Posted on 04/08/2006 4:43:13 PM PDT by wcas
I may be wrong posting this here but I mad a this bank today. My son got his frist pay check today from his frist career Job, Not having a bank account no bank would cash his check, I told him to go to the bank that his pay check was drawn on and they should cash it, this is not a small compay 250 employees. I made sure he had two forms of picture ID, Drivers license and dependent Military ID(They didn't even know what the military ID was)They said they would cash it unless he open an account, Personally I think they have check the check since it is drawn on their bank. anyone Know? He said they were very rude to him! Thanks all sorry if I'm in the wrong place.
I'm curious why you are wasting bandwidth by opening this thread and venting your dissatisfaction with the post of a new guy? This ain't DU.
They must cash it and they can not charge a fee. They are required to honor their customer's instrumnet, which is the full amount written on the check to the payee.
The check is payable on demand during business hours. Otherwise the check's no damn good. That the fed banking rules.
First, open an account. Next, cash the check, then close the account. Either that or go back to the employer and tell them you want paid in cash as their checks are no good.
The bank was just being difficult. They should have cashed the check. It was not a favor they would have been doing for your son. It was a service they would have been providing to their client that wrote the check to your son.
Call the local news channel that has a consumer news guy. They should have some fun with this one.
Final suggestion, give me the name of the bank and their phone number. I'll call them and get it straightened out for you.
They may have been reading FR for a long time as a lurker, found that FReepers give good advise, had this situation come up and it prompted them to join in. Then comes along someone unfairly unleashing their cats. Not good form on your part.
You get an award for the most helpful and informative post of the week for sure. Great FReeper Form! Way to Go!
They must have had some reason. What it was I will never know. Did they tell you anything?
Lets say client A has 100,000 in his checking account and he writes you a check for $500.
If you come into the bank and ask to cash it, the bank is under no obligation to cash it for you.
Yup. And the UCC codified in all states covers negotiable instruments. Banks have a fiduciary obligation.
You could write a check on a coconut and they would have to honor it.
It is the INTENT of the payer.
That won't do a thing to help anyone cash a check.
What it means is the item is sent from bank to bank for special collections.
Typically the person requesting the service pays a $20 or so fee.
Lets say someone wrote you a hot check. You deposited it in your bank and it bounced. After the item has been returned to you, you can place it in collections at YOUR bank.
They will then send it the bank that it is drawn on and as soon as the account has funds available, there is an immediate hold placed thus paying the item and you get your money, which is credited to where the deposit is supposed to go.
Collections is also used for international items.
Say you deposit a check written off the Bank of Thailand and its denominated in Thai Bhat...you typically send those items for collection (and pay the fee) and the bank can swap it out and make it US dollars and collect the money from Thailand.
It would be great if he were correct. Unfortunately not.
"Are Banks required to cash checks drawn on their bank."
Only if presented by an illegal alien.
So let Frist cash the check.
BTW It doesn't matter if its a paycheck or not. No one is breaking the law. The bank has the right to charge a fee for the use of their services and to not cash a check for someone if they have reason to not want to.
If the bank says 'we don't cash checks for non account holders' then thats the policy of the bank. You might not like that bank, but thats how it goes.
If they have that policy, paycheck or not, go to your bank and deposit the item.
They might have a million bucks in their account, but the bank can still refuse to cash a check off of it for a non account holder.
The bank is obligated to cash the check drawn on that bank to the payee presenting the check during business hours. I got that idea from plenty of experience. The bank's only legitimate action is to pay it, or stamp it NSF to the payee presenting it and his DL. No fees can be charged, no thumbprints required, the payee can be wearing blue jeans, sporting a beard and be all sweaty. That's the rules. Banks can't sit on checks, modify the value of the instrument, or otherwise make demands.
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