Bank Fees – Outrageous

Dear Readers,

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 I’d love to hear from you.