Used to work for JPM. They wont even cash their own check unless you have an account w/ them.
Reason being: the check writer could have placed a stop payment on the check, and the bank would lose $ from the check if they did have a stop payment as there would be no way to collect if the check casher didn't have an account.
But you object: "How can they not know if there's a stop payment? Its there damn check!"
Well the answer is: Stop payments take one business day to process, and they would not show up on our system until the next day. Therefore, the bank would be losing money. it is a way for the bank to protect themselves. Seeing as though the branch manager makes his bonus based upon how the PnL is, he is not going to risk it. Bonuses range from 0-$45k. If it was your bonus on the line, you'd be a stickler also. BoA, by charging $6, might have found that they make up for any potential losses by charging the $6 per customer. Chase just says f#ck it. no way.
Therefore, while you might think its stupid, it ALL COMES DOWN TO profit.
boy as a non-US resident this will have to be on the 'weirdest fees ever' list
it all comes down to the same bs that is widespread now which is 'don't take responsability for anything and put fees everywhere and THEN get bailouts from the tax payers'
this is the 21st century, there is NO excuse for a 'we need 1 business day to put a stop payment on a check', money gets in/out of accounts in miliseconds
if they can't stop payment on a check as in 'stop NOW'.....then don't offer the service
a bank refusing to honor a check when there are funds .....is one more bs that you guys are putting up with from these banks that you practically 'own' by now, what is going to be the next excuse ? "eh sir, there are funds and your check is totally legit ....however we are waiting for more bailout money...if you want the $ now...you will have to pay a convenience fee of 10 dollars"
If you read my post, you wouldnt understand why the banks do this instead of complaining and calling bs. All it is, is the banks saving another dime.
This is what corporate America has come down to. Screw Joe Schmo, its all about profits. Hell this is why America is falling apart. Capitalism has tipped the scales so that now greed and fear now rule.
Went to cash a check at chase from my grandmother for a dime for xmas. They wanted $10 dollars to cash the check because I didn't have an account with them. My grandmother has had her chase account for years. Didnt understand why they couldnt check her account to see if she had the funds for the check to clear. Fricking highway robbery.
