What exactly is a check cashing service? A check cashing service may be refered to as a company that will cash checks for a fee. Since check cashing turned into a million dollar industry banks have been trying to enter the market, too. With direct (electronical) deposit, there are many banks that will offer to quickly cash checks without asking for a fee. The main difference between a bank and a check cashing service however, is that the service offered by a check cashing company often also doubles as a short-term loan institution – practically offering money in advance of a paycheck for a significant percentage of the paycheck (usually between $10 and $18 per $100 borrowed).
With these fees in place the check cashing service, whether through advanced short-term loans or through percentage of the checks it cashes, makes profit on each cashed check. Don’t be mistaken, you will still need to provide personal identification (Name, Address, Phone, SSN, Drivers License, etc.) , and the check cashing service may not accept your personal checks – just paychecks from your employer as an example. Some companies offer direct deposits into your bank account or offer a debit card where the money is loaded onto an ATM card and can be picked up by you at any ATM that is part in a certain financial network. Please be aware that if you don’t make a lot of money, it may cost you about the same to cash checks in a month as it would to pay bank overdraft fees.
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