Quote:
Originally Posted by retiredguy123
It seems to me that the bank would reject the check rather than charge an insufficient funds fee. I'm not an expert on banking procedures, but don't they have a system to verify that the person trying to execute a check from someone else's account is the owner of the account, like matching the name and address? I cannot imagine that the bank would release money from an account without verifying who owns the account.
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I don't disagree, but banks collecting fees with zero incremental cost, makes quite a bit of extra income. Its about the top and bottom line, which is why I think that the personal face to face meeting will correct the issues.
I have written checks to vendors, sent them to the wrong vendor, and both the bank and incorrect vendor honored the check. These issues only get resolved internally with an audit and over a significance threshold, or the customer brings up the issue, and it gets resolved manually. . that is about speed for money availability before fraud became rampant. Compare your solution to the recent post about Fidelity and others taking 21 days to cash checks. that's due to the cashiers check fraud. Janet Yellen also mentioned fraud at banks is becoming a real issue in a speech recently this week i believe.
have made honest banking mistakes and had them resolved in the managers office many times. . . speed versus accuracy with very large volumes and federal rules written for an honest system.
YMMV