In this economy, a Small Business Owner knows that every little thing counts. So, if they take a check received by the Client to the bank of the Client, it is expected to be good. However, this in itself is a risk, because the business person is relying on the "trust" of the individual or company they are doing business with at that moment.
But now, it is very frustrating when you go to a particular financial location and attempt to cash a $50.00 USD check or more of hard earned money to be charged $6.00 USD for making the transaction.
"Man & Woman! There ought to be a law against this...C. Henry, why don't you get with the 44th Prez. and tell him on his Blackberry about this type of robbery!"
This was pretty much a summed up statement of many comments I heard today over the telephone from one of the fellow Business Owners we know.
First, let me state clearly from the last to the first words in this conversation, as far as, I know, I don't have the 44th Prez. ear (He does not hear me or read my blogs) nor do we have his email address. So, please do not assume that...I'm just blogging here Secret Service no harm at all. LOL
Secondly, there is no federal law making banks cash checks or preventing banks from cashing your checks.
Click here and read it yourself:
http://www.helpwithmybank.gov/faqs/banking_check_cashing.html
The above URL is from the US Department of Treasury Website regarding the "Comptroller of the Currency Administrator of National Banks".
So, after reading that information, we decided to call (4) Banks randomly that I would like to continue doing business with in the near future.
Now, we know from experience, that how you carry yourself and approach people alone with the proper terminology, you will in fact open doors closed to many a person.
So, we devised a script to approach this issue with careful attention to detail, please read below:
A Script Use To Ascertain Information From (4) Randomly Chosen Banks:
" My name is _____ I would like to know does your bank policy allow me to cash a client's check without being charged. I do not have an account at your bank, but I have two forms of ID. Furthermore, I own ___ and was considering openning an account at your bank if I find it suites my needs. Since, I don't have an account at your bank, but a client of mine does, how much will it cost me to cash a check? "
Business Intelligence Gathered From The Four Banks:
{Disclaimer: This Information Can Not Nor Should Not Be Assumed As 100% Accurate Representation Of Any Of The Banking Institutions Observed. All Information Here Is Simply Observational & Purely Speculative. This Information Can Not Nor Will Not Be Confirmed Or Denied By Broadcasting Interest Enterprise, Inc. Or C. Henry Adams Or His Staff.}
List Of Randomly Called Bank Branch(es) & Name Of Person Who Served Us There:
1) Suntrust Bank
https://www.suntrust.com/portal/server.pt?space=CommunityPage&cached=true&parentname=CommunityPage&parentid=2&in_hi_userid=2&control=SetCommunity&CommunityID=1250&PageID=0
Peachtree Center
(404)524-1073
No charge with the proper Identification.
Name of Bank Contact: Jennifer
Note: An outside source stated that Suntrust just started charging a fee before 02/04/09 recently.
2) Wachovia Bank
http://wachovia.via.infonow.net/atmbranch/
CHATTAHOOCHEE FINANCIAL CENTER
Phone: (404)350-2940
Wachovia's Policy depends on the relationship it has with its Customer. But, if the check is over $50.00 USD you will be charge a $5.00 fee (This again is at their discretion). (Note: The allege comments apply if you are receiving money from your Client to you (A Person). If you are trying to cash a Business to Business Check, "No, this Bank will not cash the check period".
Name of Bank Contact: Latoya
3) Bank of America
http://locators.bankofamerica.com/locator/locator/LocatorAction.do
Bank Of America Marietta Street
35 Broad St. NW
404.893.8282 (Customer Service)
We tried (3) times to contact this particular branch to no avail.
Even though the phone automatically redirects the call to the "Call Center" this was not good enough for us.
Name of Bank Contact: N/A
4) BB&T
http://www.bbt.com/ebusns/locator/findLocation.do?command=new
Camp Creek
(404)346-2800
No charge with the proper Identification.
Name of Bank Contact: Amy
Nevertheless, who do we contact to address this issue about Banks charging Small Business Service Providers for cashing their Client's Check at their Client's Bank?
So what do you think?
Sign,
C. Henry Adams
Broadcasting Interest Enterprise, Inc.
02/04/09
Follow Me On Twitter! http://twitter.com/chenryadams
Interesting Document To Download And Read:
http://courts.arkansas.gov/court_opinions/sc/2008b/20081106/published/08-164.pdf
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There simply ought to be a law governing this period. Banks are no longer banks in the traditional sense. Nor do they pretend to be. From my brief time working in banking it was understood that fees, not deposits were the big focus. That is why so many banks have gone to the free checking scheme. By offering free checking marginal customers become sources of revenue because their activities will be the most volatile. This volatility produces more revenue in the form of NSF fees, overdraft fees, guaranteed check fees, counter service fees, telephone fees and so on. Much more than the nominal account maintenance fee could ever deliver. By delivering free accounts to marginal customers banks can appear benevolent when actually they are knowingly taking advantage of those who have little or no account management skills. Meaning they take advantage of the less educated and less savvy individuals who no not have strong money management skills. A simple outcrop of this is as you mention, charging none customers for the use of earned dollars deposited into a bank outside of their own. It seems to me they should be obliged to execute the transaction committed to by the account holder to which they hold a contract to provide a service. It is a service provided to the account holder not the person exercising the transaction executed by the account holder. It is an implied service simply by the signing and accepting of the account by the bank. Because it is a service implicit to the account there should be no fee attached to the tendering of the service to the recipient when the account holder exercises the provisions of the contracted services, because the account holder not the recipient of the demand note initiates the use of a note, the check. This ridiculous piling on of fee after fee to bank customers and the recipients of checks of those customers has to stop.
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