Sun Trust bank now charges customers $7 to cash business checks drawn on Sun Trust Accounts

[CThomasFan]

I have an acquaintance that works at a Sun Trust bank in Richmond, VA who told me yesterday that Sun Trust charges $7 to cash a business check drawn from a SUNTRUST account. That is a lot of money for a day laborer! That is highway robbery. The bank is holding the business's money AND charging the customers to have access to it. Unbelievable.

[SeminoleCounty]

I am sure some Business Socialist will have some interesting spin on why someone should be charged for getting money from someone who authorized them to get the money

A lot of credit unions have business accounts now...be foolish for any small business to do any business with a bank

Hey, lets do another Bank Bailout!

[Vigilanteman]

Real jag-offs, SunTrust Bank is. They won’t allow my mother to close an account even though she has moved out of their territory. They insist that she appear at one of their branches in person to close the account.

[Banjoguy]

Immediately close the account, remove all the money and go elsewhere. Don’t even take a breath before doing this.

[mamelukesabre]

My bank does the same thing. Know what my solution was?

I had my employees endorse their paychecks over to me, then at quitting time they followed me to the bank with the endorsed paychecks. I cashed the $#%^ing checks one at a time sans shyster fee and had the teller put the cash in separate little envelopes and I put each employees name on each envelope and then handed out the envelopes.

Stupid banks.

[Go_Raiders]

Last time I checked, Walmart cashes checks free of charge. Chances are that anyone that gets one of their checks is closer to a WM than a branch.

[representativerepublic]

So, they will allow it, but it just has to be in person...that is standard bank procedure in any bank I have used and have had to move and close my account.

[Sherman Logan]

Perfectly legal. Went thru this about five years ago when I went to cash a $200 expense reimbursement check at Wells Fargo and they charged me $5. I pointed out that the instrument instructed them to pay me $200, not $195.

Anyway, looked it up in the banking regs and it’s perfectly legal. Unethical, IMO, but legal.

BTW, it applies only for checks that are cashed, not those that are deposited. Which seems odd.

[Mr. K]

deposit it, then withdraw it
:D

[Yaelle]

Wells Fargo will not let you use more than $1500 a day with their debit card! No matter how much you have in their account! I am looking for another bank.

[Nip]

A surcharge like this will cause a lot of businesses and individuals to move their accounts elsewhere. There is no law that says you have to do business with Sun Trust.

It looks as if the leadership of Sun Trust banks think, like most liberal/progressive/socialist/dimocrats that they can charge whatever they want for their “valued services” and no one will adversely respond to it.

[Mr. Jeeves]

Wells Fargo has all kinds of ridiculous limitations on account transfers, etc, because they took over Wachovia Bank for a pittance and Wachovia had been laundering money for the drug cartels. So Wells Fargo now treats all of their customers like potential traffickers. And, as a Federally Protected Bank, they are acting like TSA screeners at the airport - pushing to test how much the public is willing to put up with.

[randita]

VA Ping!

If you want on/off the VA Ping List, please freepmail me. Thanks!

[COBOL2Java]

Thank you Barney Frank for screwing the little guys.

Don't forget Mr. "Waitress Sandwich"...

[ilovesarah2012]

Did you have to use that term? Mental picture!

[EDINVA]

The fee is for going into the lobby (or drive thru) as I understand it, with non-account holders using bank personnel time. If the check recipient simply deposits the check into his/her account, there is no fee. Most banks have a policy to allow them to collect the fee, but few actually do it.

[Kakaze]

I had this happen to me at a Chase bank. I had moved back from New Mexico and rejoined the family business, so I had what amounted to a payroll check, Chase wanted me to open an account or give them 10 bucks to cash a check written through them to me.

I informed the manager who was frankly a smart A** that the reason I didn't have a personal account there was because Chase always had one hand in your pocket.

The next week, we moved 3 business accounts and 10 personal accounts plus loans to Huntington.

We all to a person explained why as we moved the money, 2 years later they are still trying to get us back.