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Check Cashing Stores

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Check Cashing Stores

One alternative to managing your money at a bank or credit union is to use a check cashing store. These types of businesses have popped up all over many cities across the United States. A check cashing store is a business. One of the primary services they offer is to cash your check. Now, this may sound like a great service, but there is a catch: you have to pay a fee. Most check cashing stores have a minimum fee of $5–7 per check. If the check amount is a larger dollar amount, fees can be much higher.

Things To Know

  • You have to pay a fee to get your check cashed.

Banks and credit unions offer you an opportunity to open an account and control your money on your own terms. Fees are very avoidable if you maintain a minimum account balance and manage your account responsibly. Additionally, you can deposit or cash checks for free.

How do check cashing stores compare to banks and credit unions?

Detailed below is a comparison of services between check cashing stores, and banks and credit unions.

Comparison of services

Aside from the convenience that check cashing centers may present, there is an inherent danger associated with them. Since the majority of people use check cashing centers for cashing payroll and other types of checks, they are usually leaving the facility with a significant amount of cash in hand. This can be potentially dangerous situation.

In summary, banks and credit unions provide safe, low-cost services for customers who manage their accounts responsibly. You control how you deposit or cash checks based on your needs and should be able to do so without paying costly check cashing fees.