Is it legal for a bank to charge me for a money order or cashier's check? Posted on July 14, 2011
Is it legal for a bank to charge me for a money order or cashier's check when I am closing a retirement account in order to deposit it elsewhere? I understand that I could let the banks work out an automated transfer, but I am unwilling to do this because I know that my old bank will sit on the paperwork for weeks or months and then declare that proper ID certification has not been provided. So I want to take the money out myself and roll it into an account at my new bank within the period prescribed by the IRS. I believe if I ask for my money the bank has to give it to me. But if the only way they will issue me my money is by a cashier's check, my money is then basically held for ransom of the amount they want to charge for the cashier's check. This can't be legal. Is it?
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