OT-Banking (checks)

Truncation--the term used to refer to the process of not sending cancelled checks back to the consumer--has been getting more and more popular in the banking realm. The cost savings to banks are supposed to be very tangiable: less postage, less cost for storing the checks until your statement cycles and thus less labor costs for the flunkies at the check processing centers.

Note that some institutions have *always* done it that way: I cannot think of one credit union I have ever been a member of that sent my cancelled checks. Also note that these credit unions even now do not provide any sort of copy of the paid check...you have to rely on your carbons. You can order 5 copies a month for free.

Some banks try to push *everyone* into truncation but then back down when people threaten to close accounts. I still have BofA and I get my checks back--for a fee. But paying the extra $4 or so is worth it to me.

My local bank pushed everyone into having truncation but they also send miniature images of your paid checks (front only) along with your statement. Something like 10 personal sized checks on one sheet of paper. Now if you need a full size front & back copy as proof of payment then you can get that at any branch or print them from off the internet.

If it's very important that you get the actual check back and they don't offer that as an option for a fee, then you're going to have to change banks.

 

In VA, Bank of America only charges extra for getting your checks with the express account. You get a discount with direct deposit though.

 

I worked in banking for many years. I thought just about everyone was on check imaging by now. Believe me, we got tons of complaints when it was implemented many years ago. Then, when we were bought out, we went back to sending checks back with people's statements. OMG, What do you know, TONS and TONS of complaints. I have to admit I was one of them! Once you get used to CI, you hate the hassle of storing checks all over again!! It really is a major convenience to just pop your statement in a binder after balancing it. People totally begged for it back and paid to have the CI instead.

Check with your bank. The bank that I worked for and my regular bank now both allow you up to so many per statement if you need a copy, and both charge in excess of that number. If you truly needed to prove payment, it's not that difficult to retreive one from microfilm.

I know change is hard. Believe me, I've seen it first hand, but see how you like it first.

 

My bank did that more than a year or 2 ago...I wrote a letter to them and notified them that I must TERMINATE OUR 10+ YEAR BUSINESS RELATIONSHIP...

I "RUN" $100,000's through their bank...

They said I will still get my checks back...(MADE AN EXCEPTION)

 

I cannot think of one credit union I have ever been a member of that sent my cancelled checks back.
jonesing |

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Mine does.

 

Re: OT-Banking (checks)

Dani |
Thanks jonesing for the information. Does anyone know any banks that will send your checks back for a fee. So far I have only found one in VA - First Virginia (and there is no fee). Any others?

Dani
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BETTER FIND ONE THAT DOES!
Here is what happened to me. I took out a loan at a bank to purchase a product.
Years later the seller repossessed the product without any notice to me.
They claimed they paid several hundred dollars on the loan for me.
What happened is I paid the bank in full for the loan and the seller paid the bank several hundred more dollars.
To get the item back from the seller I had to prove to them that I had paid the loan off in full.
Unfortunately the checking account was one of those where you don't get the canceled checks back. I could not get copies of them from the bank that had the checking because they weren't able to go back that many years to obtain copies.
The end result: I paid over 4800 dollars for a product that I never received so was out both the item and the money.
I Swore Never Again.
Recently I closed my bank checking and opened one up at a credit union because the bank changed to the no checks back deal.

 

let something like this happen to someone and see how well they like it then!

Re: OT-Banking (checks)

Here is what happened to me. I took out a loan at a bank to purchase a product.
Years later the seller repossessed the product without any notice to me.
They claimed they paid several hundred dollars on the loan for me.
What happened is I paid the bank in full for the loan and the seller paid the bank several hundred more dollars.
To get the item back from the seller I had to prove to them that I had paid the loan off in full.
Unfortunately the checking account was one of those where you don't get the canceled checks back. I could not get copies of them from the bank that had the checking because they weren't able to go back that many years to obtain copies.
The end result: I paid over 4800 dollars for a product that I never received so was our both the item and the money.

 

I've been on CI for some time.

I bank with Wachovia (First Union) and I don't get my checks but I could. I don't WANT them.

If I were you, I'd open a telephone book and check with other banks in the area.