While check-cashing services are convenient, they often charge higher fees than other alternatives. However, prepaid cards may also come with transaction fees, monthly fees, and ATM fees depending on the card. Prepaid cards are similar to gift cards, in that money is stored on the card, which you can then use to make purchases at retailers and online. In some cases, a check-cashing service may also offer customers the choice between a prepaid card and paper money. You may be offered a prepaid card instead Most check-cashing services also have a minimum fee of at least $3. This process typically only takes a few minutes.Ĭheck-cashing services typically charge a percentage-based fee, ranging from around 2% to 10% of the value of the check.
When you visit a check-cashing service, you’ll hand your check over to the employee at the store, and they’ll exchange it for cash. Some common check-cashing companies include:Ī simple Google search will help you to find a check-cashing service near you. Some check-cashing services are even open 24/7, making them an accessible alternative for people who work long hours or who need cash fast. Sometimes, you will find one located inside of major retailers, like Walmart. They tend to be located in areas that may be underserved by traditional banks. The next step is to grab your check and visit a check-cashing service location. Once you have a check in hand, it is time to take the next step. If you receive a paycheck, a check from the government, or a personal check from a friend (or acquaintance), a check-cashing service can help you to exchange the check for cash. There are several reasons why you might need to cash a check with a check-cashing service. Generally, you should follow these steps: 1.
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How to cash a check with a check-cashing serviceĬashing a check through a check-cashing service is very simple. Pros and cons of using check-cashing services.Why do people turn to check-cashing services?.How to cash a check with a check-cashing service.Loan Payoff Calculator: How Quickly Can You Repay Your Loan?.Auto Loan Interest Calculator: Monthly Payment & Total Cost.
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