Third party checks (Frost, Benjamin: deal, money, business)

[LindaGrace]

WalMart keeps advertising - ad nauseum - on the radio about some new check cashing service they have. I don't know any details as I change the station.

And really...just drive toward downtown inside the loop on Fred Rd. - you'll find check cashing places.

[BenjaminNicholas]

I wholeheartedly agree with TXRedneck on this one. Having one of my bank accounts with a major, big-box bank, it's been a learning experience from the very personal and customized experience I have with my USAA accounts. The 'rules' that big-banks live by are somewhat idiotic, especially considering when the customer has more than enough in his account to cover something that's, in the long run, insignificant. I've gone up, down and around with my larger bank about holds, etc and it's like talking to a brick wall.

I just move the bulk of my money, investments and business to other, smaller and more intuitive banking institutions. Frankly, I know they could care less, but it's peace of mind and patience for me.



BN

[SabresFanInSA]

Originally Posted by BenjaminNicholas

I wholeheartedly agree with TXRedneck on this one. Having one of my bank accounts with a major, big-box bank, it's been a learning experience from the very personal and customized experience I have with my USAA accounts. The 'rules' that big-banks live by are somewhat idiotic, especially considering when the customer has more than enough in his account to cover something that's, in the long run, insignificant. I've gone up, down and around with my larger bank about holds, etc and it's like talking to a brick wall.

I just move the bulk of my money, investments and business to other, smaller and more intuitive banking institutions. Frankly, I know they could care less, but it's peace of mind and patience for me.



BN

"Insignificant" if you are the only person doing it. If a bank does it for you, in all fairness they need to do it for everyone which immediately changes it to "very significant".

I could go on about why the policies as are they are and why the holds are what they are and could go into a long drawn out lesson on the life of a check, but you as well as others only care about the end result.

Let me be perfectly clear. I understand completely the customer's take on this, but at the same time I completely understand why the banks operate as they do. I dont agree with it either, but I understand it.

[TexasRedneck]

I understand it - but just as I understand that the trip I'm facing to meet w/a customer in LA next week makes NO financial sense, I further understand that for long term customer relations, it will pay off down the road.

Business is built on relationships, which means sometimes you take, sometimes you give. If all you ever do is take, your competition WILL win.

[LindaGrace]

I go into my bank perhaps once a year. Everything we get is direct deposited. I had to go in twice with house stuff in March and that was the most I'd stepped into my bank building in years.

The whole relationship aspect of banking is a non-issue for me. Just let my work direct deposit my checks and let me use my ATM/debit card and I'm good to go.

[xsa210tx]

Originally Posted by LindaGrace

WalMart keeps advertising - ad nauseum - on the radio about some new check cashing service they have. I don't know any details as I change the station.

All it is really is just a 3.00 flat fee to cash government and payroll checks, with no extra fees, at Walmart. Not a bad deal. I have BOA and SSFCU so I don't need Walmart or a Moneybox type of place.

Before this flat Walmart 3.00 fee, Moneybox was the way to go (if you didn't have a bank account) as they only charged 1% of the check amount (for example: $5 to cash a $500 check).

The only bad thing about Moneybox is they are VERY picky about cashing certain checks from certain companies. If the company wasn't in their system, they would have to call the bank and get clearance first which was a pain. Several years ago, I went through that a few times before I finally found a free online BOA promotion a few years ago and I've been with them since.

I've never looked back after that.

[xsa210tx]

Originally Posted by TexasRedneck

If your own bank won't take it, that's a huge flag right there. Who/what is the check from? There's a LOT of counterfeit checks flying around - and if you cash it, they can come back on you if it's bad, so be VERY careful!!

Not necessarily. Most banks just don't cash 3rd party checks anymore.

I remember about 8 years ago, before the Laredo National Bank was bought out by Compass Bank, I cashed a 3rd party check for my Dad since I had an account with them there. But they only did it as a "one-time courtesy."

Originally Posted by ShaneSA

If your bank will not take it with a garentee against funds already there, then there is something seriously wrong with it.
Your own bank should take it as a deposit and place a hold on it until it clears. The hold can be from 5 to 10 days.
Depends on what bank and where that bank is located. Try again, only this time deposit the check into your own account.

Most banks just won't cash 3rd party checks anymore unfortunately.

[BenjaminNicholas]

Adding to my post above, a lot of folks forget that banks install 'holds' on checks, especially larger ones as a way for them to quietly make money. Let me explain:

It's called 'floating' a check and banks do it ALL THE TIME. Thanks to Check 21 rules, a bank can usually verify funds- electronically- in less than 24-hours, but can legally hold a check for up to 11 business days. So, what happens to your money for the remaining 9-10 days? Well, a bank can put your cash into overnight money markets and other places to make THEM money, all while not giving you access to what is rightfully yours.

Nice, eh? It's BS in my opinion (but sadly legal) and I've left banks that have openly held my deposits without being able to properly explain themselves. Now, with BOA and USAA, I never have an issue with deposits or third-party checks. They know me. They know my history. My bankers make sure things get done. Not that it didn't take a few months of pushing on my part, but in the end, I did end up getting exactly what I wanted.


The squeaky wheel gets the grease, indeed



BN

[BenjaminNicholas]

Originally Posted by SabresFanInSA

"Insignificant" if you are the only person doing it. If a bank does it for you, in all fairness they need to do it for everyone which immediately changes it to "very significant".

That may be, but as someone in banking, you already know that there's a BIG difference in how you're treated as a $10k customer versus being a $100k+ with included investments and credit lines with an institution.

Banks have NEVER treated all of their customers equally: With how much business I do with my bank, I expect more.



BN

[Lniely88]

Well did the place off old hwy 90 work? I'm in same boat!