Key Bank USA
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Key Bank USA Complaint - Ripoff - Check Cashing
AMSTERDAM, NEW YORK -- I am sick after going to Key Bank to cash a paycheck from one of their customers (a Key Bank check) and they charged me $7.50 to cash my paycheck! What a RIPOFF!!!
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9 Replies -
Posted by tnchuck100 on 2009-02-27:
Take it back to your employer and demand cash. You are entitled to the face value of your check as compensation for your time. If you can get other employees to do likewise your employer my find it beneficial to change banks.
Posted by madconsumer on 2009-02-27:
go to walamrt, it is 3$.
the fee is for non-account holders. open an account, and the fee goes away.
Posted by Anonymous on 2009-02-27:
You shouldn't have to pay to cash a check which is drawn on the bank. The account holder has already paid for this service. Hopefully it is not going to be legal for much longer.
Posted by jktshff1 on 2009-02-27:
Ken, we can agree to disagree on this one. If you are not an account holder at the bank, a charge for the convenience of cashing a check, regardless of who it is drawn on is proper. I have no charge personal and business checking at my bank. I recon they figure they make enough off my balance to just give the checking to me.
tnchuck, if the op had a savings or checking account at a bank, there would be no charge for them to cash or deposit it. It's not the employer's or the bank's fault they have no account. The bank should charge for a service it provides and it has nothing at all to do with the way the employer pays the employee.
I wonder how much the check is for? Most check cashing places around here (not banks) charge from 1-2% for payroll checks.
Posted by BokiBean on 2009-02-27:
"call the police, you've been robbed" is an expression DOWN HERE that means I was agreeing with the OP, not being disrespectful. Its a language thang.
Posted by BokiBean on 2009-02-27:
Charging $7.50 to cash an account holder's check is reminescent of those scammy check cashing dumps.
Posted by Nohandle on 2009-02-27:
A year or so ago these same complaints began to crop up. Someone would have a check drawn on a particular bank and were unable to cash it without paying a fee. Rather than the exception to the rule, I think it's the norm now. Many businesses elect to direct deposit a payroll check. No cash in hand with that option.
Take your payroll check to your bank and cash it. There should be no charge or pay the fee if you choose to cash it elsewhere.
Posted by Anonymous on 2009-02-28:
We will have to disagree the Jkt. The reason you aren't charged is that you maintain sufficient balances or other business for the bank to make a profit from your business. The traditional definition of a checking account is that you entrust your funds to the bank and allow them to invest them. In turn for that, the bank promises to honor the drafts you make against those funds. There is nothing in the definition that allows them to charge a third party for the same service. While it is not illegal, it is not completely legal either. I am pretty sure that you will see legal clarification on this in the near future, and the practice will end.
Posted by tnchuck100 on 2009-02-28:
Ken, you are dead on!
I have even gone so far as to inform the manager at one of my banking branches if they ever charge someone to cash one my checks presented to them that all of my accounts and CD's would be closed out within 48 hours of that nonsense. You had better be certain you really need that $5.00 to stay in business because you will lose all of mine.
Can't say it won't happen but so far, so good.
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