Rates Current as of Friday February 10, 2012

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I cashed a check at a bank. It charged me a fee because I don’t have an account there. Is this legal?

If a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee. There are no limitations on the fee amount. If you think the fee is excessive, you may want to open an account with the bank, or cash your check at another institution with a lower fee.

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What does FDIC deposit insurance cover?

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Is my bank permitted to charge me an overdraft fee as well as a fee for each day during the period my checking account is overdrawn?

Yes. Banks are allowed to charge fees for returned checks and overdrawn balances. The assessment of account fees is governed by the terms of your deposit account agreement, which you should have received when you opened the account. Review your account agreement and contact the bank for more information.

How long must a bank keep cancelled checks or check records or copies of checks?

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I cashed a check at a bank. It charged me a fee because I don’t have an account there. Is this legal?

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