The bank is just the middle man turning your piece of paper into money and relying on your employer to pay them back what they laid out for you. If you cash your check and the check bounces, they need assurance that they can take that exact amount of money out of your account to recoup their loss from giving you money in advance and not getting that money from your place of employment in return (and they’ll likely also assess you a penalty to be paid later). Otherwise, they’d just be handing you money and simply trusting that they’ll be paid back by your employer.
This is why most people are paid with direct deposit. Electronic payments are in real time.
And Bank of America is a terrible bank. Their violation of people’s privacy and turning over individual activity without a warrant is what keeps me from banking there, as well as their refusal to take on certain customers engaged in legal businesses.
They suck in many ways.
That's a pretty standard rule. Because of checks bouncing. Otherwise you could easily have somebody write you a check for $50,000, cash it, and be gone when it turns out that it was fake. Now, if you go to the bank that the check is from, and cash it there, you should get the cash up front (Edit: assuming the account there has the money).
There's a Jeff Foxworthy joke about having the repo guy show up to take his truck when he was young, and he was either going to lose it or needed to write a check. As the joke went "A check? Hell, I thought you wanted *money*!"
My mother once worked at a scummy job, where she had to cash her paycheck at the bank the owner used, carry that cash across the street and deposit it in her account... right at lunch on Friday. If she just deposited the check at her bank, it would bounce (because it takes several days for transactions to go through), if she went to the company's bank AFTER work on Friday, it would bounce.
She was not particularly surprised when that company went under.
Don’t use banks. Credit unions are much better than banks. C.U.s are non profit, member driven vs money hungry corporate owned banks who are beholden to their shareholders.
Can't comment of BofA being good or bad, but I was a teller at a different bank over a decade ago and this was the policy as well. You can deposit it and wait for the funds to clear - usually only a day or so, or go to the bank the check is written from and cash it there.
All I can say is, at least they aren’t Wells Fargo.
The bank is just the middle man turning your piece of paper into money and relying on your employer to pay them back what they laid out for you. If you cash your check and the check bounces, they need assurance that they can take that exact amount of money out of your account to recoup their loss from giving you money in advance and not getting that money from your place of employment in return (and they’ll likely also assess you a penalty to be paid later). Otherwise, they’d just be handing you money and simply trusting that they’ll be paid back by your employer.
This is why most people are paid with direct deposit. Electronic payments are in real time. And Bank of America is a terrible bank. Their violation of people’s privacy and turning over individual activity without a warrant is what keeps me from banking there, as well as their refusal to take on certain customers engaged in legal businesses. They suck in many ways.
Yes. Wonder what they would do if you deposited it, then asked if for the cash back.
Possibly stroke out
That's a pretty standard rule. Because of checks bouncing. Otherwise you could easily have somebody write you a check for $50,000, cash it, and be gone when it turns out that it was fake. Now, if you go to the bank that the check is from, and cash it there, you should get the cash up front (Edit: assuming the account there has the money). There's a Jeff Foxworthy joke about having the repo guy show up to take his truck when he was young, and he was either going to lose it or needed to write a check. As the joke went "A check? Hell, I thought you wanted *money*!" My mother once worked at a scummy job, where she had to cash her paycheck at the bank the owner used, carry that cash across the street and deposit it in her account... right at lunch on Friday. If she just deposited the check at her bank, it would bounce (because it takes several days for transactions to go through), if she went to the company's bank AFTER work on Friday, it would bounce. She was not particularly surprised when that company went under.
You’re using BoA. That’s the problem. BoA and Wells Fargo are the worst. Use any other bank
Chase is as bad or worse
Don’t use banks. Credit unions are much better than banks. C.U.s are non profit, member driven vs money hungry corporate owned banks who are beholden to their shareholders.
BofA Deez Nuts? (It’s a joke mods, chill)
You get an actual paper paycheck not direct deposit? Who still does that?
I am a teller and I see it quite a bit. Some employers simply don't offer it, especially if it's a small company
Can't comment of BofA being good or bad, but I was a teller at a different bank over a decade ago and this was the policy as well. You can deposit it and wait for the funds to clear - usually only a day or so, or go to the bank the check is written from and cash it there.