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Unfair fee
Posted Sat January 3, 2009 1:58 pm, by John L. written to Washington Mutual
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A friend recently wrote me out a personal check from his Washington Mutual account.
I wanted to deposit the money into my account at Bank of America, but wanted the money to post immediately. So I took the check to a local Washington Mutual branch.
upon presenting the Washington Mutual check to the teller she informed me there would be a $10 charge to cash the check.
She explained that even though the check was drawn on a Washington Mutual account, they charge a $10 fee to cash checks for non-customers.
I find this fee completely unethical and anti-customer!!! I simply can't believe that Bank of America is taking advantage of non-customers by actually charging them to cash other peoples checks drawn on THEIR bank!!!
I immediately left the branch and went to my own Bank of America and simply deposited the check.
I personally will make sure I advise any and all friends and aquaintences alike who may be searching for a new bank to completely avoid Washington Mutual because of this policy!! I know I would be nothing but embarrassed if I wrote someone a check and then "my" bank charged them this horrible and EXPENSIVE fee simply for trying to cash it!!
since I currently, and as it seems, will NEVER be a customer of Washington Mutual, there is nothing really that I would expect. However, I would LOVE a response from Washington Mutual with some sort of explanations as to HOW they can justify this fee!
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by red0596 Posted Sat February 7, 2009 @ 9:02 PM
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These types of fees are to cover processing charges for the transactions. They also allow banks to offer their cleints free checking accounts. Most banks charge these fees. If you don't want to pay fees, stick to your own bank. And there would be no reason to be embarrased if your bank charged someone to cash a check you wrote to them. Once you write a check to someone, you have done your part. If they don't take to their own bank to cash or deposit the check, then let them pay a fee. It doesn't hurt the person that wrote the check.
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From what I am reading you did not have an account at Washington Mutual so why would they cash a check for someone that has no account to back the check up with?
No matter what bank it was written against they still have to keep policies in place to make sure they get paid back should said check bounce.
If you wrote a check from your account with Washington Mutual to your friend and he tried to cash it at BOA without having an account there, I am sure that BOA would charge a fee for cashing it as a non-customer.
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The days of Banks taking the hit for cashing checks drawn on their accounts for free are gone. These jokers just got multi-BILLION dollar bailouts because they couldn't manage their money (ironic, isn't it?) in spite of steadily climbing fees and charges over the past decade. Don't think for a minute they will show any gratitude to the average Joe's who will be paying that back for years.
There's really only one way to avoid the fee; Deposit it in your own bank and wait for it to clear. You admit that you were not willing to wait, so it will cost you to expedite that process. Welcome to banking in a recession!
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Many banks do this as they are providing a service to a non customer. You say it's anti customer but you are not their customer.
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Unfair Fee
by red0596 Sat February 7, 2009 @ 8:56 PM
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by PurPink Posted Mon January 5, 2009 @ 9:20 AM
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The first line says that a friend wrote a check to him from WM.
OP is a BOA customer.
OP in the 5th paragraph said he "...simply can't believe that Bank of America is taking advantage of non-customers by actually charging them to cash other peoples checks drawn on THEIR bank!!!" He wrote BOA when if you follow the story should have been WM.
Don't forget WM was recently bought by Chase. Chase had this fee in effect before they bought WM.
Actually, there are many banks that do this now (charging non-customers to cash a check drawn on their bank). Sign of the times.
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by vzjackl1 Posted Tue January 6, 2009 @ 9:39 PM
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I did screw up... I meant Washington Mutual!!!
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Actually
by vzjackl1 Sat January 3, 2009 @ 2:39 PM
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