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"We're Not a Check Casher" or are they? With all the hoopla, legislative discussion, heated debates and consumer protection group lobbying efforts surrounding the check cashing industry efforts for stabilization of fees relative to the cashing of a check big banks slid in new fees that would make a check casher blush without any discussion, debate or consumer protection groups. As of the end of August 2002, Bank of America, representing 22 states and over 4000 locations, implemented a new policy and fee for non-bank customer check cashing. This new policy requires a $5.00 fee for any check cashed for non-bank customers. While the idea of charging a fee for non-bank customers is not new there is a spin on this new policy that makes it very unique. Even if you go to the branch that the check is drawn on and where the signature card is located the $5.00 fee applies. Who does this new policy effect? Everybody that is not a Bank of America account holder. So if you are part of the "UnBanked" or a Wells Fargo, US Bank or other Bank account holder you will be charged $5.00 for cashing a check. Even if your check is for $10.00, you will still be charged $5.00 to cash it even if you are at the branch of origin. Using the following comparison you will see how parity in fees charged by a licensed California check casher and the new Bank of America non-bank customer fee is reached only after exceeding the $200.00 check size. As well you can see the new fee by Bank of America does not meet with legal check cashing fee standards till the $200.00 mark and that this fee even exceeds the maximum allowable fee for personal check cashing until the $50.00 mark.
When asked about this charge for non-bank customers the statement was clear and without misunderstanding "We are not a check casher". Based upon the lack of parity between the industry sectors this is true. Because if they were they would be charging fees that could result in a fine or imprisonment of a check casher, specifically the owners of a check cashing outlet. But on the other hand, is not a bank a check casher?
Maybe the real question is: Q. When is a check casher not a check casher? copyrighted materials - Do Not Duplicate without expressed written permission from B2
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The articles themselves are owned and are the copyright of the writer of the article. The writer of the article has provided Industry Pages Inc. expressed written permission to have the articles available on the Industry Pages Network, CLMman and the CLMman Column Webfeed. Any use of the articles outside the CLMman system requires written permission from the writer of the article itself. If you have any comments about this column please feel free to express your opinion in the Forums. Article © Copyright Sep 8, 2002 B2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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