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re: $8 for a Cashier's Check at my bank...Seem High?
Posted on 4/2/13 at 12:08 pm to MaesterMullen
Posted on 4/2/13 at 12:08 pm to MaesterMullen
quote:
yeah, pretty much all banks charge fees here and there nowadays. There is always a way to get around them, like getting online statements or using your debit card x amount of times a month, etc
eta: but I'm not thrown off my an official check fee. It costs money to print those checks. If anybody would close out there account just for that I wouldn't want their business anyway
I understand they have to cover the cost of the check and everything but there is a limit to covering the cost of the check plus a little profit on the 10 seconds it takes and charging 8 dollars for a check.
2
Posted on 4/2/13 at 12:09 pm to parkjas2001
quote:
They know you will pay it so why not charge a fee.
I don't mind paying a charge...$8 seems excessive.
Posted on 4/2/13 at 12:11 pm to oklahogjr
quote:
I understand they have to cover the cost of the check and everything but there is a limit to covering the cost of the check plus a little profit on the 10 seconds it takes and charging 8 dollars for a check.
meh, compare it to paying $6 for a burger that costs $1 and 1 minute to make, there is no difference. Got to get that profit. It's what makes the world go 'round.
Posted on 4/2/13 at 12:17 pm to sugatowng
If you ever have to do one for a smaller amount, you can get them at the post office for MUCH cheaper.
Posted on 4/2/13 at 12:18 pm to sugatowng
quote:
What the hell is going on in Lousiana that Iberia Bank would have to charge such a high rate?
that number seems about right. At the bank I use to work for we charged $5 for them.
With the Dodd-Frank Act that cut down on the Overdraft fees which is where a lot banks made money.
Did everyone think that the banks would just say "Awww Shucks, Guess we will just let that revenue go away"? I am sure you are being slapped with fees everywhere you just might be paying attention.
So you can thank Barney Frank and Obama for this.
Posted on 4/2/13 at 12:21 pm to oklahogjr
quote:
I understand they have to cover the cost of the check and everything but there is a limit to covering the cost of the check plus a little profit on the 10 seconds it takes and charging 8 dollars for a check.
it's not really about the cost to a bank for the amount, but more of a penalty for using them. They want all transactions to be electronic. They dont want to have to pay for the tellers station, salary, manager, physical bank location, etc....
Posted on 4/2/13 at 12:25 pm to NYCAuburn
With my account, counter checks carry a fee, but wiring funds is free.
Posted on 4/2/13 at 12:26 pm to Bellabama
quote:
but wiring funds is free.
that's a pretty good deal, if you wire funds alot. Our bank charges $18 a pop for that
Posted on 4/2/13 at 12:38 pm to MaesterMullen
We have a limit of like 2 a month or something. I never use it, but I get counter checks like once a year too, so neither one really bothers me.
I used to get really frustrated with my old bank because I had a savings account that tied to my checking. At first, I'd overdraw, thinking it was all coming from the same place and it wasn't a big deal, and then I realized after the first month they'd transfer the money over, and charge $35. That just pissed me off.
I used to get really frustrated with my old bank because I had a savings account that tied to my checking. At first, I'd overdraw, thinking it was all coming from the same place and it wasn't a big deal, and then I realized after the first month they'd transfer the money over, and charge $35. That just pissed me off.
Posted on 4/2/13 at 12:44 pm to Bellabama
quote:
At first, I'd overdraw, thinking it was all coming from the same place and it wasn't a big deal, and then I realized after the first month they'd transfer the money over, and charge $35. That just pissed me off.
that's terrible, the whole point of connecting an account for OD protection is to avoid that $35. Would piss me off too
Posted on 4/2/13 at 12:47 pm to MaesterMullen
Exactly. When I opened my last checking account, they asked me if I wanted to accept an overdraft charge and have my checks covered, or risk being declined if I said no. So you can "opt in" for the fee if you want. But if you have a savings account, they won't charge a fee and they'll cover your overdraft.
Posted on 4/2/13 at 12:50 pm to Bellabama
that's pretty good, mine will charge a $10 fee to transfer from another account to cover an OD.
Still, better than $35
Still, better than $35
Posted on 4/2/13 at 1:28 pm to MaesterMullen
What's an "Overdraw fee"?
Posted on 4/2/13 at 2:12 pm to sugatowng
quote:
What the hell is going on in Lousiana that Iberia Bank would have to charge such a high rate? Is your bank different?
We charge $6. And how do you think we pay our employees? It doesn't all come from loans and investments made on your deposits.
P.S. You're paying $52,000 out of the goodness of your heart, and bitching about $8?
Posted on 4/2/13 at 2:16 pm to sugatowng
quote:
What's an "Overdraw fee"?
I here poor people get them but i'm not sure what the pour do to deserve them.
This post was edited on 4/2/13 at 2:17 pm
Posted on 4/2/13 at 2:22 pm to NorthGwinnettTiger
I was gonna say the same thing. $8 is very small compared to 52k. Makes your story seem a little far-fetched
Posted on 4/2/13 at 2:25 pm to sugatowng
a fee for spending money that's not there
basically interest on a loan
basically interest on a loan
Posted on 4/2/13 at 2:37 pm to MsGarrison
I didn't get my money by just giving it away...I also didn't say I was an OT Baller
edit: It was just an observation
edit: It was just an observation
This post was edited on 4/2/13 at 2:38 pm
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