Rates Current as of Friday February 10, 2012

« I want to know what kind of supervisory action was taken against the bank as a result of my complaint.

When interest rates have gone up, banks seem to refuse to raising the rate on my certificates of deposit, why? »

I received my payroll check and went to the bank the check was drawn on to cash it. The bank refused to cash the check since I do not have an account with them. Is this legal? I went to a bank to cash a check that was drawn on the bank. I do not have an account with the bank and they refused to cash the check. Can it do this?

There is no federal law or regulation that requires national banks to cash checks for noncustomers. Most banks have policies that allow check cashing services only for customers who have an account with them in order to protect both themselves and their customers from forgeries. Once a national bank cashes a check that has been forged by a noncustomer, they may lose money if they cannot collect from the person who cashed the check. Also, if a national bank agrees to cash a check for a noncustomer, it may legally charge the presenter a fee.

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