Bank check cashing fees
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Posted by Gary (12.158.228.15) on August 23, 2002 at 18:22:33:
Hi, I have a quick question: Is it legal for a bank to charge a fee for cashing a check, when the check was written (drafted) by that bank? Bank of America is now charging a $5.00 fee to cash checks which they drafted; my employer has a payroll account with Bank of America; now in order to cash my payroll check (at the Bank of America branch which the payroll funds were deposited) I am charged $5.00 A. If this is legal, why? The funds are deposited at the Bank of America branch, and the check was drafted by the Bank of America bank branch -- the bank should honor there own checks without encumbrances. To explain this further it would be the same as a private individual writing a check, then charging the person which he wrote the check to a fee for cashing it! B. If it is legal, is there legislation limiting the amount that a bank can charge for such fees? It seems that a $5.00 fee is very steep just for cashing a check drawn on that bank. Could a bank just arbitrarily charge $10?, $100? $1000? -- (or how about the bank just charging a fee equal to the amount of the check!) Any feedback regarding this would be greatly appreciated, Thanks,
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