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The other day we walked into KeyBank with a KeyBank check, asked to cash it, and they said, "Are you a customer?" We said, no, but it's your check. They said, "That'll be $5 please."
We started looking around nervously, feeling like we'd walked into some kind of wormhole and banks in this reality didn't understand that the value of a check rests in its being "as good as cash" for the recipient. But it's not just us. Other people have had to face the non-customer fee. We understand it's pretty common, BofA does it, too. (Wanderlust Girl has a blood-pressure-increasing blog entry on WaMu's practices in general.) In our case, there was a credit union branch two blocks down the street, so we walked in and they deposited it into our credit union's account -- for some reason we had just thought it'd be easier to cash a KeyBank check at KeyBank.
Why this fee has appeared is interesting though -- banks stole the idea from check cashing services. Years ago, banks tried to fire all their low-income customers, especially those pernicious leeches known as the "unbanked" who'd walk in and want to walk out with cash. But then check cashing services demonstrated that there was plenty of money to be made charging poor people exorbitant per-transaction fees, and banks wanted in on the vig. (For banks, fees are the new black.)
Thank god for credit unions. "They wanted to charge you $5?" the Group Health Credit Union teller asked us. "What for?" We just shook our head, but the short answer is, because they are greedy and they can. Look for that non-customer sunlight fee next.
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Yeah, I noticed this trend too. I always went to the bank whose check it was, but apparently, in this city that no longer matters. In Vegas, I had a job and finding one of the four WaMu's was too difficult at lunch time, so I just went to the bank the company banked at and never paid a fee.
I hate that trend and think it's god awful.
And as far as WaMu goes, it's the best banking experience I've ever had. Sure, about every 5-6 years I go through a lot of crazy shit like Wandurlust Girl, but for the rest of the time, it's more than perfect. At other banks (BofA and Wells) it's a little bit of shit a lotta the time.
The other big money maker for banks is the merchant fee they charge every time a customer uses their debit or credit card. That money gets sucked from mom and pop stores and goes right to the bank. And you should check out which political party they donate more money to.
Oh yes. I purposefully use my card for no other reason that to stick it to the big guys whenever I have to shop at a Safeway, or Starbucks, or Target. I love buying a Snicker's bar with a debit card. mwahahahahaha.
But I always ALWAYS use cash at "Ma n' Pa" shops. And if they charge a fee, more power to them. Make the customer pay for the convience. Remember, "Cash is King."
Except the other week I went someplace (for the life of me, I cannot remember) and they did not accept cash. I don't understand it, but they just did not accept cash.
And that reminds me of restaurants that make me write my own name on the list and bus my own table. What the fuck is with that?! Do I get a paycheck too? What's this world coming to.
HA! I remember. It was Hawaiian airlines did not accept cash on the flight for food or movies or headphones (which, you have to rent the movie and cannot use your own headphones....)
It made me so mad I went blind with rage.
My husband has two accounts at WAMU. A couple years ago we went in with rolls of pennies, quarters, nickels and dimes that we had painstakenly wrapped ourselves. They wanted to charge a fee to take the money. We refused and walked off.
Oh, and there was the time my husband lost his check card in Scotland. We couldn't call the 1-800 number since those don't work anywhere outside of the U.S. and sometimes Canada. So we called our branch. They kept trying to give us the 1-800 number. No amount of explanation would convince them that you can't call a 1-800 number from the UK. They couldn't transfer us. It was midnight in the U.K. and we had no internet access. After 20 excruciating minutes of dealing with these idiots who have never stepped outside the U.S., we gave up. The next day we go to an internet cafe and very clearly on the WAMU web site is the number for calling outside the U.S.
One better: I once had a corporate account at a bank that would charge US whenever someone charged OUR CHECKS at the bank. I write a check. He goes to the bank to cash it. The bank charges me $5.
I just discovered Bank of America started charging $5.95 / month for standard checking accounts - unless you do direct deposit. I'd been getting dinged for about 4 months.
Switched to another plan - which is free - except it requires $500 minimum balance. Apparently that I keep $5k in their crappy 0.2% (yes, 0.2%) savings account isn't enough.
Everything has been fine for the last 12 years - but now they have to go rocking the boat. I'm not sure if it's worth the pain to switch to WaMu or not.
One way or the other - Bank of America sucks donkey balls!
BofA does suck donkey balls (donkeyballs.com)
But hey, I have 4 accounts with WaMu right now. They're running a special that if you sign up ONLINE for an ONLINE account (meaning no paper summaries - yay environment?) you get 4.99% savings. That's as good as their CD's.
I checked out that 4.99% savings - only gotcha is that they charge a $4 / month service fee -for the savings account- if it goes below $400.
I'm more prone to keep cash in savings than checking - but I still just don't think I should have to worry about minimum balances.
would make a lot more sense if they just didn't pay the interest unless you had $1000 or something.