* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Conaway
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
Request for State Legislation - Non-Customer Check Cashing Bank Fees
FOR the purpose of urging the Honorable Chair and Members of the Baltimore City Delegation to the 2009 session of the Maryland General Assembly to introduce legislation that would stop banks from charging non-customer check cashing fees.
Body
Recitals
When an individual brings a check to the bank of its origin in order to cash it, they are often charged a “non-customer check cashing fee.” These fees range from $3 to $10 and can often add up quickly when more than one check is being cashed at a time. In addition, the bank is not risking anything by cashing a check drawn from their own customers account because they know prior to cashing exactly what funds are present in that customers account.
According to recent reports, those most likely to be affected by noncustomer check cashing fees are individuals without their own bank account, who go to banks to cash their paychecks.
A study of the Survey of Consumer Finances found that more than half of the families without checking accounts are nonwhite or Hispanic, and 85% have incomes of less than $25,000. The rising costs of having a bank account combined with the lack of access to a local bank and branch offices have made keeping an open bank account difficult for some families.
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