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MUST YOUR BANK CASH U.S. CHECKS?(banking regulations)(Brief Article)
Article from:ABA Banking Journal Article date:March 1, 2000 | Copyright informationCOPYRIGHT 2000 Simmons-Boardman Publishing Corporation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
Q. Must a bank cash a U.S. Treasury check for a noncustomer?
A. The answer is "no." There are no federal requirements directing banks to cash government checks for noncustomers. Banks are in business to serve their customers, and serving non-customers is not a requirement. In addition, banks may charge noncustomers a fee for cashing government checks. However, there are incentives for banks to cash these checks. Specifically, banks may earn Community Reinvestment Act credit by offering the service, just as they earn credit for Low-cost accounts. The cashing of government checks for non-customers presents an opportunity for the bank to gain a new customer and cross-sell ...