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Discussion Starter #1
So I went to the local Chase Bank branch today to close a small savings account that I don't need anymore. It's the only account I had with Chase other than a United Airlines Explorer credit card.

The Branch Manager tells me I have to take the approximately $3600 proceeds in the form of a Cashiers Check, and they won't give me cash. I wanted cash as I need to pay a contractor who is installing some tile for me.

She hands me the check, and I ask if they will cash it, and she tells me they will not as I no longer have an account there. I thought she was joking, but she was not.

Doesn't a bank have to honor a Cashier's Check drawn on that bank? It's not like there was any question about my identity. After all they just handed me a $3600 Cashiers Check moments before.
 

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. . .Doesn't a bank have to honor a Cashier's Check drawn on that bank? It's not like there was any question about my identity. After all they just handed me a $3600 Cashiers Check moments before.
In theory, yes, I would say that any cashier's check verifies that that money is available (as you say, it's their check)
Suppose you accepted a cashier's check drawn on another bank and went to that bank to cash it; perhaps that bank would charge to a nominal fee ($5?) due to the fact that you don't have an account there.
I have seen some banks posting a "funds available" notice, e.g., three business days for a deposit, just to verify that a deposit clears.
The branch manager was simply splitting hairs, imho, screwing around with semantics. Sounds like an Abbot & Costello routine.
 

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As funny as it may sound, I think Chase is a little weird when it comes to handling cash. Don't tell me they didn't have $3,600 in cash..Probably money laundering concerns.
 

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funny you mention Chase. when I sold my older car I had a cashiers check from their bank and went to cash it as I am a credit union member. they would not cash only wanted to open an account for me. buy the time I went thru two tellers and the branch manager they lost 5 new accounts. I was able to verify that it was a legit check and that was it. my credit union put a 3 day hold on it. Since then I have referred over 10 people to my credit union and got cash from that and they were all chase or b of a customers. F those banks.
 

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Discussion Starter #9
^^^^^^^^
this is the law....

demand your cash to close the account....they MUST give it you
That's what I thought. But no where on the internet could I find that.
 

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I had a Wells Fargo manager refuse to give me cash out of my own account w a legal, federal ID. (New at the time? Global Entry) I just called WF support and did one time ATM limit adjust and went outside to get my own money. Crazy world.


Edit: Was buying Porsche rims off CL =) The nerve that I could enter the country with the card but could not get my own funds.
 

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I paid a hefty portion of my new Porsche cost from fees I'm no longer paying to U.S. bank. Every time I drive by a U.S. Bank in my new Porsche I wave and say Thank You AH,
 

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Banks actually do not have very much actual cash onsite. Have to call ahead of time to schedule.
My credit union cheerfully let’s me withdraw thousands in $100 bills with no more notice than handing the teller a deposit slip. Three thousand is peanuts to a real bank and too little for money laundering issues.

Cash has many legitimate uses. Small businesses love it. No credit card fees! You can negotiate an easy 3% discount by counting out $100 bills instead of using plastic. I won’t use a debit card . . . not nearly as secure as credit cards.

As noted earlier, chose your bank carefully. These guys are just hostile to their customers.
 

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So I went to the local Chase Bank branch today to close a small savings account that I don't need anymore. It's the only account I had with Chase other than a United Airlines Explorer credit card.



The Branch Manager tells me I have to take the approximately $3600 proceeds in the form of a Cashiers Check, and they won't give me cash. I wanted cash as I need to pay a contractor who is installing some tile for me.



She hands me the check, and I ask if they will cash it, and she tells me they will not as I no longer have an account there. I thought she was joking, but she was not.



Doesn't a bank have to honor a Cashier's Check drawn on that bank? It's not like there was any question about my identity. After all they just handed me a $3600 Cashiers Check moments before.


That’s when you take out your phone, hit record and ask the branch manager to close your account give you the $3600 in cash,,,,and then wait for his response. I suspect he is violating multiple laws. Keep that phone running no when he also refuses to cash the cashiers check.


Sent from my iPad using Tapatalk
 

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Discussion Starter #15
I suspect he is violating multiple laws.
That's what I was initially thinking.

But based on what I have now read there doesn't seem to be any issue with a bank having a policy of dispersing funds via Cashier's Check for an account that's being closed. And it should be noted that they did not charge me a fee for the Cashier's Check.

Some banks apparently charge a fee for closing an account that been open less than a specified amount of time, often 3 months or 6 months. This account was open for several years, and Chase did not attempt to charge me a fee for closing it.

But I was under the impression that a bank MUST cash a check (Cashier's or otherwise) drawn on their bank unless they reasonably believe it's fraudulent. Turns out I'm wrong. Perhaps that was an old rule that has since changed.

The Office of the Comptroller of the Currency, or OCC, tackles this issue on its website, Answers About Cashing Checks. It states, “There is no federal law or regulation that requires national banks to cash checks for noncustomers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries.”

It goes on to say, “Also, if a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee.”

I'm now guessing the bank manager was carefully covering her rear end by following a rule that says Chase does not cash checks for non customers. Never mind the fact that I was a customer until moments before :D

I don't think she did it out of spite. I saw no indication she was upset about my closing the account. No doubt she could see that the account was relatively small and inactive. The only reason I opened it was years ago there was a Chase branch in the building I was working in and I wanted to be able to cash checks.
 

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In theory, yes, I would say that any cashier's check verifies that that money is available (as you say, it's their check)
Suppose you accepted a cashier's check drawn on another bank and went to that bank to cash it; perhaps that bank would charge to a nominal fee ($5?) due to the fact that you don't have an account there.
 

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Please be sure to post appropriately detailed reviews of this “bank” online (and then share them with the branch manager for your own satisfaction). Markets punish bad businesses when they’re exposed. Other consumers should steer clear. They can do far better.
 

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Big Banks suck. Manager just wanted to be a dick because you were closing account. No reason not to give you cash.
 

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That's what I was initially thinking.

But based on what I have now read there doesn't seem to be any issue with a bank having a policy of dispersing funds via Cashier's Check for an account that's being closed. And it should be noted that they did not charge me a fee for the Cashier's Check.

Some banks apparently charge a fee for closing an account that been open less than a specified amount of time, often 3 months or 6 months. This account was open for several years, and Chase did not attempt to charge me a fee for closing it.

But I was under the impression that a bank MUST cash a check (Cashier's or otherwise) drawn on their bank unless they reasonably believe it's fraudulent. Turns out I'm wrong. Perhaps that was an old rule that has since changed.

The Office of the Comptroller of the Currency, or OCC, tackles this issue on its website, Answers About Cashing Checks. It states, “There is no federal law or regulation that requires national banks to cash checks for noncustomers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries.”

It goes on to say, “Also, if a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee.”

I'm now guessing the bank manager was carefully covering her rear end by following a rule that says Chase does not cash checks for non customers. Never mind the fact that I was a customer until moments before :D

I don't think she did it out of spite. I saw no indication she was upset about my closing the account. No doubt she could see that the account was relatively small and inactive. The only reason I opened it was years ago there was a Chase branch in the building I was working in and I wanted to be able to cash checks.


Keep in mind with automated systems come built in editing and compliance controls. Behind the scenes their process may require the teller to enter the customer’s account number. Without a valid account number the system wouldn’t “allow” the cash to be dispersed. Allowed being in the sense of recording the transaction of crediting the check into their accounts and debiting cash out of their accounts. Thus even if the manager wanted to cash the check, they couldn’t without creating a bigger mess.

I had a similar occurrence of system over control at the Apple store when I got my last phone that was DOA upon opening the box at home. Even though I brought it straight back, the store manager did not have the authority to swap it without an ok from the stores management System.


Sent from my iPad using Tapatalk Pro
 

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Keep in mind with automated systems come built in editing and compliance controls. Behind the scenes their process may require the teller to enter the customer’s account number. Without a valid account number the system wouldn’t “allow” the cash to be dispersed. Allowed being in the sense of recording the transaction of crediting the check into their accounts and debiting cash out of their accounts. Thus even if the manager wanted to cash the check, they couldn’t without creating a bigger mess.

I had a similar occurrence of system over control at the Apple store when I got my last phone that was DOA upon opening the box at home. Even though I brought it straight back, the store manager did not have the authority to swap it without an ok from the stores management System.


Sent from my iPad using Tapatalk Pro
That could be the case, but why not just authorize an override or count out thirty $100 bills? Surely someone could authorize doing the obvious right thing!

Any time IT distorts how your business is run, you have a bad system. IT should enable your business processes, not constrict them and torment your customers. Flip Wilson might have said “The system made me do it!”
 
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