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.
Almost like they want us to go strictly cash.
Which works for me.
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.
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.
Thank you Barney Frank for screwing the little guys.
I believe it’s $5 for the same from Toronto-Dominion.
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.
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.
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)
Or add a $7 service charge for anyone who would pay you by check. (if you in a position to do so)
Organize a run on the bank.
Put a few people with placards on the sidewalk out front and watch the fun begin!
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.
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.
“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.
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.
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.
Providing they can come up with that "minimum balance"