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Originally Posted by Charlatan
It's not that simple... it is BULLSHIT.
A cheque represents money in an account. It cost the bank (hand on, let me calculate this...) NOTHING to cash the cheque when it is cashed at the bank from which the account is located...
There *should* be no charge... unfortunately banks are, as I see it, nickle and diming themselves to multi-billion dollar profits.
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That's not true that it costs us "NOTHING." Checks still have to be routed throught the Fed which costs us PLENTY.
And aside from the Fed costs, a teller cashes that check in a bank building. What pays for the employees' wages and the buildings' overhead? Bank fees. You speak as if all the fees are pure profit and they are not. We're not nickle and diming you to death for no damned reason, we are a business, we have to make money! People say that banks shouldn't charge fees, but why? We are a business for crying out loud. We have bills to pay, are charged interest from the Fed on all the money we borrow (yeah, by the way, Greenspan doesn't raise prime, y'all... he raises the rate at which banks borrow money from the Fed which in turn affects prime), and still have to try and turn a profit just like any other company.
And if a bank is a "multi-billion dollar" company, I say good for them! They are a business that offers a service that people do
not have to purchase and are still able to be successful... and that's the goddamned entrepreneurial dream.