Are Check Cashing Fees Worth It?

0
216

It might be costly to cash a check at a location other than a bank. However, the Federal Deposit Insurance Corporation estimates that 8.4 million families in the United States were unbanked in 2017.

Check-cashing services are available from a number of merchants like your nearest check cashing store and payday lenders, although they usually come with a cost. Other solutions, depending on your position, can help you save money.

Using the Issuing Bank to Cash a Check

If you don’t have a bank account, the most cost-effective way to cash a check is to go to the bank that issued it. This is because, unlike other parties, the bank can determine whether the funds are available to cash the check right away.

As a result, certain financial institutions will not charge you a fee for this service. On the other hand, other banks may impose a flat fee or a percentage dependent on the size of the check. So, before you go to a local branch, make sure you understand the bank’s policies.

Cashing a Check at a Retail or Grocery Store

Check-cashing services are available at many retail and supermarket stores, and the rates are frequently lower than those charged by a payday loan store. If you’re thinking about cashing your check at a store, keep in mind that they usually have some restrictions.

Using a Prepaid Debit Card to Deposit a Check

If you can’t be authorized for a checking account, you might be able to get a prepaid debit card instead. Rather than being attached to a bank account, these cards allow you to load money onto them through direct deposit, check deposits, cash reloads, and other methods.

A check can usually be deposited onto the card via the card’s mobile app. Some cards, however, levy a fee if you need money right away.

Many prepaid debit cards impose monthly maintenance costs, transaction fees, and ATM withdrawal fees in addition to potential fees for mobile check deposits. Before you apply for one, make sure you read the fine print.

Payday Loan Stores: Cashing a Check

Payday loan stores are widely available, making them one of the most convenient methods of cashing a check. They are, however, typically the most expensive approach. Fees are usually calculated as a percentage of your check rather than a set cost, so the larger your check, the more you’ll pay.

However, until you visit a local store, it can be difficult to know how much you’ll pay. Few payday lenders publish their check-cashing rates online, and if you call to inquire, you may be directed to a local store.

As a result, if at all possible, avoid cashing checks at payday loan establishments.

Check Cashing at Atlantic Check Cashing Store

For check cashing store loans or cashing a check, you can directly make a visit to Atlantic Check Cashing Store. They offer immediate cash without making any delay. You can pay a nominal fee and take away cash without any hassle.