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People throw out cash in the form of coins all the time. We just had a move out at one of our buildings, and as we cleaned up the mess they left around the dumpster, we found small containers of all sorts of coins and a large bag of quarters.
Yes sir. My tenant is out of town on vacation, so they had a friend try to make a cash deposit. They were turned away. Chase said it is to protect their customers. Actually, it is a burden. His friend told them he works for another bank and pulled out his ID and all that but still no good. WT_ ?
If Chase has the means to identify counterfeit money from account holders why can't they do the same with non-customers if they provide an IDs?
It's just another instance of over-regulation, and stupidity, in the banking industry.
I think only the Clintons could do a cash deposit as a non-customer.
One of my client's husbands used to make large cash deposits and withdrawals from other people's bank accounts. It was the way he shielded money from both his bankruptcy trustee and creditors.
I have tenants deposit cash all the time into an account in Wells Fargo. Its good for me, good for them and good for Wells Fargo. Id get away from chase if I was you.
Regarding banks who have minimum deposit requirements, etc that disenfranchise low earners: I sincerely hope Congress will pass a law so that Post offices can function as deposit banks for these people. It's a shame that banks are allowed to discriminate this way. Of course they need to make a profit but for the opportunity to do business banks should be required to serve all citizens not just rich ones.
Check cashing companies gouge the people that can least afford it.
I bank with local and regional banks and credit unions as much as possible. I don't need a bank with nationwide offices/branches, that's what credit cards and ATM's are for.
Regarding banks who have minimum deposit requirements, etc that disenfranchise low earners: I sincerely hope Congress will pass a law so that Post offices can function as deposit banks for these people. It's a shame that banks are allowed to discriminate this way. Of course they need to make a profit but for the opportunity to do business banks should be required to serve all citizens not just rich ones.
Check cashing companies gouge the people that can least afford it.
I bank with local and regional banks and credit unions as much as possible. I don't need a bank with nationwide offices/branches, that's what credit cards and ATM's are for.
Eh, I don't see why I should have to pay an additional fee on my bank account or to mail letters because someone else is forcing them to do unprofitable business. Money has to come from somewhere.
Check cashing is expensive not because of gauging but because services take money, and the "free" checking your bank provides is paid for by interest (for large accounts) and by the minimum account balance fees you are decrying (for smaller ones). No interest or maintenance charge = have to pay directly for the service.
edit: this goes back to exchanging coins -- why would you expect a bank to do a service for you that comes at a cost to them for no fee and for a non-account holder? TD bank has coin counting machines you can use -- if you have an account it's free, if you don't there's a fee. Don't understand why one would expect a bank to do it for nothing for a non-customer, and especially without a machine to automate the process.
Regarding banks who have minimum deposit requirements, etc that disenfranchise low earners: I sincerely hope Congress will pass a law so that Post offices can function as deposit banks for these people. It's a shame that banks are allowed to discriminate this way. Of course they need to make a profit but for the opportunity to do business banks should be required to serve all citizens not just rich ones.
Check cashing companies gouge the people that can least afford it.
I bank with local and regional banks and credit unions as much as possible. I don't need a bank with nationwide offices/branches, that's what credit cards and ATM's are for.
It's been a while since I got information on my checking account, but last time it was given there was a number of ways to get free checking. There was the minimum maintained balance, there was auto deposit of payroll checks, there was using your ATM card a certain number of times ( I think it was 10) at stores or restaurants...
Free checking isn't dead, but it does require some input. There is a certain amount of people who truly prefer to manage their lives on a strictly cash basis...government doesn't like that because it's too easy to cut them out of their share.
when I worked in banking I had a small number of clients who would us as a check cashing place. Their accounts were small and charged monthly service fees of $3. Every three months they'd pop a 10 into their account and be done. But these checks were all government issued and no problem. If they did a little side work and got a personal check, that check was deposited and held until clear.
After thirteen years in banking, I understand that it is a business and I never understood why people acted like banking should be a charitable institution....
Banks have coin sorters for business deposits. My credit union charges a fee for coin sorting unless the full amount is deposited in a customer account, but anyone can walk off the street with a bag of metal and swap it for paper, minus a 10% sorting fee.
IAfter thirteen years in banking, I understand that it is a business and I never understood why people acted like banking should be a charitable institution....
My credit union is a nonprofit. It doesn't cost much to bank there.
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