TubeNet

Or, you could use PayPal and build their fees into your price.

bloke wrote:Some of you are probably not aware of this, but quite a few banks now charge a $5 cashing fee if the person cashing a check does not have an account at that bank.

If the band charges a $5 cashing fee, how does that make me a jerk? I don't quite understand your logic.

I don't really understand this.

Are you saying that a customer should pay an extra $5 because the recipient refuses to set up an account at their local bank (where they can cash all the checks they want with no fee, regardless of the bank of origin)?

If this is the case, I see adding $5 only understandable if the recipient is frequently in an area where his bank is not in business (which, if he is, he should probably consider opening an account with a local bank so he doesn't have to worry about this).

Or is there some shady bank practice that only allows one to cash checks from their specific bank? Just wondering, 'cause I've never run into this with my simple checking account at the local BB&T.

Oh, okay, that makes sense. So a BoA check cashed at the local BoA by a non-BoA member should come without a fee. That makes logical sense. Guess I've never run into this because I always cash my checks at my bank. Good to know.

And it's your option, as a business man, to not accept personal checks.

It's been a few years since I had a business account at a bank, but I recall that there was always a (small) charge for depositing other people's checks into that account. One of the many expenses to be in business. And all business expenses were taken into account when establishing fees for my services.

I think 99% of businesses do exactly that.

Now, if you are choosing not to have a business checking account and consider your customers to be jerks because you get hit with that $5 charge because you aren't following standard business practices, then I suggest that you reconsider who's being the jerk.

If you take a B of A check to your bank (where you have an account) do they charge you $5 to cash the B of A check?

k

Years ago (back in the 90's) I closed an account at a bank because they refused to cash a check I had written to my ex-wife because she had no account there. It was my actual branch where I started the account and they refused to cash it. She had proper I.D., there was money in the account, and they still refused. I asked them "what good are they if my checks are no good here"? I closed the account the same day.

Fast forward to 2009.....at least they will cash it.....but in this case, you may have to stop taking personal checks, or state your fee for doing so up front (kinda like asking for an extra amount to cover PayPal fees).

Tubaryan "that's why I always pay with cash or credit card" 12

most banks around here will not cash a check for you if you do not have an account at that bank. This way, if the check bounces they can take the money back out of your account. if your account does not have enough money in it to cover the check then you can only deposit it, not cash it. It doesn't matter what bank issues the check. If a B of A account holder writes a check that bounces due to insufficient funds even if you cash it at a B of A bank branch they are still out the $. Although i guess they could look up the account first to make sure it has sufficient fund to cover the check.

That is what all the check cashing services are out there for. People who do not have accounts. But then they charge huge percentage fees usually to cash the checks.

k

What if I wrote you a check from my local bank here in PA that does not have a branch in TN. How would you cash it?
k

Indeed. Especially B of A, which can't find a new CEO, so they hire the guy internally who orchestrated the Merrell-Lynch takeover.

So, do I want to give an extra $5 to a bank that has cost me, as a taxpayer, quite a little bit in the last few years? No.

Some years ago, I did have a B of A credit card. All kinds of outrageous fees, etc. I closed the card on terms that they would keep my interest rate low so long as I made regular payments and didn't charge anything else. Wanting to get out of the credit cards anyway, great deal for me.

So every month I pull up to a window and make my payment, and the teller asks if I would like a personal banking rep to talk to me about checking or other accounts, I answer NO and drive off.

The bank I bank at charges no such garbage fees. They actually clear my deposits first and then the checks so on those thin months there is no chance of overdraw and incurring fees. And guess what -- this bank is actually GROWING in this recession, having, among other things, bought out a couple of other failed banks along the way.

Okay, the question's just begging to be asked...

If B of A is such a piece of s**t, why is it the #2 bank in the U.S. (judged by total deposits)???

Something must be motivating people to put their money there...

Todd, wondering

Here in the Philippines, most banks won't take any US currency notes lower than a $10 bill. It's OK if you live here but if you are a tourist it makes it difficult to make some purchases. Remember that when you come here to visit the *El Salvador Institution of Understanding and Culture next July.

Looking for a place to teach unusual subjects? I'm interested in hiring tuba players for the school tuba ensemble.



____________________________________________________________________
*Fomerly the Lugait Instute of Culture and Understanding. But I was given a steal on a piece of property in the city of El Salvador... and it's a lot closer to Cagayan de Oro. Besides that, I broke up with Josie earlier this year, who is a native of Lugait. My new girlfriend (fiancee) is from the town of Magsaysay, which is a lousy location to put anything. Besides that the name of the city (and the school), El Salvador, is so intriguing. It sounds like it should be in South America.

Read about El Salvador on Wikipedia.

LoyalTubist wrote:Here in the Philippines, most banks won't take any US currency notes lower than a $10 bill. It's OK if you live here but if you are a tourist it makes it difficult to make some purchases. Remember that when you come here to visit the *El Salvador Institution of Understanding and Culture next July.

Looking for a place to teach unusual subjects? I'm interested in hiring tuba players for the school tuba ensemble.



____________________________________________________________________
*Fomerly the Lugait Instute of Culture and Understanding. But I was given a steal on a piece of property in the city of El Salvador... and it's a lot closer to Cagayan de Oro. Besides that, I broke up with Josie earlier this year, who is a native of Lugait. My new girlfriend (fiancee) is from the town of Magsaysay, which is a lousy location to put anything. Besides that the name of the city (and the school), El Salvador, is so intriguing. It sounds like it should be in South America.

Read about El Salvador on Wikipedia.

Hey, banks "at least CLAIM" they have to ship currency back and forth and thus charge more for clearing currency than checks.

Let's face it, banks are in the business of screwing people as much as they can and they conned governments into making electronic money the way to do business. For years here in Oz I have been unable to cash a check written by somebody else, all my legal income has to be deposited in a bank for that and other reasons, IT JUST GOES ON & ON & ON.

Hey, some "cash in hand" for work and I'll work cheap, or local store and pub would rather let me put things on account and either settle once a week in cash or only make 1 electronic transaction as it means minimal fees to both of us.

I can remember when the local A&P store had a special cashier who cashed everybodies pay checks - no charge - part of the service. Checks used to be a safer alternative in the event of a robbery than was cash. You could walk into the local bank of the drawer and cash a check, or most likely you bank, where you had you account would cash a check - unless the drawer was on the list of dead beats.

Aint it all great.

Anyway, my local publican owns a bar in the Phillipines, maybe i could be hired for your ensemble and we could all hang out at the bar.

I guess it all comes down to something simple, though anymore I am less sure what that is.
There is something good still, if you can find it, share it: If you haven't found it - jopin somebody who is on a like exploratory adventure and share the journey. PROBABLY it is the "journey" and NOT the getting there that is the real reward - especially if the journey is shared.

AND, in the end - music is the journey and the goal - share it and both will be better.

Ken

Seriously,

If you run a business, you probably have one or more bank accounts. Why wouldn't you just deposit the checks you receive into your account?
You can deposit a check from any bank into your account, and nobody charges anybody anything.
As a businessman, why would you want to run around town all day cashing checks at the local branches of those banks?

I probably used to write about 20 checks a month to cover everything. Do I really have an extra $100 a month a month to give away (else be labeled a jerk?)

When I buy something, I ask a few of things:

1. "Are personal checks OK?" Either they are or they aren't and it's not my call.

2. "Who shall I make the check out to and for how much?" Again, not my call.

3. If the seller answers, "Yes, make it out to John Henry for $25", that's what I do and be on my way.

That's where my responsibility ends. The seller makes the conditions and I can take 'em or leave 'em. If the seller calls me a jerk or spews a bunch of hoo-hoo about the banks and the people who use them because I don't automatically write the check for $5 more, I will probably walk off or, if the seller still wants the sale, I'll demand a discount for using cash in the amount of the $5 fee the seller is whining about. If the seller won't give me the discount and calls me a Godless, liberal socialist, I'll probably tell him to FOAD.

Build all these into the basic price and offer a discount for paying with cash.

You *do* give discounts for cash, don't you, bloke?

The Big Ben wrote: Build all these into the basic price and offer a discount for paying with cash.

As opposed to paying by credit card, where the recipient must pay a service fee that goes to fund a really evil financial institution.

I always feel especially like a relic when I (try to) pay for something with a check. Them days pretty near gone. I can imagine why some banks charge a service fee, they probably have to call someone out of retirement who knows how to deal with a check.

When I first read about this, I thought it's probably something that just BAC is doing. Since I had to do some banking today for my mother-in-law (who is staying with us for awhile recovering from knee surgery... whole other story there), I decided to test this at her bank—which is Wachovia. I deposited a check for her, then asked if they would cash a check she made out to me as reimbursement for some car repair I did last month. I said I didn't have an account with them (Wachovia), but asked if there would be a charge? The teller said, "No charge for personal check written on their bank—but there would be a charge for a business check with me not having an acct with them". Then she said that the bank across the street (used to be Wash Mutual - now Chase) charges $8 for that service. AND, if you don't first speak with customer service, it's an additional $3!

Wow!! What a ripoff!

Donn wrote:

The Big Ben wrote: Build all these into the basic price and offer a discount for paying with cash.

As opposed to paying by credit card, where the recipient must pay a service fee that goes to fund a really evil financial institution.

Absolutely! If the seller is willing to take a discount from the bank, they should be willing to give that discount to me. 'T ain't a deal breaker but...

bloke wrote:

You *do* give discounts for cash, don't you, bloke?

...and no, I do not routinely offer "discounts for cash". As I have work stacked up and my merchandise is already very competitively-priced, what reasons are there to offer discount rates? ...and yeah, occasionally I offer a slightly lower price to someone who I sense is really struggling financially, but as a libertarian and advocate of personal freedom who strives to follow my conscience , I believe I have the absolute right to set my rates at whatever I choose whenever I choose for whatever reason I choose.

No arguement there. Do you take credit cards? Who pays the credit card fee- you or the customer? If you put a premium of credit card use, I'd automatically pay in cash. If you don't, I'd pull out the card and then ask for a discount. Is there something wrong with asking for that 5% that would be paid to the bank to be put into my pocket rather than the bank's- by me paying you in cash? You're already giving me a discount by taking my card. Why not give the money to me?

BTW: I carry no balance on my credit card. It's there more as a 'lifejacket' in case I desparately need $5k for something. Which has never happened.