Key Bank check cashing fees are redic...

Key Bank check cashing fees are rediculous

Posted in the Massena Forum

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Since: Dec 09

Syracuse, NY

#1 Jul 6, 2011
I recently did some work for an individual and was paid with a check and went to Key Bank to cash it because that is the bank it was written on. I was shocked when the teller told me that if I did not have an account there, there would be a $7.50 check cashing fee for the transaction. $7.50 to cash a check is a sham and I made that fact clear to everyone inside Key Bank before I left. I took the check to Seacomm where I do have an account and they cashed it with no extra fees.
mother

Ithaca, NY

#2 Jul 6, 2011
Droopy Draws wrote:
I recently did some work for an individual and was paid with a check and went to Key Bank to cash it because that is the bank it was written on. I was shocked when the teller told me that if I did not have an account there, there would be a $7.50 check cashing fee for the transaction.$7.50 to cash a check is a sham and I made that fact clear to everyone inside Key Bank before I left. I took the check to Seacomm where I do have an account and they cashed it with no extra fees.
They must've raised the fee since around Christmas time. My mother sent me a check for her grandchildren and it was on her Key Bank Account. They told me it would be 5.00 to cash it since I didn't have an account. I thought that was pretty high as well, considering the check is written on their own account, it's fairly easy for them to verify it's authenticity and be sure the money is in the account before cashing...I understand charging a nominal fee since I wasn't a Key Bank customer myself, but anything over 1 dollar is harsh in today's economy.
Just strange

Lake Placid, NY

#3 Jul 6, 2011
Hmmm... someone may want to check on that, it may not be legal to charge for cashing a check drawn on their own institution..... That's why noone banks there anymore!
local woman

Manlius, NY

#4 Jul 6, 2011
wow... so it seems there is a minimum to cash and/or a % for a non-customer presenting a check, regardless if the check it off of 1 of their own accounts?!? unreal... I have 2 banks, Seacomm and Woodforest... and neither charge a non-customer to cash a check off of 1 of their customers accounts... I understand a back charging a fee to a non-customer for a non-bank account check, but to charge a fee to cash 1 of their own? really? unreal...
lmm

Lake Placid, NY

#5 Jul 7, 2011
it is true. i have disability checks and i have to pay $7.50 monthly to key bank to cash them because i do not have an account there. my account is in canton so i pay it because it would cost me more than $7.50 to drive to canton to cash it. key bank is listed on the check as the banking institution for the disability account. sad..............
get real

Tupper Lake, NY

#6 Jul 8, 2011
lmm wrote:
it is true. i have disability checks and i have to pay $7.50 monthly to key bank to cash them because i do not have an account there. my account is in canton so i pay it because it would cost me more than $7.50 to drive to canton to cash it. key bank is listed on the check as the banking institution for the disability account. sad..........
Well that $7.50 you all pay a month must not mean that much to you otherwise you'd take a few miutes of your time and open an account there so you can cash your checks. That's what I did, and I also connected the keybank account to my regular banking institute and move money from one bank to the other without any fees as well.
hmm

Ithaca, NY

#7 Jul 8, 2011
Thats strange, because when I got my refund check @ Suny Canton, it was a KeyBank check and I do not have an account there, and they cashed mine for free, with no charge. Unless it has changed within the past few months? This was just in Feb. and April.
mother

Ithaca, NY

#8 Jul 8, 2011
hmm wrote:
Thats strange, because when I got my refund check @ Suny Canton, it was a KeyBank check and I do not have an account there, and they cashed mine for free, with no charge. Unless it has changed within the past few months? This was just in Feb. and April.
The check my mother sent was for Christmas and I cashed it in December so it was before your check cashing experience this year. The only difference I can think of is the check my mother wrote was a personal check on her Key Bank acct. in another city, while your check would have been written on a business account I am assuming since it's a refund from SUNY. That is probably why your checks were free to cash. Or I could just be talking out my butt. lol. That wouldn't be the first time.
Nisha

United States

#9 Nov 4, 2011
Sorry people, but the check cashing fees for non-customers is standard and $7.50 is low. Many charge $10. I do believe there is a difference between personal and/or business checks; however, the fee you speak of is normal and legal.

Since: Dec 09

Jamesville, NY

#10 Nov 4, 2011
It's a sham. That's ok though because it's better for smaller local banks who do not charge outrageous fees. Do business with a local credit union instead. Money is still insured and you don't get stuck with the outlandish fees that mainstream banks charge.

“my $.02> your $.02”

Since: May 10

Ithaca, NY

#11 Nov 4, 2011
That's one of the many reasons I don't have a bank account anywhere. Sure it's hard at times but gets rid of the temptation to overspend.
really

Watertown, NY

#12 Nov 5, 2011
I had the same issue when I sold a lawn mower and the guy paid with a personal check from KeyBank. $7.50 is what they wanted to charge. I was going to pay it, but ended up not because they wanted two forms of ID since I was not a customer. I had a valid NYS drivers license. Also heard stories of their investment folks losing funds, not because of market loss, just missing out of their accounts with no explination. Crazy.
Old Salt

Jamesville, NY

#13 Nov 5, 2011
Keep a simple savings account open at seacomm. You can open it for 5 dollars. They are good cashing local checks but some they may put a hold on it for a day or two but there is no fee. Down south, Watchovia charges 5 dollars to cash a check and you also have to put your thumb print on the back of the check.
Hunter

Ithaca, NY

#14 Nov 5, 2011
Massena Savings and Loan by far is the best! Especially if they know you. They cashed a VERY large check for me once when by all rights they should have held it. I do all my business with them except for a token checking account at Key, since I travel a lot and its handy because Key is everywhere.
knows

Watertown, NY

#15 Nov 7, 2011
HSBC also charges the fee. The bottom line is when you write a check, it is with the understanding the paper is worth face value and on deposit at the financial institution. If the bank wants to charge a fee they should charge the issuer not the payee since the issuer is the one promising the paper is worth face value. I had an account at key bank and closed it because they charged me 5 bucks a month inactivity fee. I say avoid all big banks, use Massena s and l or one of the credit unions.
Other

Albany, NY

#16 Dec 22, 2011
Key Bank not only wanted $7.50 from me, they also wanted a thumb print.
I guess they do not consider their vouchers as honest tender.
Cash Only

Watertown, NY

#17 Dec 22, 2011
Key Bank also wanted $7.50 from me to cash a $50.00 check. I needed the money today, so I didn't want to deposit it and wait for it to clear.

I refused the fee and returned to the merchant who issued the check. I told the merchant his "paper" was only worth $42.50 because of the fee. After he called the bank and was told the fee could not be waved, he gave me $50.00 cash and told me he was moving his accounts.

Move your accounts from these big banks or they will "fee" you anyway they can!
Earn Your Keep

Ithaca, NY

#18 Dec 22, 2011
I moved everything to Massena Savings and Loan. Friendliest service anywhere! No fees. No BS. Once they know you, they will do whatever they can to help. Highly recommend. P.S.- i am a former Key Bank customer
Cash Only

Watertown, NY

#19 Dec 23, 2011
Way to go Earn, do you know what HSBC stands for? Hong Kong Singapore Banking Corp.

They also charge the check cashing fee and every other fee they can think of.

There are good local banking choices at Massena Savings and Loan, and the credit unions. The credit unions are slower, but no fees makes up for it.

Deposit your money local people!
ATOG

Denver, CO

#21 Sep 14, 2012
get real wrote:
<quoted text>
Well that $7.50 you all pay a month must not mean that much to you otherwise you'd take a few miutes of your time and open an account there so you can cash your checks. That's what I did, and I also connected the keybank account to my regular banking institute and move money from one bank to the other without any fees as well.
Well that was smart. I wonder what other fees they will get from you now that they have you?

Opening an account at an institution that you know charges outrageous fees to pad their own pockets is like giving your dog a treat when he craps on the rug.

You'll be buddies for life, but he's gonna keep crapping on the rug.

I bank at a credit union. No fees.

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