This is the age of “convenience banking.” It is easy to go online to pay your bills and deposit checks using nothing more than your cell phone. Sounds good if you have a bank account, but the truth is, many Americans do not.
One in three Americans does not have a checking or savings account. Fortunately, for these people, and other people that lack time to visit their bank, there is a check cashing services. Not only does a check cashing service cash checks, but they also handle utility bill payments and issue money orders, offer currency exchange, and more. Many of the services that are offered are little different from what you might expect at a bank. One thing they do not offer, however, is a checking or savings account.
Reasons for Using Check Cashing
If you have a bank account and you take a check in for cashing, they do not charge a fee. However, the bank will most certainly encourage you to deposit the proceeds, and at many banks, this is a requirement.
Cost: Check cashing companies charge a small fee for their services. Many people are unaware that banks too charge fees; they just do subtly. Banks charge fees for account maintenance, overdrafts, and ATM fees. Check cashing companies offer money orders and pre-paid debit cards at a rate better than banks, and, you get your money on the spot. With a bank, you may have to wait a couple of days for the check to clear before you see the cash.
Service: Companies that cash checks are far more customer oriented than a typical bank. These companies make their money by providing excellent service. Certainly, banks have tellers, but they are under considerable pressure to process customers. As a result, they have little time to get to know you.
If you need check cashing, use the services of any branch office of West Suburban Currency Exchanges. To find a location near you, visit www.wsce.com/check-cashing/
