Cashing checks through the Higher Standards in Bank of America
The words “Higher Standards” in the Bank of America logo and brand have a special meaning. You can hear this phrase being repeated on TV and on the radio all the time. Higher standards are standards that raise this bank above all other banks. I used to bank with Bofa, and I still use their credit card. Many of their services and the reliability of their services are unquestionably unparalleled compared to numerous other banks. However, like other banks, they have their own set of issues that are their policies now, things they have adopted to do to cut down on costs, or to simply give many tools for conveniently performing many banking transactions without hassle, while bringing extreme and very annoying inconvenience to customers through other services and benefits that these customers and non-customers deserve for dealing with any products and financial transactions originating from this bank or customers of this bank, or from any bank for that matter.
If you are a non-Bofa customer and receive a check of over $300 [in some branches, this amount is even lower] from any BOFA customer, you cannot cash that check from any BOFA branch other than the one where the customer, who sent you the check, has the account with. If you are in Northern California, for example, and receive a check from someone who lives 10 miles away from your home or 500 miles away in the South, you cannot cash that check from any BOFA location in your area and need to either deposit your check directly into your own bank account, or go to the branch whose address is listed on the check. That makes complete sense. Its really convenient just to drive to another city or county to cash the check if you don’t have a bank account or want to verify immediately if the check is not going to bounce.
Upon further inquiring as to why this is the case, I was told by Bofa representatives at numerous branches in OC that this is a security precaution, and that each bank keeps a copy of the original signature of the owner of the check [meaning the account holders signature] in their own system, and only they can verify if the signature on the check you carry is legitimate. Only way to bypass this is to have your own account at Bofa. Is this the policy of a bank, or is this what you would expect to see when each branch is privatized and the managers of each bank want customers and do not like the other branch owners, “your branch keeps your own customers and we keep our own, we ain’t gonna cash your customers checks, and you don’t need to cash ours!”
The biggest name in banking in America does not have a centralized system of sharing all the information through its advanced computer system, information as simple as the image of a signature or a system that automatically tries to compare the signature to the one on the check in hand. You see Bofa branches and ATM’s everywhere, yet you can’t do some simple things at these branches. What good is the number of branches going to do [one of the main slogans of Bofa, that they are everywhere] when you can’t do something simple at that branch? This is very inconvenient, and shows very good signs of “Higher Standards” indeed.
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( October 10th, 2008 at 12:33 pm )
Bank of America’s new check cashing policy discriminates against people who do not have checking accounts.
My payroll checks are from Bank of America and carry a message on the check that says it can be readily cashed
at any BOA location. I have become complacent about the $5 fee, (now $6 in some areas), but now they add insult
to injury by treating us like second-class citizens by making us wait for a manager to approve the check.
I stood in line for a teller for 10 minutes only to be told to go sit down and wait for approval. I then waited 25 minutes
for a manager who approved my check, only after trying to convince me to open an account. After this annoying procedure, I
had the pleasure of waiting in line, yet again, for a teller to cash my check.
I have been cashing the same checks, from the same employer, at this same branch for almost a year.
Discrimination against poor people! Plain and simple!
( October 27th, 2008 at 8:41 pm )
Just open a non-intrest bearing free checking account. You will not have any fees and you can now cash checks from any bank, from any person without the hassle.
( October 31st, 2008 at 7:33 pm )
I have now had two very frustrating experiences with Bank of America. I cannot open a checking account currently because of a bad check issue as yet unresolved from more than 3 years ago. I routinely receive checks for the consulting services I render and rarely have an issue cashing those checks at the bank on which they are drawn. I can tell you that the branch you are dealing with that will not cash those checks greater than $300 because they have a “bank policy” not to do so is a complete and utter lie. I have cashed FIVE THOUSAND DOLLAR checks with Bank of America… mind you… I do not have an account with them, I have a Colorado driver’s license, the BofA branch that issues my checks is in New Jersey and I have cashed them in California, Kansas, and Texas. I had an issue just tonight with a BofA branch in California who would not cash my check because I have my professional certification initials behind my name… they gave me some line about how the check “looked like a business check” and BofA policy prevents cashing of a “business check” for non-account holders. What!!!?? Because I have a few initials behind my name on the payee line, I am suddenly a business??? And because I am a second class citizen… oh wait… I mean… a “non-account holder”, BofA will not honor the check??
So now, I must go across town tomorrow and cash the check at the branch that has honored the very same type of check not more than 2 weeks ago… the whole thing is just completely ridiculous. The whole system is designed to rope you into opening an account with them. Thanks to the fractional reserve banking system, for every dollar they can get an account holder to put into their account, Bank of America can claim the use of 4 dollars to loan or earn interest off of. Yep, you heard that right… if BofA says they have a billion dollars to work with and loan out to customers, what that actually means is that they have about $250 million in ACTUAL MONEY in their possession! BofA gets to essentially create money from nothing… which is why they want you to open an account… whatever money you put in the bank, BofA can act like they have four times that amount… it’s a crime… and it’s completely unfair to people who, for whatever reason, choose not to open a checking account.
No one should be forced to have an account with a bank in order to have money. But this is precisely what the banking industry is trying to do with these ridiculous and asenine policies. They want everyone to have bank accounts because they make more profits and they have more control over more people’s lives. Think about it… how much control does someone have over you when they are in control of when and how you can access your own money?? It’s a scary thought, isn’t it?
( October 31st, 2008 at 7:51 pm )
You have to remember that you are dealing people, people make mistakes and it sounds like the person you were speaking to made a mistake in informing you that you could not cash the check. You should have spoken to the bank manger or called BofA 1-800#. I too have cashed large checks, in excess of 25k without a problem. Today I chased a small check of $1000 from my own account mind you at another institution was was aksed for two forms of I.D.. Nomrally, I am only asked for one.
In any case, you could have just opened a free account, made a depsoit and depending if the check was routed to the same region where you deposited it, you would have had the cash within 24hrs. OR, open an account that offers deposit at home, USAA has this feature, it allows you to scan a check into your hoem computer and uptp 5k will be made avilailble instaneously, no questions asked-thats bank policy. You can then withdraw it via your ATM card or transfer it to another bank or whatever.
I don’t know why you do not have a bank account, but life is much simplies, and less costly with one than without. Right now I am floating 2,500 intrest free for life from my bank, I can pay it back when I want to with no penalties. Would even your best friened do that for you?
( October 31st, 2008 at 8:39 pm )
Ryan - your line of logic assumes that I actually want to have a bank account. Firstly, and I did mention in my post that I have a chexsystems record which prevents me from opening a bank account… I couldn’t get one if I wanted to. Secondly, even if I could open an account, I might have a fundamental reason behind why I do not want one. That fundamental reason is that I do not support, condone, nor agree with the fractional reserve banking system concept. I believe it is unconstitutional, immoral and the root cause of our current financial situation in America and the world. I don’t want to be a part of that system.
I am angered by the fact that “the system” is built around a desire to control people and earn more profits. It’s very simple… if BofA can inconvenience someone badly enough, they just might “win” a new customer, which means more profits for the bank and more control over one more human by “the system”. I believe that as a human being, I have the absolute right to earn money and be able to receive that money from my customer or my client or the company who I might represent. If they issue me a check drawn on THEIR bank, then THEIR bank must honor that check… provided there is no evidence to indicate that check may be fraudulent. There was nothing on my check that would indicated fraud. In fact, I have cashed 4 other checks which are made out to the exact same payee for virtually the exact same amount, with the exact same signature in 3 different states. I agree with you completely that in this instance, the “people” at this particular branch made a mistake… though, I wouldn’t call it a mistake. I believe the more accurate description would be a gross error in judgement.
So in the end, I have two fundamental complaints. 1) I am angered by the ignoramous who calls herself a branch manager, and 2) The efforts to which the banking industry and “the system” have gone to earn greater profits at the expense of the freedoms of American citizens.
( November 24th, 2008 at 2:46 pm )
Well… I have a consulting business, AND I have had accounts at BofA for 20 years including several for my consulting business (a sole proprietorship under my individual name and social security number), AND — because BofA refused to cash MY OWN “business” checks for me without a “personal” checking account, one of those ALSO…
And today I deposited several checks into my business account, but needed some cash to run errands, so tried to also cash a small customer’s BofA-drawn check …look, ALL of this business is BofA… AND I was making a deposit simultaneously of ten times the amount of the check I wanted to just cash into an account with 40 times the amount of money already in it…
AND they wouldn’t do it, claiming that their policy is that because the check was made out fo me but said “consulting” after my name, that it was a check written to a business (me) and I was not permitted to cash it; I could ONLY deposit it, and then make a withdrawal.
Infuriating. This was after standing in line for 20 minutes while… tellers walked around doing stuff, in a very unorganized fashion.
It’s really clear that BofA — and maybe other banks as well — really just doesn’t want to bother with any in-person business.
(And it’s not like they don’t get you with all kinds of nitpicking fees when you DO have an account… )
Regarding the bank charging people I’ve paid to cash checks that I have written to them on my account… isn’t that what checks are FOR? Isn’t that at least in part what I, the account holder am paying for? I can hardly wait until people stop taking my checks because they cannot cash them — or charging me extra if I want to pay by check!! A check is supposed to be honored as a negotiable instrument.
Some laws are needed here. It’s close to fraud, in my opinion.