Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Sun Trust bank now charges customers $7 to cash business checks drawn on Sun Trust Accounts

Posted on 09/28/2012 7:37:16 AM PDT by CThomasFan

I have an acquaintance that works at a Sun Trust bank in Richmond, VA who told me yesterday that Sun Trust charges $7 to cash a business check drawn from a SUNTRUST account. That is a lot of money for a day laborer! That is highway robbery. The bank is holding the business's money AND charging the customers to have access to it. Unbelievable.


TOPICS: Business/Economy
KEYWORDS: bankfees; banking; banks; suntrust; vanity

1 posted on 09/28/2012 7:37:27 AM PDT by CThomasFan
[ Post Reply | Private Reply | View Replies]

To: CThomasFan
Are they charging SunTrust customers or people who don't have accounts there to cash SunTrust checks? I don't like it either way, but I would be surprised if they are charging customers a per check fee.
2 posted on 09/28/2012 7:39:55 AM PDT by KarlInOhio ("Government is the only thing that we all belong to"=implicit repeal of the 13th amendment for all.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan
Been happening everywhere for a while.

Almost like they want us to go strictly cash.

Which works for me.

3 posted on 09/28/2012 7:42:01 AM PDT by Lazamataz (The American news media, the 'Pravda Press', is fully Soviet-ized.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

I always thought when someone gave you a check it was a promise that the bank would give you that amount of money in exchange for the check. Yet, if you take the check to the bank it’s written on they will charge you to cash it. Thus, the check isn’t worth the amount written on it.


4 posted on 09/28/2012 7:42:44 AM PDT by circlecity
[ Post Reply | Private Reply | To 1 | View Replies]

To: KarlInOhio

The one wanting to cash the check doesnt have a SunTrust account, but the check is drawn on a SunTrust business account..so the teller knows that the money is there to cover it. From what I understand it is a trick to get the people to open an account at SunTrust for themselves...but it’s still taking advantage of people, and seems to border on predatory practices.


5 posted on 09/28/2012 7:45:09 AM PDT by CThomasFan
[ Post Reply | Private Reply | To 2 | View Replies]

To: circlecity
I always thought when someone gave you a check it was a promise that the bank would give you that amount of money in exchange for the check. Yet, if you take the check to the bank it’s written on they will charge you to cash it. Thus, the check isn’t worth the amount written on it.

My thoughts exactly. I have a business account at Wells Fargo and a couple of years ago they charged me $5 to cash a check. I went ballistic and they acquiesced, but it is their policy.
6 posted on 09/28/2012 7:45:17 AM PDT by Misplaced Texan (July 4, 2009 - the first day of the 2nd Revolution!)
[ Post Reply | Private Reply | To 4 | View Replies]

To: CThomasFan
I ran into the exact same deal with a Wells Fargo check from a business at a Wells Fargo bank branch. I took the check back and went to my bank, Regions and cashed it for free. But my bank's cashier said that they do the same thing for non-account holders.

Thank you Barney Frank for screwing the little guys.

7 posted on 09/28/2012 7:46:31 AM PDT by rightly_dividing
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

I believe it’s $5 for the same from Toronto-Dominion.


8 posted on 09/28/2012 7:47:27 AM PDT by 9YearLurker
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

More bankers being stupid stupid stupid stupid.

Just hastening the day when we elect someone like the Fake White Indian to nationalize the banking system and frog march them off to Leavenworth as they dance and cheer in the streets.


9 posted on 09/28/2012 7:48:04 AM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan
So if you do business with any entity that insists on using SunTrust to pay you instead of cash, you should charge them an additional $7 fee. Or perhaps say that you do not accept checks drawn on SunTrust accounts unless they are accompanied by a $7 SunTrust processing fee.
10 posted on 09/28/2012 7:49:58 AM PDT by King of Florida (A little government and a little luck are necessary in life, but only a fool trusts either of them.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: circlecity

I work in real estate and got divorced when the bubble burst. So I went from a 2-income household to 1, with me making considerably less than I was accustomed to earning. Speaking from personal experience, its expensive being broke. For example I think I paid nearly the same amount to insure my auto as I did to insure both my auto and my wife’s when it was tied to a homeowner’s policy.

Plus I read that there are more ppl than ever without bank accounts. But at $7 per check, I think you need to open up at least a savings account to make deposits.


11 posted on 09/28/2012 7:52:05 AM PDT by BJ1
[ Post Reply | Private Reply | To 4 | View Replies]

To: CThomasFan

I dont think it is legal

They cannot give you a checking account, checks to use, and then tell people they have to pay to get the money you have given them through one of those checks

I screamed last time they tried this at my bank - i said this is DRAWN ON YOUR BANK- YOU HAVE TO CASH IT

They “waived” the fee (and never asked me again)


12 posted on 09/28/2012 7:53:33 AM PDT by Mr. K ("The only thing the World would hate more than the USA in charge is the USA NOT in charge")
[ Post Reply | Private Reply | To 1 | View Replies]

To: BJ1
"But at $7 per check, I think you need to open up at least a savings account to make deposits."

Or add a $7 service charge for anyone who would pay you by check. (if you in a position to do so)

13 posted on 09/28/2012 8:08:05 AM PDT by circlecity
[ Post Reply | Private Reply | To 11 | View Replies]

To: CThomasFan

Organize a run on the bank.
Put a few people with placards on the sidewalk out front and watch the fun begin!


14 posted on 09/28/2012 8:09:01 AM PDT by Bon mots (Abu Ghraib: 47 Times on the front page of the NY Times | Benghazi: 2 Times)
[ Post Reply | Private Reply | To 1 | View Replies]

To: KarlInOhio

My guess (after working at banks for years) is that they are charging non-customers to cash checks—regardless of where they are drawn.

Banks are all about total customer relationships. The more you have, the less crap you deal with.

Maintaining branch staff is very expensive. The cost per telephone transaction used to be about $4.00 a pop—the cost of an in-person transaction must be about $6.00. So, if you are wasting time transacting with folks who are not customers there is absolutely no benefit to the bank.

Now, many folks will suggest that these people cashing checks COULD become customers. I assure you, the branch people make that very clear—they get incented to bring on new customers.

In the end, if you are a regular bank customer, dealing in a branch, and you have to stand behind someone cashing a check—in a transaction that undoubtedly includes a discussion about, “Do you have an account, I need ID, etc.”....trust me, you would want that person to be dis-incented to continuing coming into the office and consuming time and expense.

So...if you are customer it wouldn’t matter. If you are not...well, go to another bank or check cashing store.


15 posted on 09/28/2012 8:11:09 AM PDT by Vermont Lt (I am NOT from Vermont. I am from MA. And I don't support Romney. Please read before "assuming.")
[ Post Reply | Private Reply | To 2 | View Replies]

To: CThomasFan

Charges on cashing checks are to those who don’t have an account with the bank, but if the check is drawn on the bank, there should be no charge for cashing. $7 is way too much to pay. I would change banks, to a small or state bank rather than open an account at these banks that do this.


16 posted on 09/28/2012 8:21:28 AM PDT by TurkeyLurkey
[ Post Reply | Private Reply | To 1 | View Replies]

To: Buckeye McFrog

“More bankers being stupid stupid stupid stupid.”

Nothing new there. But yes, they’re being stupid. They get a non-customer in the door with THEIR check, and they know the check is good. So, they should cash it, say they are DELIGHTED to cash it, and then explain the wonderful terms they have right now for new customers opening a new account. And if the non-customer demurs, hand them a card in case they change their mind, and remind them to help themselves to the free coffee and donuts over in the corner.


17 posted on 09/28/2012 8:28:30 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: catnipman

Seriously. There has long been a strong undercurrent of anti-banker rage in our politics. It’s only through sheer dumb luck and/or the Grace of the Almighty that we haven’t actually elected someone like William Jennings Bryan to rip them to shreds. Yet they keep poking the tiger.


18 posted on 09/28/2012 8:34:55 AM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 17 | View Replies]

To: 9YearLurker

The Canadian banks are setting their fees to steer customers to paperless self-service. Electronic transfers are free or cost less than cheques, etc. I didn’t even bother to have cheques printed for my BMO account because all of my bills, including my rent, can be paid online for free. My customers have the option of Paypal or email money transfer.


19 posted on 09/28/2012 8:35:35 AM PDT by Squawk 8888 (True North- Strong Leader, Strong Dollar, Strong and Free!)
[ Post Reply | Private Reply | To 8 | View Replies]

To: BJ1
But at $7 per check, I think you need to open up at least a savings account to make deposits.

Providing they can come up with that "minimum balance"

20 posted on 09/28/2012 8:40:56 AM PDT by Roccus
[ Post Reply | Private Reply | To 11 | View Replies]

To: CThomasFan; All

I am sure some Business Socialist will have some interesting spin on why someone should be charged for getting money from someone who authorized them to get the money

A lot of credit unions have business accounts now...be foolish for any small business to do any business with a bank

Hey, lets do another Bank Bailout!


21 posted on 09/28/2012 8:45:26 AM PDT by SeminoleCounty (Political maturity is realizing that the "R" next to someone's name does not mean "conservative")
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

Real jag-offs, SunTrust Bank is. They won’t allow my mother to close an account even though she has moved out of their territory. They insist that she appear at one of their branches in person to close the account.


22 posted on 09/28/2012 8:48:51 AM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

Immediately close the account, remove all the money and go elsewhere. Don’t even take a breath before doing this.


23 posted on 09/28/2012 9:07:05 AM PDT by Banjoguy (The Mayor of San Antonio is the smoothest liar I have ever seen.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

My bank does the same thing. Know what my solution was?

I had my employees endorse their paychecks over to me, then at quitting time they followed me to the bank with the endorsed paychecks. I cashed the $#%^ing checks one at a time sans shyster fee and had the teller put the cash in separate little envelopes and I put each employees name on each envelope and then handed out the envelopes.

Stupid banks.


24 posted on 09/28/2012 9:15:21 AM PDT by mamelukesabre
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan

Last time I checked, Walmart cashes checks free of charge. Chances are that anyone that gets one of their checks is closer to a WM than a branch.


25 posted on 09/28/2012 9:16:06 AM PDT by Go_Raiders (The wrong smoke detector might just kill you - http://www.theworldfiresafetyfoundation.org)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vigilanteman

So, they will allow it, but it just has to be in person...that is standard bank procedure in any bank I have used and have had to move and close my account.


26 posted on 09/28/2012 9:31:00 AM PDT by representativerepublic (...loose lips, sink ships)
[ Post Reply | Private Reply | To 22 | View Replies]

To: Mr. K

Perfectly legal. Went thru this about five years ago when I went to cash a $200 expense reimbursement check at Wells Fargo and they charged me $5. I pointed out that the instrument instructed them to pay me $200, not $195.

Anyway, looked it up in the banking regs and it’s perfectly legal. Unethical, IMO, but legal.

BTW, it applies only for checks that are cashed, not those that are deposited. Which seems odd.


27 posted on 09/28/2012 9:57:42 AM PDT by Sherman Logan (Perception wins all the battles. Reality wins all the wars.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Sherman Logan

deposit it, then withdraw it
:D


28 posted on 09/28/2012 10:13:24 AM PDT by Mr. K ("The only thing the World would hate more than the USA in charge is the USA NOT in charge")
[ Post Reply | Private Reply | To 27 | View Replies]

To: CThomasFan

Wells Fargo will not let you use more than $1500 a day with their debit card! No matter how much you have in their account! I am looking for another bank.


29 posted on 09/28/2012 10:16:30 AM PDT by Yaelle
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan
A surcharge like this will cause a lot of businesses and individuals to move their accounts elsewhere. There is no law that says you have to do business with Sun Trust.

It looks as if the leadership of Sun Trust banks think, like most liberal/progressive/socialist/dimocrats that they can charge whatever they want for their “valued services” and no one will adversely respond to it.

30 posted on 09/28/2012 10:20:23 AM PDT by Nip (TANSTAAFL and BOHICA)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Yaelle

Wells Fargo has all kinds of ridiculous limitations on account transfers, etc, because they took over Wachovia Bank for a pittance and Wachovia had been laundering money for the drug cartels. So Wells Fargo now treats all of their customers like potential traffickers. And, as a Federally Protected Bank, they are acting like TSA screeners at the airport - pushing to test how much the public is willing to put up with.


31 posted on 09/28/2012 10:25:48 AM PDT by Mr. Jeeves (CTRL-GALT-DELETE)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Mad Dawg; EDINVA; VA_Gentleman; seekthetruth; COBOL2Java; Perdogg; kabar; Gabz; Wage Slave; ...

VA Ping!

If you want on/off the VA Ping List, please freepmail me. Thanks!


32 posted on 09/28/2012 10:28:20 AM PDT by randita
[ Post Reply | Private Reply | To 1 | View Replies]

To: rightly_dividing
Thank you Barney Frank for screwing the little guys.

Don't forget Mr. "Waitress Sandwich"...


33 posted on 09/28/2012 10:36:07 AM PDT by COBOL2Java (I'm not voting for Obama, so therefore I must be helping Romney!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: rightly_dividing

Did you have to use that term? Mental picture!


34 posted on 09/28/2012 11:15:50 AM PDT by ilovesarah2012
[ Post Reply | Private Reply | To 7 | View Replies]

To: CThomasFan

The fee is for going into the lobby (or drive thru) as I understand it, with non-account holders using bank personnel time. If the check recipient simply deposits the check into his/her account, there is no fee. Most banks have a policy to allow them to collect the fee, but few actually do it.


35 posted on 09/29/2012 11:01:05 AM PDT by EDINVA
[ Post Reply | Private Reply | To 1 | View Replies]

To: CThomasFan
I had this happen to me at a Chase bank. I had moved back from New Mexico and rejoined the family business, so I had what amounted to a payroll check, Chase wanted me to open an account or give them 10 bucks to cash a check written through them to me.

I informed the manager who was frankly a smart A** that the reason I didn't have a personal account there was because Chase always had one hand in your pocket.

The next week, we moved 3 business accounts and 10 personal accounts plus loans to Huntington.

We all to a person explained why as we moved the money, 2 years later they are still trying to get us back.

36 posted on 09/29/2012 11:34:06 AM PDT by Kakaze (I want The Republic back !)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson