AboutJim Meadows Expertise I can respond to most questions concerning consumer and business relationships with US financial institutions. My expertise touches on deposit and loan issues and particularly on strategies to navigate through bank policies personell and practices. I have a degree in Economics, attended law school, Graduate Shool of Banking, and Commercial Lending and Compliance Schools.
Experience I have twenty years experience as a bank CEO. Most of those years were spent operating a bank focused primarly on serving consumer/retail needs. I helped pioneer deposit and loan products for low/moderate income individuals. I currently serve on multiple bank boards and am Chairman of a Commercial Bank in Atlanta.
Question I am a student at a college in Iowa and recently cashed a difference check of about $4100 at US Bank. The check was written on a US Bank account, but I had to still pay a $5.00 "convenience fee" since I didn't have an account with them. Are and should they be allowed to do this with their own check? I know it's "only $5.00", but it's a matter of principle, plus in my bitty car, that's about a weeks worth of gas to and from school.
Answer Wayne, May not seem fair but banks are allowed to impose this sort of fee. Its not new, lots of banks have been charging "convenience fees" for years. There are costs associated with check cashing and as you've discovered the pricing policy for many banks is, "If it moves charge a fee for it". Depositing the check into an bank account would avoid this particular fee, but raises issues of immediate funds availability and other fees. Jim
