It’s been about 20 days since my last Update. In between I emailed you the fully featured October edition of The Acronym.
Today I will be brief because I think this simple experience I encountered last weekend speaks volumes.
I took a friend to Bank of America to cash a $700 check that he got from a State funded rent rebate program. The checks were drawn on B of A. My friend did not have an account there, so he brought two forms of ID.
#1 The second form of ID is not really necessary. They make you stamp your finger in ink and apply it to the check. A little different….OK. Actually, I’ve encountered that at Wachovia before. Perhaps they should have been fingerprinting some of the executives who dreamed up their Pick Your Payment mortgages.
#2 Effective September 26th, Bank of America now charges a $6 fee for all checks cashed by non-customers. Wow. This is not illegal, but I think it represents gouging. It is one way B of A is trying to make up for its losses and expenditures due to the mortgage crisis. I have no problem with banks refusing to cash checks for non-customers. A few of you may remember a Hudson United Bank that used to have a few branches in CT, including West Hartford. They would not cash one of their checks unless you were a customer. I don’t take issue with banks charging $1 or $2 to cash a check for a non-customer. However, $6 is crazy!!
What do you think? Respond on http://www.theacronym.com I’d love to hear from you.