• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

Bank issues

M

mobgrazer

New member
Joined
Feb 25, 2009
Messages
3
Location
VA
I get a lot of group orders together and order form a few different companies. Earlier month I had a farmer that I had seen around a lot but didn't know ask if I could get him a few pallets for minerals and salt for him. He didn't care about the brand but wanted the mix to his specks. I had a pallet of salt on hand so he came over with all his business paper work and sold him the slat and called about his minerals.

I ran his check card for the salt and 50% his special mix of minerals. I got his stuff in last Thursday and called him to let him know that he could pick it up this morning (Monday). His check card would work so he wrote me a check. I called the bank and did a funds check and they told me all was well so I took the check. I was in town a little while ago and stopped by his bank to cash the check.

His bank wanted $100 to cash his check. I asked if I could open a business account so I could cash checks and might do some business form them. It was going to take 3 to 5 business days to open the account. They would not be able to hold the funds in that account until my account had opened.

After talking to the manager they waved the $100 charge on check and I am in the process of opening an account. I have never had that much of a problem getting a bank to cash a check that there name was written on the front of the check.

There is one person I deal with that there bank charges me $10 to cash it and $5 to write me a bank check. I just charge him an extra dollar or 2 per pallet to cover the cost. I don't qualify to become a member at that bank.

Are all the banks coming down to charging to cash there own checks?

I know there's a system that I could run any check thought scanner and the funds would be transferred to my account and I could hand them there check back. Dose anyone know what it's called or anything about it?
 
Thats the first I heard of a bank charging to cash a check written on its own account. They know whether or not a check will clear, so it's not exactly the way to build business.

The system you are talking about is what my bank calls an EDS machine or an electronic deposit system. I've heard it called other things like remote capture but it's all the same. Turns checks you have collected into electronic ACH's and can typically speed up your collection time if your bank has slowing clearing or float.
 
His bank wanted $100 to cash his check. I asked if I could open a business account so I could cash checks and might do some business form them. It was going to take 3 to 5 business days to open the account. They would not be able to hold the funds in that account until my account had opened.
Click to expand...

That's stupid. A bank cannot refuse to cash a check drawn on one of it's customers if you have proper identification. I've never heard of one wanting to charge for it either. I wouldn't mess with them at all...just run it thru the normal banking channels. If it bounces go pick up your mineral and salt or file with the DA.
 
Why not just deposit the check in your own bank account and let time take care of it. If I did'nt trust a customer that much I'd ask for cash. If the check was written to a business name you need to run the checks thru a valid business bank account.Sounds more to me like someone is trying to hide the transaction to skip paying taxes. :wink:
 
Thank you rjn for singing up to tell me it's an EDS and welcome to the forum. I will be looking into seeing if I can get a contract for one that is by the charge with no monthly fees or limits.

I thought he was going to pay with his check card like he did the first time. I don't mind taking your check as long as there is a local branch that I can get to before lunch. I always call when I get a high dollar check to see if the account has the funds.

Danny if you wrote me a check and I accept the check and try to deposit it into my account and it bounces I get charged for it. Yes I have a $35 fee per bounce that you sing on the back of the invoice because you paid with a check. That $35 that I might get off your check will hardly pay the charge form my bank. This is why I asked about the EDS so I can look into it.

I ask for people to use check cards or credit cards but not everyone can do that. I have found that a lot of banks will not let you charge over $5,000 on a check card even if you call them.

No I'm not into skimming the IRS on taxes. I have been audited and I know how deep they will dig. My audit was caused by my accountant missing some paperwork. I do invoices for everything that I sell and track what I use on my farm. I even go to the point of itemizing the items you bought thought out the year and sending you the info to help out with your taxes; I do this incase you lost an invoice.
 
mobgrazer said:
Thank you rjn for singing up to tell me it's an EDS and welcome to the forum. I will be looking into seeing if I can get a contract for one that is by the charge with no monthly fees or limits.

I thought he was going to pay with his check card like he did the first time. I don't mind taking your check as long as there is a local branch that I can get to before lunch. I always call when I get a high dollar check to see if the account has the funds.

Danny if you wrote me a check and I accept the check and try to deposit it into my account and it bounces I get charged for it. Yes I have a $35 fee per bounce that you sing on the back of the invoice because you paid with a check. That $35 that I might get off your check will hardly pay the charge form my bank. This is why I asked about the EDS so I can look into it.

I ask for people to use check cards or credit cards but not everyone can do that. I have found that a lot of banks will not let you charge over $5,000 on a check card even if you call them.

No I'm not into skimming the IRS on taxes. I have been audited and I know how deep they will dig. My audit was caused by my accountant missing some paperwork. I do invoices for everything that I sell and track what I use on my farm. I even go to the point of itemizing the items you bought thought out the year and sending you the info to help out with your taxes; I do this incase you lost an invoice.
Click to expand...

Well I've been in business for over 20 years and have never went to another bank and opened an account to cash checks drawn on them.I've been written 1000's of checks and have had 2 that came back. Farmer's and Rancher's I would'nt worry about if they write you a check they have the fund's or access to them it's horse people and weekend recreation people that I've had trouble with.I guess I would'nt have even worried about it I'd have deposited it in my account without any worry. Maybe someone was overdrawn and wanted some walking around cash I know guy's who do that. :wink:

If your bank charges you fee's it's normally $20 they don't just bone you if your bank does I'd switch bank's also if you have a pile of check's bounce because of one bad check your basically cutting things too close on capital invested.

Either way if I had to run around behind my customer's to cash check's at their bank's I'd just require cash or a cashier's check. Or I would just not do business with some people.Sound's like there's a trust issue.
 
Just about any Sask. Credit Union is like that-I got paid for a big A'I job about 500 miles from home-the local bank was going to charge me $50 to cash the cheque. I tried to do an electronic deposit into my local account but my bank at home were going to hold my funds for five business days-even though the other bank manager phoned them to verify the funds. They finally agreed to do some kind of interbank transfer so I could get it depsited and access to them. After A'I'ing a thousand head of heifers I wasn't in a really great mood to sit around a bank lobby for a couple hours. One service the banks provide that lots of people don't know is free cheque couriering in their overnight bank bags. I am a field rep for a Livestock Co-op in Alberta and we routinely send documments back and forth in the bank bags-usually next day service.
 
After checking with my banker it is illigal in Indiana for a bank to charge to cash a check written on them. They may charge any "reasonable " amount to cash a check not written on them or they may refuse to cash it.
 
We do a lot of custom work and also have a small farm store. I have been using a check and credit card electronic deposit system. We pay $9.95 a month, 60 cents for all transactions, and another 2.5% for credit cards.

We built a new shop / office / store 5 years ago. Our store is 30 by 90 and open 3 days a week 10 till 7 and will open up by phone call if I'm able to. I always have a wide range of fence stuff, salt, gates, our frozen beef (USDA inspected), we can custom order almost any mineral mix (no brand name), protein tubs during the winter, hay string and netting, blocks, and we are very limited on our bagged feed.

I know VA can charge for checks but I never know that some banks would take 3 to 5 days to open a business account. I think it has been 3 years since I have been to my bank and that was because I needed a cashers check. We do as much as possible on line.
 
>>My audit was caused by my accountant missing some paperwork.<<

Always someone else's fault?

Didn't you sign the return?
 

Latest posts

Back
Top