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  #1  
Old 10-30-2007, 12:01 PM
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Default Comerica check cashing fee????

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So I went to Comerica to cash a check drawn from them today to pay my sales and recruiting teams some bonus $$$$. These people charge you $5.00 to cash one of their own checks. The teller explained that if I opened a checking account it was free. I wouldnt have gone there had I known this, am I behind the times or is this just just them being greedy?
Personally I will never set foot in a Comerica bank again if I can aviod it.
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Old 10-30-2007, 12:06 PM
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Behind the times, most started charging non-account check cashers more than 10 years ago. Me? I'm strictly credit union and I don't see that changing anytime soon.
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Old 10-30-2007, 12:16 PM
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Default Could be typical

Never heard of that until this summer.
Started a new job, went into National City to cash a payroll check drawn on this same local National City branch. I was told there was a $10 fee to cash it.
I said you got to be kidding, they said no but gave me the open an account b/s. It was a free checking account with all kinds of additional perks so I did wind up opening an account since its the only major bank in this small town.

Wally
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Old 10-30-2007, 12:25 PM
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If it is a payroll check, Meijer only charges $3-$5 and you get a $1 coupon. Not sure on how the ammount limit though.
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Old 10-30-2007, 01:18 PM
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Quote:
Originally Posted by cireofmi View Post
If it is a payroll check, Meijer only charges $3-$5 and you get a $1 coupon. Not sure on how the ammount limit though.
There are some Meijer stores that will not cash payroll checks. Mostly the inner city ones. When my old store switched it was a big #@#$#@ for the people who had done it for years.
sign o' the times
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Old 10-30-2007, 01:22 PM
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Join a Credit Union and do all your banking with them, tell the Banks to stuff it. I am with 2 credit unions and refuse to do business with banks because of their b/s and extra fees for everything. Credit Unions are the way to go if you ask me.
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Old 10-30-2007, 02:17 PM
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Yea I have been with my credit union for like 20 years, that's why I am clearly behind the times. They actually treat you like a customer at Credit Union One. Times are a changeing eh!
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Old 10-30-2007, 03:46 PM
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Originally Posted by Greenbush future View Post
am I behind the times or is this just just them being greedy?
Both I'm afraid. My daughter went to cash a paycheck from her boss, a small business owner. When the check bounced SHE was charge as well as the boss. How was she to know the finances of her boss? I guess banks expect us little people pull D&B ratings on anyone who hands us a check.
The entire money industry as a whole is having a field day raking in the coals now that they have GovCo backing their every greedy, money grubbing move.
Bank of America lost my business when they made it okay for illegals to open accounts so they could send their American bucks down to Mexico. That, and the fact the CEO was paid a bonus as large as the pay he could have paid the IT people whose jobs he shipped off to India. So much for 'it's for the shareholders!'
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Old 10-30-2007, 04:15 PM
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You're behind the times. There is alot of risk in cashing checks. The check cashing fees are used to offset losses incurred from the cashing of fradulent checks and to compensate the Bank for taking the increased risks of cashing checks for non verified consumers; the ones who typically commit check fraud. Typically, those fees are waived if you have an account because to set up an account you have to provide adequate information for a Bank to do a verification process which eliminates the majority of the risk.
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Old 10-30-2007, 04:35 PM
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Default Walmart

Quote:
Originally Posted by cireofmi View Post
If it is a payroll check, Meijer only charges $3-$5 and you get a $1 coupon. Not sure on how the ammount limit though.

I just heard from a co-worker that Walmart charges 2.00. Not only that the party stories will cash them for 2$ of whatever the check is. Sometimes it is cheaper to go there, if you can't make it to the bank.
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Old 10-30-2007, 04:49 PM
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Another vote for credit unions here.

Why pay anything to cash a check at a discount store? Use a credit card if you don't have any cash and pay it off later after you put your check in your account (for free).
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Old 10-30-2007, 08:19 PM
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Heck with Comerica they've move their headquarters to Texas anyway.
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Old 10-30-2007, 08:29 PM
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credit union fan for over 25 years here, in that time, my credit union still has the same name! not too many banks can say that.
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  #14  
Old 10-30-2007, 08:34 PM
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I use the Bank atm to DEPOSIT check in my credit union account. Banks wont charge for atm use unless you GET money out. Deposits are normally free. So I sign the check, and deposit at the bank. Next time I am around the ATM's that are free for CU users, I get some bucks to carry.
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  #15  
Old 10-30-2007, 09:37 PM
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Quote:
Originally Posted by Bwana View Post
You're behind the times. There is alot of risk in cashing checks. The check cashing fees are used to offset losses incurred from the cashing of fradulent checks and to compensate the Bank for taking the increased risks of cashing checks for non verified consumers; the ones who typically commit check fraud. Typically, those fees are waived if you have an account because to set up an account you have to provide adequate information for a Bank to do a verification process which eliminates the majority of the risk.

What risk? If the check is drawn from an account from that bank there should be no risk involved. Plain and simple, not enough funds to cover the check no money changing hands.

I believe fees like this are just one of the ways a bank makes money. I do not approve of it. But it is what it is. Wanna talk about getting taken, the banks make alot of money with customers rolling the dice using the atm card for purchases and overdrawing the account. One of my pet peeves. The technology is there, if the funds are not available then the card should'nt work. sometimes it takes 5 days for a bankcard purchase to show up on my account. That is wrong.
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