Iberia Bank Teche Federal Bank, Teche Holding Company greedy, ripoff, gluttonous, Lafayette Louisiana

On June 3, 2014 I cashed my payroll check at Teche Federal Bank in Morgan City, LA just as I do every week.  Unfortunately, my employer does not offer direct deposit, therefore, payment is made via a check.  My employer does their banking through Teche Federal Bank.  I normally cash my check there before depositing my payroll check at my bank.  Previously, my employer had suggested that employees without a bank account to cash their check at Teche Federal as it was free.  Today, however, it appears that all non-deposit account holders were given a notice that stated that effective Monday, June 30, 2014, there Teche Federal Bank (recently taken over by Iberia Bank) would start charging a $6.00 fee for cashing checks of non-deposit account holders.

I inquired about this fee in regards to checks that were made out from Teche Federal Bank customers.  I was told that there still would be a $6.00 fee.  I responded that Teche Federal Bank and Iberia Bank were ripping customers off.  I was given a BS excuse that Teche Federal Bank and Iberia Bank were providing a convenience by cashing checks for non-deposit account holders.  I reminded the teller that anyone that accepts a check from a Teche Federal Bank and Iberia Bank customer were providing a convenience as well.  There's no law that states anyone has to accept a check as a form of payment.  Only "legal tender" are legally required to be accepted as payment for debts owed.  I went on to tell the teller that people should start refusing to accept any checks from Teche Federal and Iberia Bank customers.  Teche Federal Bank and Iberia Bank are ripping consumers off by charging a fee to cash a check that is written from their own bank.

I am writing a letter that will be sent to Teche Federal Bank's corporate office as well as a carbon copy of that letter will be sent to Iberia Bank's corporate office.  While businesses and consumers can refused checks from Teche Federal Bank and Iberia Bank customer's the matter becomes a bit more troublesome for employees where their employer utilizes Teche Federal Bank and Iberia Bank for issuing of payroll checks.  If I didn't have a bank account I would flat out refuse a check from an employer where their bank would not honor the payment without financial penalty to myself.

This is an example of the continued greed that banks exhibit as normal course of their business operations.