Check Cashing FAQ

Have you ever needed to get your check cashed on payday but just couldn’t make it to the bank on time? Have you received a check on the weekend and had to wait until Monday to cash it? Or maybe you needed money on a bank holiday, only to find yourself with nowhere to turn?

check cashing service may be the answer you’re looking for. Now available from most payday loan lenders or financial service centers, a check cashing service meets your needs with longer hours and none of the hassles of dealing with banks.

Are you like thousands of people who choose to handle personal finances without a checking account, or do you just need someone to turn to when the unexpected happens? Find out if a check cashing service is right for you with the resources below.

What is check cashing?

Check cashing is a simple, convenient way to get your check cashed quickly and your money in hand, on your terms. Many neighborhood financial service centers, such as Check ‘n Go, offer check cashing as one of their many financial services. For a small, one-time flat fee, you can get your check cashed instantly — no wait required. You get your cash when you need it, fast and hassle-free.

A check cashing service can be a valuable option for many reasons. Some people use check cashing services because they simply don’t have time to wait for a bank to process their check, or their bank simply isn’t available during hours convenient for them. A check cashing service also works for anyone who simply doesn’t have a checking account, either by choice or because a bank was unwilling to work with them. Inconvenient locations, hidden and rising fees, delayed access to money upon deposit, and overall unclear policies are some of the many reasons why checking accounts don’t work for all people.

In many areas, these same reasons have led to an increase in financial service centers, which often offer a check cashing service. The popularity of check cashing and other services offered by these businesses began in the 1980’s. At that time, many banks moved to the suburbs, leaving many cities and smaller communities without real financial options.

Those communities left with few financial choices were the starting place of financial service centers, and where check cashing became the reliable and convenient solution it is today. Now, financial service centers offering check cashing can be found right next-door in your community, offering longer hours, more flexibility, and more convenience to those who don’t want to deal with the red tape of typical banks.

How does check cashing work?

Check cashing is a very simple process. Once you have decided on a financial service center that offers check cashing, simply present your check and proper identification, and you’re on your way. With only a small fee, there are no hidden charges and no holding period. Check cashing is simply a convenient way to get your money, anytime you need it.

But how does it work? What is check cashing doing right? That’s also simple: It is providing the answer to a need in your neighborhood.

In the last twenty years, many banks have become expensive and confusing, able to surprise even the simplest of account holders with hidden fees and charges. There are charges for having too little, for withdrawing too much, for checks you may not use and for services you may not need. While some accept these changes for the security they feel from doing business with a standard bank, others become frustrated by high-minimum-balance checking and overdraft charges.

Many banks have also chosen to abandon many neighborhoods and small communities, leaving the residents of many parts of our cities and towns without many financial service options.

That’s where financial service centers and check cashing come in.

The ability to be in control of your personal finances makes check cashing a viable option for any neighborhood. For those who choose not to use banks, responsible check cashing establishments can benefit the community.

How does check cashing work for you?

Check cashing works for you by providing convenience, comfort, instant satisfaction, and the means to use your funds responsibly. Witch Check ‘n Go’s help, you might just feel good about managing your money again.

Why use check cashing?

In reality, many people use check cashing because typical banks don’t work for everyone. According to a recent Brookings Institute study, while the number of households without a checking account has actually gone down, about 12 million American households still don’t have one. This means that millions of people rely on check cashing to manage their finances.

However, check cashing isn’t just an option limited to those without checking accounts. Many people who decide to use check cashing services have a standard checking account through a bank or credit union.

But, if they are already using a standard bank, why do people have their checks cashed elsewhere?

While there are many reasons why people, even those with checking accounts, choose to use check cashing, one of the largest reasons is convenience. A financial service center offering check cashing is more often open earlier and much later than a bank, some 24 hours a day. These check cashing providers typically don’t take designated ‘bank’ holidays. This means check cashing fits into a busy, demanding lifestyle. Check cashing providers never hold checks or restrict the amount that can be cashed at one time. Once a customer pays a clear, upfront fee, the cash is in hand.

Another convenience of a financial service center is the number of services offered. Check cashing may only be the first step in all the things you can do when you’re there. Customers often cash paychecks, then go on to pay bills electronically, and add funds to a prepaid debit card for later use.

Furthermore, check cashing is clear and transparent about its fees. Hidden fees and overdraft charges can add up and quickly become a problem for those trying to properly manage a budget. With check cashing, you know exactly what you’ll be charged, and it’s only a one-time fee. After that, the cash is yours with no extra fees and no hidden charges. With check cashing, you’ll know exactly what to expect.

When Is Check Cashing Appropriate?

Check cashing is most appropriate for those who are frustrated by their experiences with typical banks or credit unions, and can handle their funds appropriately without the aide of checking or savings accounts. Whether you have had enough of rising fees or simply haven’t been able to get the service you want from your local branch, check cashing is an alternative that might work for you.

Check cashing is an alternate form of money management. As with any other form of personal finance, it will only work when the consumer uses it responsibly and in the right circumstances. Check cashing isn’t for everyone, and you should think carefully before using check cashing as a month-to-month substitute for or addition to standard banking.

Here are few things to consider:

Service Fees
With every check cashed at your local provider, you will be charged a service fee, much like you would with a payday loan. These fees are one-time, flat, and disclosed up front. With check cashing there are no confusing or deceptive charges — just one rate. In most cases, these charges will be less than the cost of an overdraft or bounced check fee at your standard bank. However, these charges will apply each time you cash a check. Consider whether or not you can afford to have that amount deducted from your total each time.

Personal Responsibility
Unlike a checking or savings account, once your check is cashed, the full amount minus the fee is in your hand. It’s up to you to handle it in the most responsible way possible. Most check cashing providers will offer you the option of putting an amount onto a prepaid debit card, or paying your bills in-store. But some may not. Be honest with yourself when considering if you’ll handle your funds responsibly before using check cashing services on a month-to-month basis.

Choose a Trustworthy Provider
As with any alternative solution, there are check cashing providers who strive for honesty and integrity in their relationship with you, and some who do not. It’s very important to know who you’re dealing with when you’re cashing your check. Look for affiliation with industry advocates such as the Financial Service Centers of America (FiSCA) or the Community Financial Services Association of America (CFSA). Make sure you feel comfortable in the store and with the employees. Our check cashing provider guide will help to determine which check cashing provider is right for you.

Are There Check Cashing Guidelines Or Best Practices For The Industry?

Any reputable check cashing provider will abide by certain guidelines, or best practices, in order to provide you with the safest and most satisfying check cashing experience. Knowing what to look for is key to knowing exactly who you’re doing business with, and if they’re the right choice. While we offer our suggestions on how to choose a check cashing provider, as a consumer it’s important to understand what a business should be doing for you.

Here’s what to look for:

Truthful Advertising
The check cashing provider should be clear and honest in all advertisements and signage. All fees should be displayed clearly so there is no guessing what you will be charged.

No Law Conflict
The check cashing provider should operate in accordance with all laws in your state of residence.

Honest Fees
Any fees you are subject to should not be any more than is regulated by state law.

Consumer Education
The check cashing provider should freely provide you with information regarding their practices and services. You should never feel like you can’t ask a question.

Ethical Collections
If the situation calls for collections, it should be conducted fairly in full accordance with state law. There should be no threat of criminal action against the customer.

Encourage for Consumer Responsibility
The appropriate use of check cashing should be reinforced at all times by the check cashing provider. You should never feel like the business is trying to take advantage of you.

What Is Check Cashing All About?

Check cashing is all about choice. It’s about having an option when it comes to financial management. Check cashing is about freedom from fees and confusing practices. Many people find themselves frustrated with mainstream banking. Even more feel helpless when they are hit with fees for services they may not have asked for or known that they were getting. Check cashing is about feeling empowered, because what you see is what you get, every time.

To your local check cashing provider, you’re someone important — someone who deserves to know exactly where his or her hard-earned money is going. That’s why reputable check cashing providers keep their fees up front, literally, on signs that tell you exactly what every service costs.

After the service fee, your check is cashed, and the funds are back in your hands. There’s no approval time and no waiting period, so you get what you need, instantly. Afterward, many check cashers will also give you the option of putting funds onto prepaid debit cards, paying bills, or purchasing other pay-as-you-go items. Your local check cashing provider is your one-stop financial shop. Most are open 24 hours a day, and nearly all have longer, more flexible hours than your local banking branch. Check cashing is available when you need it. Your local provider gives you the ability to access your money when it’s convenient for you.

Get the cash you need – when you need it.

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