Which banks are safe to use?

[Bala Perdida]

I simply wanted to cash some checks and then my mom freaked out saying that they were gonna rob me at a check cashing establishment. So, she tried to cash them with her account at Bank of America, but since I am no longer a minor, in banking terms, she couldn't do that. Anyways, she tried to get me to open an account at Bank of America, but I refused to because Bank of America is known for funding a lot of bad organizations, among them is Secure Communities. So there are a number of banks among Bank of America that do this, others involve Citibank, JP Morgan Chase, and Wells Fargo. So I was wondering which banks are the safest to use, I was thinking about Union Bank. Please post any banks you think are good or post any banks known for their bad practices. Thank you.

[Sperm-Doll Setsuna]

All banks fund "bad organisations", it is not something you can be particularly picky about. Is this a serious question? Seriously, cash those cheques.

[Trap Queen Voxxy]

I would look into credit unions but all of it's bullshit.

[adipocere]

Check around for credit unions. You have to qualify for most credit unions, but usually there are some that simply living in the area is all the qualification you need. They tend to be stable, have relatively decent terms and increasingly are interlinked through a network so that you can do basic banking stuff at any participating credit union.
Don't use one of those check cashing places unless you have to and under no circumstances should you get an account at any major banks.

[Creative Destruction]

If you really do decide to cash your checks (which isn't particularly good considering how much they take out of your check), go to a local grocery store. Usually, the Customer Service desk will do cash checking for a fairly low fee. I don't know if liquor stores still cash checks, but they might. Every store has a different policy, sometimes they are exploitative in their fees, others are a bit more reasonable. If your employer offers it, do not opt for one of those ridiculous rechargeable cards. Do not go to MoneyBox or any of those parasitic money loan/cash checking companies. Not only are their check cashing fees higher, but you'd be supporting a company that makes high interest, parasitic payday and car title loans given to the working class. For that reason, you should steer clear of the big banks unless you go to the bank that is issuing the paycheck. If you know the bank that the company you work for draws its funds, then get your check cashed there. Some might charge you a small fee for not having an account, but some don't. You'll need a couple forms of ID to make the transaction.

Your best bet, though, is probably to open an account with a credit union. CUs are pretty accessible nowadays and most offer relatively reasonable minimums for opening a checking or savings account. It may cost something up front, but it's better than having your paycheck syphoned off every time. Direct deposit is a handy thing to have, as well.

[Os Cangaceiros]

If you really do decide to cash your checks (which isn't particularly good considering how much they take out of your check), go to a local grocery store. Usually, the Customer Service desk will do cash checking for a fairly low fee. I don't know if liquor stores still cash checks, but they might. Every store has a different policy, sometimes they are exploitative in their fees, others are a bit more reasonable. If your employer offers it, do not opt for one of those ridiculous rechargeable cards. Do not go to MoneyBox or any of those parasitic money loan/cash checking companies. Not only are their check cashing fees higher, but you'd be supporting a company that makes high interest, parasitic payday and car title loans given to the working class. For that reason, you should steer clear of the big banks unless you go to the bank that is issuing the paycheck. If you know the bank that the company you work for draws its funds, then get your check cashed there. Some might charge you a small fee for not having an account, but some don't. You'll need a couple forms of ID to make the transaction.

Your best bet, though, is probably to open an account with a credit union. CUs are pretty accessible nowadays and most offer relatively reasonable minimums for opening a checking or savings account. It may cost something up front, but it's better than having your paycheck syphoned off every time. Direct deposit is a handy thing to have, as well.

Moneybox has high rates? I used to cash my checks there and I only remember them taking 1% (which usually amounted to 4 dollars)

I guess if you made more than that it'd be worth looking at other options.

[Os Cangaceiros]

But I bank at one of the banks mentioned in the OP. (Not Bank of America, though) Banking in general is not a subject I have much knowledge of, haven't given it much thought...

[Creative Destruction]

Moneybox has high rates? I used to cash my checks there and I only remember them taking 1% (which usually amounted to 4 dollars)

I guess if you made more than that it'd be worth looking at other options.

when i was younger and getting paid minimum wage or just a little bit above, 1% (though I remember it being a bit higher than that) was a lot and that shit adds up week-after-week. i was able to get better rates at the local grocery store down the road. but i didn't make enough (in my mind) to justify opening a checking account.

[Bala Perdida]

Thanks all of you for contributing so far. I will look into a credit union. If you still have contributions to make, by all means please post them. Thank you as of now.

[Devrim]

...and under no circumstances should you get an account at any major banks.

Why not?

Devrim

[Os Cangaceiros]

when i was younger and getting paid minimum wage or just a little bit above, 1% (though I remember it being a bit higher than that) was a lot and that shit adds up week-after-week. i was able to get better rates at the local grocery store down the road. but i didn't make enough (in my mind) to justify opening a checking account.

I was getting a check for around 400-450 every two weeks, so I wasn't making much either at the time of check cashing. But still, four bucks to me at that time every two weeks was nothing *shrug maybe I was spoiled because the area I was living in at the time has a rock-bottom cost of living

[Firebrand]

For any comrades in the UK, the co-op bank isn't too bad as banks go. They've got decent customer service at least and in this day and age that's a rare enough thing. There is a definate appeal to being able to call your bank about a problem and have that problem solved quickly and painlessly by either the first or second person you speak to, as opposed to having to rant your way through six layers of middle management only to be told you have to write a formal letter of complaint that they will never get back to you on. (rant over)

[Slavic]

Ill second the credit unions. I use credit unions, and while they are not ideal, they are preferable over sprawling banks. They typically don't have as many fees as typical banks have and their customer service is top notice since you will be speaking to actual people and not machines.

As previously stated, credit unions require a sort of prerequisite for membership; typically this is through a type of employment but selection based on geography is also common.

[adipocere]

Why not?

Devrim
As far as day to day banking, their terms are unapologetically exploitative. They use check sequencing as a rule...ie processing charges to your account out of chronological order for the purpose of overdrawing the account and then running small charges through in order to charge extra overdraft fees. They deliberately mislead people about overdraft insurance terms and they will try to charge exorbitant fees for savings account overdrafting. They sometimes require minimum balances in your account and charge bullshit fees to do practically any kind of transaction or impose limits with fees for doing one type too often, such as transferring money from savings to checking. Mostly these fees are avoidable, because they are penalties, but the truth is that if you overdraw your account, you could wind up owing the bank thousands of dollars because you overspent so much as a penny. You would have to be living under a rock not to know why banks are unethical on a large scale.

[Creative Destruction]

I was getting a check for around 400-450 every two weeks, so I wasn't making much either at the time of check cashing. But still, four bucks to me at that time every two weeks was nothing *shrug maybe I was spoiled because the area I was living in at the time has a rock-bottom cost of living

Nonetheless, $4 (or less) given to a grocery store is better than $4 given to a payday loan company. And yeah. The jobs I worked were in a town over from where I lived. That money taken because of the fees kind of threatened my chances of getting home when I started getting down to my last few dollars.

[Devrim]

You would have to be living under a rock not to know why banks are unethical on a large scale.

I am not sure what being 'unethical' has in any way to do with it. I have to have a bank account to receive my wages. I suspect that many others are the same. Unless we believe that consumer choice is something that can change the economic system, it doesn't matter which bank I choose. All banks are involved in exploitation. If they weren't they would go out of business. Why not then choose one of the big banks?


As far as day to day banking, their terms are unapologetically exploitative. They use check sequencing as a rule...ie processing charges to your account out of chronological order for the purpose of overdrawing the account and then running small charges through in order to charge extra overdraft fees. They deliberately mislead people about overdraft insurance terms and they will try to charge exorbitant fees for savings account overdrafting. They sometimes require minimum balances in your account and charge bullshit fees to do practically any kind of transaction or impose limits with fees for doing one type too often, such as transferring money from savings to checking. Mostly these fees are avoidable, because they are penalties, but the truth is that if you overdraw your account, you could wind up owing the bank thousands of dollars because you overspent so much as a penny.

My bank is one of the big international banks. I have never had an overdraft, and it doesn't charge me when I move money between accounts. On the other hand, it does have the advantage of having branches in nearly every country, which means I can withdraw money from the cash machine without additional charges.

I am not arguing for the big banks. I am simply saying that it is not a political decision.

Devrim