J.P. Morgan Chase bank is committing one of the most abusive check cashing schemes in the Country. I recently was given 2 checks from a Chase account holder for a piece of furniture I sold to them. I went to the local Chase Bank to cash the checks and boy was I in for a surprise. The bank informed me that the bank policy for non-bank customers was to charge a check cashing/handling fee of $6.00 on any check over $50. Since I accepted a check for both the down payment and final payment they were going to charge me the $6 fee twice for a total of $12
Just immagine if the check is for $51, this fee amounts to 11.76% of the value of the check for the priveledge of cashing a check that their account holder had written to me. This fee is the equivalent to Extortion of money from non-bank customers. It is an absolute outrage that a bank would expect to make 11.76% profit to cash a $51 check. My checks totaled $170 and I stood to lose almost 8% of the checks values to cover these fee's.
When I argued with the teller and manager about this excessive fees, they told me that "if I didn't like it that I was free to leave".
I immediately contacted the person whom wrote me the checks about the situation while I was standing in front of the teller and manager. She had no idea that the bank was charging everyone she writes a check to for over $50 that tries to cash her checks and are not Chase Bank customers this outrageous fee.
She told me that the bank NEVER told her about this fee that they charge the receivers of her checks when she signed up for her account. She was very upset at the bank for not cashing her checks she had written to me without the fee's. She had to personally stop what she was doing and make a special trip to the bank to withdraw the funds in order to pay me cash so that I would not loose nearly 8% of the transaction price to the cover the Banks excessive check cashing fee's.
She will be closing her checking account and stop doing business with Chase Bank.
I would advise everyone to Stop doing business with J.P. Morgan Chase Bank or contact your local Chase branch banking office to tell them to stop the Extortion of money from non-bank customers whom are trying to cash the checks that you are writing and that are drawn from that very bank.
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