Bank of America: Arrogance Personified?
This bank may be within its legal rights but it’s ethically way off course.
Once upon a time
An individual could walk into a bank and cash a check as long as that check was drawn on an account held by that bank. It makes sense: the account holder has the money in the bank’s custody and that’s all the collateral needed. The check payee need prove identity and the account balance must cover the check. Simple — the check gets honored and the individual walks out with cash.
Late 2008
About October or November 2008, I walked into what is now called Bank of America to cash a check. I had been doing freelance work for the account holder for 15 years. I had always walked into a branch, cashed my check and gone to my bank to make a deposit. I prefer depositing in cash because it becomes available immediately.
I was informed, very politely, that there would be a $6 fee for cashing the check. What? The check is drawn on your bank. I’ve been coming here for years. What fee? I was informed, again politely, that it was new bank policy. If I did not have an account with Bank of America, I would have to pay $6.00 to cash the check. Then I was asked, sunnily, if I would like to open an account. Neither the teller nor you will hear my mental response.
Oh, did I mention that in addition to paying for the privilege of cashing their check, you must also provide a fingerprint? They keep a cute little ink pad at each window for that purpose. I read a story quite recently where a man was unable to cash a check because, having no hands, he couldn’t provide a fingerprint. Reality check please?
Call me hardheaded, but I continue to cash my paycheck at Bank of America and get the same spiel. I now pass my check to the teller and say ‘no I don’t have an account here and I know about the fee’. I even expressed my feelings to a branch manager one time. He commiserated with me and looked embarrassed but said policy was policy. It’s ironic how a person can get used to almost anything if it goes on long enough.
This morning I was at Bank of America waiting for my turn with a teller. A young man two customers ahead of me said ‘but it’s drawn on your bank!’ I watched as the usual back and forth went on and smothered a grin at the young man’s response when asked if he wanted to open an account. I can’t quote him for the same reason I couldn’t tell you my response when first asked.
In summary
What Bank of America has done with its policy may be legal and an appropriate business practice, but I refuse to be blackmailed into opening an account with a bank not of my choosing just to save a cashing fee. I do feel very strongly that requiring a person to open an account in this fashion is extortion, pure and simple. It is my opinion that while Bank of America may be acting within the law, their revised check cashing policy leaves them morally and ethically bankrupt.
