Legal Question in Business Law in Illinois
NegotIable Instruments
How can banks legally charge check cashing fees to non bank customers for negotiable instruments properly issued by an account at their bank? I thought that the proper signature on a check makes that check cashable without the insistence of the payment of a fee. Pay or it will not be cashed.
Asked on 2/25/08, 3:46 pm
1 Answer from Attorneys
John Steele
Steele Law Firm
Re: NegotIable Instruments
It is unfair, and something that makes me mad. Technically it is legal in IL because the court held that only customers are the intended beneficiaries of the applicable banking law, and since the person cashing the check is not a customer, the statute is not violated. I do not agree with the case, but it is the law in IL.
Answered on 2/26/08, 12:18 am
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