I went into Bank of America yesterday?

Question

They told me they were going to start charging $6 to cash a check drawn from their bank. I get one every week from a customer of mine. Does anybody know if this is going to be a trend picked up by other banks?

Answer 1

Why don't you deposit it to your account (somewhere)?  Then there should not be any fee.

Charging to cash a check where you do not have an account is not that uncommon.

Answer 2

Yes and it has been growing for some time now. Most "national" bank have been doing this for some time now.

The goal of this fee is to encourage you to become a customer and open your own account there. It is a fee commonly charged by larger banks to non-bank members.

It's the price of not doing business with a particular institution. Just as non-account holders bear the costs associated with an ATM, banks are now assessing non-account holders for in-branch check cashing.

They think that  by not charging check-cashing fees, non-customers will likely overuse bank services while neglecting the costs the bank absorbs.

It cost each bank money in overhead to process each non-member transaction. The bank members pay so why shouldn't non-members is their point.

Answer 3

I use Bank of America and have NEVER been charged to cash a check.  The only reason they would charge you $6 is if you do not have an account with Bank of America, so if you don't you should consider opening one.  If you have a Bank of America account, just use their ATM to deposit your check.  I never go inside the bank anymore because I can deposit my check with their ATMs, it's really easy and completely free.

If you have an account with Bank of America and they want to charge you to cash the check, you are probably getting scammed by the teller and should notify the bank manager.

Whenever you get a check you should cash it at whatever bank you have an actual account with, that way you will never pay any fees.