GD thieving banks!

[Zoom-boing]

this is from the dept of the treasury....the Administrator of National Banks...

Why doesn't a national bank have to cash a check that is drawn on them?

There is no federal law or regulation that requires national banks to cash checks for noncustomers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries.

Once a national bank cashes a check that has been forged by a noncustomer, they may lose money if they cannot collect from the person who cashed the check.

Also, if a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee.

It does appear that they can do this legally. However, doesn't it somewhat undermine the entire premise of a check? This only solidifies my resolve not to take a check. It isn't worth the paper it's written on and the very bank is not required to give you the money. All checks are, for all legal intents, worthless, it would seem. Is BoA a customer of Wachovia? If not, Wachovia is not bound to honor any checks presented to them by BoA that their customers deposited?

Yeah.....fucking crooks.

SW -- I wasn't trying to give you a hard time. I agree that the fees are asinine but since, for now, they exist . . . open an account at a local bank so you can avoid the fees. It makes life easier. Or you can stop taking checks.

 

[Sweet Willy]

this is from the dept of the treasury....the Administrator of National Banks...

Why doesn't a national bank have to cash a check that is drawn on them?

There is no federal law or regulation that requires national banks to cash checks for noncustomers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries.

Once a national bank cashes a check that has been forged by a noncustomer, they may lose money if they cannot collect from the person who cashed the check.

Also, if a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee.

It does appear that they can do this legally. However, doesn't it somewhat undermine the entire premise of a check? This only solidifies my resolve not to take a check. It isn't worth the paper it's written on and the very bank is not required to give you the money. All checks are, for all legal intents, worthless, it would seem. Is BoA a customer of Wachovia? If not, Wachovia is not bound to honor any checks presented to them by BoA that their customers deposited?

Yeah.....fucking crooks.

SW -- I wasn't trying to give you a hard time. I agree that the fees are asinine but since, for now, they exist . . . open an account at a local bank so you can avoid the fees. It makes life easier. Or you can stop taking checks.

I understand the idea. And it pisses me off. Despite all the mumbo jumbo rationalization, it's a penalty for not doing business with the bank. The teller even told me she'd be happy to open an account for me. I bet she would.

 

[Zoom-boing]

Not just banks rip us off. It's amazing how much it all adds up to. Complain!

Good Morning Yahoo!