How do check cashing places work?

[GoldenBear]

Do you give them the check, some ID, and they give you money?

 

[StageLeft]

Basically, and they charge you a ridiculous interest rate. Unless you are literally about to be evicted never ever use services like this. They bend you over a barrel and when they've had a go they do it again!

 

[veryape]

They cash it for you and take a few bucks off the top.

 

[Infos]

You left out the part about having to bend over

Better to cash at the bank the check is drawn on if possible

 

[Sluggo]

Some will let you cash checks without an official ID, but of course you get raped on fees, anywhere from 10-20%.

 

[Mo0o]

<<
Better to cash at the bank the check is drawn on if possible >>


i think that forgoes the point of check cashing. they do'nt cash the check in until payday because they're assuming you got nothin in the bank

 

[Emulex]

check cashing places cash your checks without proper id, or after hours and weekends where as banks may be closed. By presenting a check to the bank it is drawn on, you can get money with (1 or 2) forms of proper id, and typically fingerprint if you don't bank there.

 

[Miramonti]

basically its expensive money, but if you gotta have it right away it may be worth it.

 

[CJZ]

Check cashing places are basically where poor people go to get ripped off. They charge ridiculous fees to people who have no other way to cash their checks. These people can't get access to a banking account for one reason or another (banks are only opened while they are at work, they don't qualify for an account, etc.). Some people who are not poor use these services for emergencies but it's usually a one time thing.

A lot of check cashing stores don't even require ID's to cash checks. A friend of mine had a money order he sent to a Eb@y scam artist cashed at one of these places. It was impossible to track the guy down.


CJZ

 

[Nitemare]

Did it once..you give them a copy of your check..they let you borrow 150 bucks for 2 weeks then have to pay it back in two weeks plus interest of like 2500%, no sh!tting you. The actual interest rate appears on the contract. So the 150 for 2 weeks costs you about 200 or so.

That is why in NC, the state hasn't renewed their license to loan out money yet.

 

[RossMAN]

They charge you a ridiculously high interest rate in exchange for cashing your check, it's not worth it.

Instead it's better to go to your bank and cash the check there because it's FREE or get direct deposit (if it's an employers check).