payment. You can guess the type of people that get these loans. A good sized local bank will spend close to a million dollars a year on electronic banking. That is for the people who don't want to go to the bank, but want to be able to stand in the checkout line and transfer money into their checking account so that their debit card will have money for their purchases. Many of these folks are the same ones who call and want to speak with the bank president because it didn't work. The president nor anyone else can prevent them from entering their username or password incorrectly 3 times and getting locked out of their account. Everyone wants the security measures in place to protect them, but they are the first to raise hell when they are not able to remember the information they used to set it up. I'll quit there, but there is a lot behind the scenes they no one takes into account.
Tom

This. They profit by predation.

Alot of people are self employed tax cheats also...... cash versus check and the dred of getting 1099,d. Lots of unreported income in this country and people like this know their reported thresholds versus their actual intake and they know the in and outs of tax time. And alot of us have aided and abetted chit like this , by asking the simple face to face question on site what is the price in cash versus a check. And how many times is it the same, very seldom......jmo......

Banks, Insurance, Medical facilities, Pharmaceutical makers etc. aren't there to help people, they're there to Make Money. Just like everybody else.

As soon as the money wasn't the property of Their client and was outside of Their control, They want to make some money on the transaction.

I run check through My account at My bank ( Locally owned) and have no trouble.

Hmmmm. I have never noticed that on my bill. Where and how is it shown? I have seen a $1.00 deduction, but then it is put back. I don't see it all of the time but some. miles

My bank has an app that allows men to take a picture of the check front and back, enter the amount and it's deposited into my account.

Won't work for women? miles

You sound like a typical liberal/Socialist from Minnesota. Here's a recent example of how corrupt the big banks are:

http://video.foxbusiness.com/v/5508412226001/?#sp=show-clips

This is my take on it as well. Many years ago, in another life time, I worked in banking and took courses on money and banking. Despite common belief, a check is not equivalent to cash and no holder has an obligation to "cash" it. In fact, anybody other than the bank on which it is drawn is making a short term interest free loan if they "cash" the check. Arguably, they have the right to charge if they do render that service. But following from that, I don't see how the bank on which the check is drawn can charge for paying it. That is the essence of what a check is, a negotiable instrument and order to the bank to pay to the order of the payee, or other "holder in due course".

Perhaps banking practices and the legalities have changed over the past fifty years.

Paul

It would be like, in the old days, a bank charging a fee before handing over a $20.00 gold piece to someone who presented them with one of their own $20.00 certificates.

Good analogy

Paul

Did the same thing when I got disgusted with a local bank here that did NOT have good service. The only waste was the checks left in my checkbook I hadn't yet written.

This ^^^^^^...was going to make the same comment.

I have no use for a blood sucking bank. Same goes for realtors when it comes to selling a home.
I'll buy through them, but would never sacrifice $1000s as a seller.

My credit union used to be great, then they got bigger, and bigger, and bigger, and started acting like a bank. Now they've got more marketing partners than Publishers Clearing House. I'm pretty sure my Credit Union and their 'Partners' are who've kept the doors open at the USPS. If I'd open all the envelops and fill out the paperwork, I'd have an easy seventy $1000 life insurance policies, just because I'm a Credit Union Member. So, I've got that going for me, which is nice.