Apparently it's not just BoA, but also Chase, Suntrust, TD, and Wells Fargo now want to demand a nonsensical "check cashing fee" to cash a check drawn on one of their accounts. But the entire purpose of a check is that it is an order to your bank to pay someone an exact amount of money, and thus subtracting such a fee is impermissable. The proper way to assess such a fee would be to the account holder as an additional amount out of their account.
If you're a customer of one of these banks and write someone a check for "$100.00", they are seemingly unable to present it to your bank and receive $100 as you had promised. As such, you have written a bad check and stand to be prosecuted for check fraud.
Of course only the powerless will get tripped up by this corner case, as it's much easier for anyone with a bank account to present the check to their own bank who will turn around and present it via ACH. But I'd love to see someone in just the right position record their interaction with the dishonoring bank, return the dishonored check to the payer, and demand a proper payment plus a $35 rejected check fee.
https://www.valuepenguin.com/banking/where-to-cash-check-wit...
Apparently it's not just BoA, but also Chase, Suntrust, TD, and Wells Fargo now want to demand a nonsensical "check cashing fee" to cash a check drawn on one of their accounts. But the entire purpose of a check is that it is an order to your bank to pay someone an exact amount of money, and thus subtracting such a fee is impermissable. The proper way to assess such a fee would be to the account holder as an additional amount out of their account.
If you're a customer of one of these banks and write someone a check for "$100.00", they are seemingly unable to present it to your bank and receive $100 as you had promised. As such, you have written a bad check and stand to be prosecuted for check fraud.
Of course only the powerless will get tripped up by this corner case, as it's much easier for anyone with a bank account to present the check to their own bank who will turn around and present it via ACH. But I'd love to see someone in just the right position record their interaction with the dishonoring bank, return the dishonored check to the payer, and demand a proper payment plus a $35 rejected check fee.