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Thread: Cash check at Bank it's drawn on?

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    Default Cash check at Bank it's drawn on?

    Okay guys, here's my scenario, and I am not sure on the banking rules. I have check made out to me drawn from Wells Fargo for a sum of more than $1000 but less than $9000 and I want to cash it. I do not have an account there and am wondering if they will cash the check for me? Can they legally charge me a fee? If they try to can I refuse to pay such fees? I think they have to cash said draft from their accounts.

    BP

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Bushpilot View Post
    Okay guys, here's my scenario, and I am not sure on the banking rules. I have check made out to me drawn from Wells Fargo for a sum of more than $1000 but less than $9000 and I want to cash it. I do not have an account there and am wondering if they will cash the check for me? Can they legally charge me a fee? If they try to can I refuse to pay such fees? I think they have to cash said draft from their accounts.

    BP
    i think they charge 5 or 6 dollars to cash a check for a non-account holder.....
    The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.

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    Default Re: Cash check at Bank it's drawn on?

    I would go there and ask them. When they give you a line on how you have to have an account or some such, call up the guy that wrote the check and tell him they won't honor his check. Ask them to come down and draw out the cash to pay you.

    You will have to show ID and probably put your finger print on the check. I've heard that super glue on your fingers does something to prints, but have no experience with it, so don't put any on your fingers is my recommendation.

    They should have the cash on hand, though they might say they'll need a few days to get it?
    "...a Republic, if you can keep it!" Ben Franklin

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    "Money is the future idea of value." Armstrong

    "Pretend inferiority and encourage his arrogance." Sun Tzu
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    Default Re: Cash check at Bank it's drawn on?

    GH

    The check is from an out of town business and getting them to cash the check is impractical. It is a moderately sized business and I know the account will have plenty of cash in it.

    BP



    Quote Originally Posted by Goldhedge View Post
    I would go there and ask them. When they give you a line on how you have to have an account or some such, call up the guy that wrote the check and tell him they won't honor his check. Ask them to come down and draw out the cash to pay you.

    You will have to show ID and probably put your finger print on the check. I've heard that super glue on your fingers does something to prints, but have no experience with it, so don't put any on your fingers is my recommendation.

    They should have the cash on hand, though they might say they'll need a few days to get it?

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    Default Re: Cash check at Bank it's drawn on?

    It's usually best to cash it in the town it comes from. Not sure about this though...
    "...a Republic, if you can keep it!" Ben Franklin

    Derivatives are contracts whose value is derived from stocks, bonds, loans, currencies and
    commodities, or linked to specific events such as changes in interest rates or the weather.

    "Money is the future idea of value." Armstrong

    "Pretend inferiority and encourage his arrogance." Sun Tzu
    Be the change you want to see in the world. Gandhi

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    Default Re: Cash check at Bank it's drawn on?

    how about a check cashing place? I think they charge around 1-2%...
    The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.

    -Thomas Jefferson

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    Default Re: Cash check at Bank it's drawn on?

    Bush
    Go to the bank you bank with and deposit it in your account.

    If no banking account (take the $5 hit at Wells)
    Wells should be able to instantly verify a check drawn from a Wells Fargo account.

    An out of town/state may need to be held by the cashing bank for a number of days to Verify. (thats just the way it is today with all the fraud)
    IF over $5000 they (the governing watchers) may require you to jump thru more hoops.

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    Default Re: Cash check at Bank it's drawn on?

    do you not have your own bank account? It doesn't matter where the check is drawn on. Depending on your bank, and their relationship with you, they may or may not put a hold on the funds. But if your bank releases the check to you and it bounces, they will back the money out of your account or come after you if you already withdrew it.

    If you could not deposit a different bank's check into your bank account, that would be a nightmare. APMEX paid me with a check from the bank of okahoma. If I had to go to oklahoma to cash it, that would really really suck.

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    Default Re: Cash check at Bank it's drawn on?

    I lived "bank-free" for a couple years. When you cash a check at the bank of origination they require all sorts of information from you including a fingerprint. I've tried to twist my finger to smudge the print, but the new stuff they are using isn't like old-fashioned ink-pad ink.

    The best means of sending/receiving money without using banks is USPS postal money orders. They will make them out for amounts up to $1,000, and I think you are allowed to purchase up to $3,000 in money orders at any one post office. To cash them I recommend going to a larger post office in the afternoon to make sure they have cash on hand. Also, I only cash one large money order per post office so as not to raise suspicion. Furthermore, it makes me nervous to have other post office patrons watching me walk out UNARMED with a few thousand dollars.

    I finally decided I would only do business with Credit Unions because they are not a part of the Federal Reserve System (although they use FRNs). If you want to get carried away, only do transactions with coins -- they are US Treasury debt instruments instead of Federal Reserve debt instruments.
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    Default Re: Cash check at Bank it's drawn on?

    Some banks charge a fee if you don't have an account with them.

    If you are trying to avoid paying the fee and you don't mind giving out your personal information, you could just try cashing it. If they say there will be a fee because you don't have an account there, say you'd like to open one and deposit the check. Once the check clears and they no longer have a hold on the funds deposited, go withdraw the funds and request to close your account.

    When they ask why you want to close your account, tell them all you really wanted to do was cash a check but they turned a simple process into a costly one for themselves. It would have been cheaper for them to just cash the check than to open up an account and then have to close it.

    Of course, maybe nowadays they charge a fee if you close an account before a certain amount of time has passed. ??? Who knows.

    I'd probably just pay the $5 or $10 fee and be done with it. But make them work a little if you really don't want to pay it.
    "I am convinced that there are more threats to American liberty within the 10 mile radius of my office on Capitol Hill than there are on the rest of the globe." -- Ron Paul, Texas Straight Talk - February 16, 2008

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    Default Re: Cash check at Bank it's drawn on?

    Isn't this supposed to be a SERVICE? A convenience to both the payer and the payee?

    When the reporting, and the taxing, and the fees, and the bull**** at the window start to be more trouble than the "currency" is worth, why don't people just stop using the stuff?

    Because the Federal Reserve banking system STILL doesn't suck enough, I guess.

    .

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    Default Re: Cash check at Bank it's drawn on?

    I bank exclusively at a credit union, but there is no branch near me. I thought there was regulation regarding bank drafts....ie checks from the origination bank had to honor them. They can verify funds on hand and hand me the cash. I was hoping someone had some inside scoop. I have no problem showing I'd but dislike the idea of the fingerprint. The whole deposit it for hold is bs since the accounts is at their bank. Verify the funds, put hold on said account for the amount of the check, and hand over the cash. F'n. criminals make everyone that tries to cash a check out to be a criminal and then to charges for it is bs, I will probably have to pay the fee and give them the print but I don't have to like it.

    BP

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    Default Re: Cash check at Bank it's drawn on?

    I have a problem with banks that want additional monies for merely doing what the check (draft on the bank says): "Pay to the Order of:".
    If you decide to try cashing the check at the bank it was drawn on and do not have an account, ask for a receipt for the "fee" as your condition. Sometimes this will result in a waiver (which makes me wonder if such charges are even legal).

    Cashing a check for a large amount may also result in a SAR (Suspicious Activity Report) being filed, if they have your information.

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Ragnarok View Post
    I have a problem with banks that want additional monies for merely doing what the check (draft on the bank says): "Pay to the Order of:".
    If you decide to try cashing the check at the bank it was drawn on and do not have an account, ask for a receipt for the "fee" as your condition. Sometimes this will result in a waiver (which makes me wonder if such charges are even legal).

    Cashing a check for a large amount may also result in a SAR (Suspicious Activity Report) being filed, if they have your information.

    2c,
    R.
    I cash checks like this, a lot. All banks are different. One particular bank that I cash checks at wants a fee, but if you talk with them a little & hint at opening an account, they will waive the fee. Most want a thumb print.
    Goldhedge suggested super/crazy glue, I have never used this way & I like the idea. I get that stuff on my fingers occasionally & it peels off OK. JUST DON'T PUT YOUR FINGERS TOGETHER BEFORE IT DRYS !!!!!!

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by anotherdave View Post
    Isn't this supposed to be a SERVICE? A convenience to both the payer and the payee?

    .
    lets put this into perspective - the bank agreed to provide a service to the bank's customer, not the person to whom the customer directed the check be paid. why should the bank do something for a non-customer? If you have a problem with this, ask the guy who gave you the check for a different form of payment, such as FRN's or plastic. Of course, you need a merchant account and have to pay even larger fees if you accept plastic. I don't believe you are required to accept a check.

    If you think about it, even at $5 and a fingerprint, its a bargain, especially if the payer is located on the other side of the country. you could paypal, but if its a commercial sized amount you are going to pay 2.9%.

    an even bigger bargain is when your bank cashes the check for you for free and gives you immediate or almost immediate access to the funds.

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by <SLV> View Post

    I finally decided I would only do business with Credit Unions because they are not a part of the Federal Reserve System (although they use FRNs). If you want to get carried away, only do transactions with coins -- they are US Treasury debt instruments instead of Federal Reserve debt instruments.
    I wonder if that is true for Federal Credit Unions? Around here there's "Ent Federal Credit Union"
    "...a Republic, if you can keep it!" Ben Franklin

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    "Pretend inferiority and encourage his arrogance." Sun Tzu
    Be the change you want to see in the world. Gandhi

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Fiat Metaler View Post
    lets put this into perspective - the bank agreed to provide a service to the bank's customer, not the person to whom the customer directed the check be paid.
    That's exactly the 'service' the bank customer wants and pays for. To deposit and dispense funds via bank drafts. That's how banking used to be FOREVER until about 10 years ago!
    "...a Republic, if you can keep it!" Ben Franklin

    Derivatives are contracts whose value is derived from stocks, bonds, loans, currencies and
    commodities, or linked to specific events such as changes in interest rates or the weather.

    "Money is the future idea of value." Armstrong

    "Pretend inferiority and encourage his arrogance." Sun Tzu
    Be the change you want to see in the world. Gandhi

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Fiat Metaler View Post
    lets put this into perspective - the bank agreed to provide a service to the bank's customer, not the person to whom the customer directed the check be paid. why should the bank do something for a non-customer?
    You want me to accept your Bank of Zimbabwe check?

    "Tender" whatever you want, it's a free country. But your bank sucks too much for me to accept. No deal!

    Until more people take this sort of attitude, your bank will continue sucking. Which I guess means don't expect things to change anytime soon.

    .

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Bushpilot View Post
    but dislike the idea of the fingerprint.

    BP
    A slight amount of clear silicone caulk on your thumb negates any print.....
    "Fiat money is the child of the arrogance of human intellect, which has sought to invalidate the laws of human nature which have regarded the precious metals as money for thousands of years, and sought to substitute an intellectual construct for the real thing. Now we are going to pay for that arrogance." Hugo Salinas Price

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Goldhedge View Post
    That's exactly the 'service' the bank customer wants and pays for. To deposit and dispense funds via bank drafts. That's how banking used to be FOREVER until about 10 years ago!
    i think you are confusing who the customer is. the person who gets the check is not the customer; or, to the extent the guy who gets the check is a customer then his bank will cash it for free.

    i do see your point. but i think the complaints are better directed to payer than to payer's bank.

    yes, banks used to do this for free. then they got ripped off a lot. and the gov imposed limits on other charges to pay for their brick and mortar check cashing system - e.g. NSF fees, debit card fees, etc.

    the real problem is with the politicians and the owners of the banking system, not the fact that they charge non-customers $5 to cash a check.

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    Default Re: Cash check at Bank it's drawn on?

    Quote Originally Posted by Goldhedge View Post
    I wonder if that is true for Federal Credit Unions? Around here there's "Ent Federal Credit Union"
    all credit unions are owned by their members.

    a federal credit union means it was chartered by the federal government rather than a state.

    they are all part of the current fiat money system. I guess you can say credit unions are a tad less "bankster" in that they are non-profit cooperatives owned by their users. their biggest users by volume tend to be local real estate speculators.

    one thing i don't like about credit unions (and i use one) is that the government subsidizes them by exempting them from income tax.

    credit unions have something similar to FDIC insurance and participate in most banking systems--they hold $560 billion in insured deposits. The only other difference is that owing to the fact that they have to have some sort of membership affiliation, they tend to be relatively small. To put this in perspective - the first and second largest credit unions would rank about 19th or 20th in size on a list of the largest U.S. banks. The largest credit union - Navy Federal - has more than $35 billion in assets.

    anyway, getting back to the OP, try taking the check to your credit union to which you are not a member and see what they charge you. its the same thing.

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