Personal Check Cashing Place – Written by David McMillin Written by David McMillinArrow Correct Contributing Writer David McMillin is a writer and covers topics such as credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less. David McMillin
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Personal Check Cashing Place
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Check Cashing Flow Chart (1000 And Under) [classic]
Getting a reward is always worth celebrating, but where do you go to turn that celebration into real money? For about 6 percent of U.S. adults, the answer isn’t a bank or credit union. This small portion of the population is often referred to as the unbanked, meaning they do not have a traditional checking or savings account. Instead, they must find other ways to cash the checks and turn the written amounts into real dollars.
While you may not be familiar with a check cashing service, you’ve probably passed by one of these places that will handle your checking needs. They often have signs advertising their ability to cash checks, as well as payday loans, money orders, money orders, and other financial transactions. There are more than 13,000 locations nationwide, according to the Financial Services Centers of America (FISCA), the trade association that represents many of these locations. Many people also invest a lot of money through them. They serve more than 30 million customers and cash more than $58 billion in checks each year, according to FISCA data.
Check cashing services provide quick access to cash. While depositing checks into a traditional bank account often involves a processing time where the funds may be available the next business day or several days later, you can take the check to one of these service centers, show them your ID, and walk out with the money in minutes.
However, the convenience of speed comes at a cost. Check cashing services charge a fee for each transaction. This fee will vary depending on where you cash the check and what type of check you pass. Consider some of these check cashing costs.
Banks’ Greed On Full Display With Check Cashing Fee For Non Customers
Although many locations display the fees near the checkout counter, it can be difficult to track down the fees you’ll pay for cashing a check before you actually go to a retail location. Some of the biggest names in the business, like ACE Cash Express and United Check Cashing, are reluctant to disclose fees for their online services. To avoid confusion, you can skip your standard check cashing location and take your check to a location you may already be visiting for other needs.
Kroger fees and limits vary by state. If you do not transfer your funds to the Buyer’s card, the fee will increase.
Michael Sullivan, a personal finance consultant at Take Charge America, says the biggest downside to check-cashing services is cost.
“Some outlets will charge 10 percent or more of the value of certain checks to cash them,” says Sullivan. “If consumers are paying 10 percent of their net earnings just to get paid, it can seriously reduce their standard of living.”
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Sullivan also points out that you may go to a location with the simple goal of cashing a check, but you may be tempted to sign up for more services. “Where the law allows, many check-cashing shops are loan outlets, which provide more temptation for consumers with financial problems,” he says.
Despite these drawbacks, the reality is that many people have to use them because they cannot open a bank account.
“The benefit of check-cashing stores is that they provide a place for many consumers to work and live,” says Sullivan. “Consumers can be denied a bank for a number of reasons, from financial crime records to undocumented status.” Whatever the reason, these people still often have to cash checks, whether it’s to pay bills or cash taxes and paychecks. Some seniors need to cash Social Security checks. Without commercial check cashers, these consumers would have few options.
If you’ve had trouble opening a traditional bank or credit union account, check cashing services can help you access your money. However, research the fees first. Do the math to see how much money you’ll never see when you return it to the cashier. And if you’re worried about paying fees at traditional banks, check out these five checking accounts with no fees, no recurring minimum balance requirements, and no hidden costs for cashing your next check.
Advantages Of Using Personal Checks
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Even money exchanges between family and friends are now done using online apps like Venmo, PayPal or Zelle. Most of them require a linked bank account.
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That means if you’re one of the 7% of people in the United States who don’t have a bank account, managing your money, especially cashing checks, is a little more complicated.
Once you have a bank account, cashing a check is very easy. You can visit a bank or use an ATM.
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