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What's with "cheque cashing" services?

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No Lifer
I was in the bank and some guy came in in his company vehicle and wanted his cheque cashed. There was a $3 fee. I see this stuff all the time. Don't these people have a bank account at a bank that they can cash cheques with? Are these services for people without bank accounts...? And why don't employed people have a bank account?!
 
you know, even if you don't have an account, usually most BofA's will cash your check for you provided that you have a driver's license..

the check cashing places near my house take like 5% or something with a $5 fee... ripoff (i went there thinking it'd be free or it'd just cost a buck or something)
 
Was he hispanic? I know around here most of the Mexicans keep their money in their houses... every week on payday the banks are packed with people cashing their checks. I think I've read that they're afraid us Americans will steal their money if we put it in a bank. So they think it's safer to have a couple grand laying under the couch cushion at home.
rolleye.gif
 
Originally posted by: Mutilator
Was he hispanic? I know around here most of the Mexicans keep their money in their houses... every week on payday the banks are packed with people cashing their checks. I think I've read that they're afraid us Americans will steal their money if we put it in a bank. So they think it's safer to have a couple grand laying under the couch cushion at home.
rolleye.gif
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Nope he was a white guy. So these check cashing people at banks are for those without bank accounts?
the check cashing places near my house take like 5% or something with a $5 fee... ripoff (i went there thinking it'd be free or it'd just cost a buck or something)
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That's seperate - that's for people who have not actually gotten paid yet and the place lends them the money in the meantime. "Money till payday", but what I"m talking about is getting your check cashed at a bank or at the local super market or something.

 
Skoorb, if they cant save it defeats the concept of having a bank account. They pay for the convenience of getting $ immediately.

Its the old concept of the rich get richer.

-PAB
 
It's sorta like that at my work. Every payday, a cash truck rolls in to work where people can get their checks cashed. Ive yet to see any white or asian people cashing their checks at this truck. The truck charges like $5 to cash the check, and the fee rises depending on how much money is going to be cashed from the check
 
Originally posted by: MaxDSP
It's sorta like that at my work. Every payday, a cash truck rolls in to work where people can get their checks cashed. Ive yet to see any white or asian people cashing their checks at this truck. The truck charges like $5 to cash the check, and the fee rises depending on how much money is going to be cashed from the check
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So these people you work with don't have bank accounts? To me not having a bank account is like not having a toilet or running water. I can think of almost nothing stupider than going through life without a bank account. I suppose that if you are unable to save anyway it's not so needed, but $3-5 to cash a check is bank fees anyway. If you don't have a bank account you might as well live out of a trash can! :Q
 
Originally posted by: Skoorb
Originally posted by: MaxDSP
It's sorta like that at my work. Every payday, a cash truck rolls in to work where people can get their checks cashed. Ive yet to see any white or asian people cashing their checks at this truck. The truck charges like $5 to cash the check, and the fee rises depending on how much money is going to be cashed from the check
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So these people you work with don't have bank accounts? To me not having a bank account is like not having a toilet or running water. I can think of almost nothing stupider than going through life without a bank account. I suppose that if you are unable to save anyway it's not so needed, but $3-5 to cash a check is bank fees anyway. If you don't have a bank account you might as well live out of a trash can! :Q
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They probably do.

-PAB
 
I saw a sign in Regions that I thought said that they charge you $6 to cash a check if you have an account and $12 if you don't. With them you get a service fee no matter what. It could have been a sign for something else though.


: ) Amanda
 
Originally posted by: ohtwell
I saw a sign in Regions that I thought said that they charge you $6 to cash a check if you have an account and $12 if you don't. With them you get a service fee no matter what. It could have been a sign for something else though.


: ) Amanda
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Hmm, so is there a difference between depositing a check and waiting for it to clear (a day or two) and going to your bank and saying you want the cash now?

 
Originally posted by: Skoorb
Originally posted by: ohtwell
I saw a sign in Regions that I thought said that they charge you $6 to cash a check if you have an account and $12 if you don't. With them you get a service fee no matter what. It could have been a sign for something else though.


: ) Amanda
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Hmm, so is there a difference between depositing a check and waiting for it to clear (a day or two) and going to your bank and saying you want the cash now?
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Just about. Ever wonder what happens if you cash a $10,000 check that bounces?

-PAB
 
I can understand stores & the like charging fees, they're there to sell things - Not play BofA. They take a lot of risk in cashing checks, plus it takes their time.

But banks charging check cashing fees, especially for account holders, is ridiculous.

Viper GTS
 
I love direct deposit, the only drawback is it tends to produce a sense of detachment - There is no real association between work & pay.

I show up at work every day, the money automatically appears.

Viper GTS
 
Originally posted by: Viper GTS
I love direct deposit, the only drawback is it tends to produce a sense of detachment - There is no real association between work & pay.

I show up at work every day, the money automatically appears.

Viper GTS
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That's true. It is a bit detaching...
 
Originally posted by: Skoorb
Originally posted by: Viper GTS
I love direct deposit, the only drawback is it tends to produce a sense of detachment - There is no real association between work & pay.

I show up at work every day, the money automatically appears.

Viper GTS
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That's true. It is a bit detaching...
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Don't you automatically also still get a "fake paycheck" where it shows how much you made 😀 , and how much you lost in taxes? :|
 
Don't you automatically also still get a "fake paycheck" where it shows how much you made 😀 , and how much you lost in taxes? :|
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Yeah I get pay stubs but it's just a stub, not a real check!
 
I use direct deposit too. As well as auto debits. Money comes in, money goes out, most of it doesn't even touch my hands. :Q
 
Originally posted by: Gobadgrs
Originally posted by: Skoorb
Originally posted by: Viper GTS
I love direct deposit, the only drawback is it tends to produce a sense of detachment - There is no real association between work & pay.

I show up at work every day, the money automatically appears.

Viper GTS
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That's true. It is a bit detaching...
Click to expand...

Don't you automatically also still get a "fake paycheck" where it shows how much you made 😀 , and how much you lost in taxes? :|
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I do, but it gets opened only to check how much PTO I have accrued. Then it gets tossed in the desk like the 20 other "checks" I have collected.

Viper GTS
 
Originally posted by: Gobadgrs
Don't you automatically also still get a "fake paycheck" where it shows how much you made 😀 , and how much you lost in taxes? :|
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I do.

 
I know several people who have never had a bank account and never will. They do everything by cash. The reason for this is that they don't want the government to know where they are. They work in an all cash business and would prefer the government not know what they do, where they live and the like.
 
Direct Deposit rocks, I didn't have it until I started working for this bank 8 years ago.

Even though I had told my sister how awesome direct deposit was, she couldn't be bothered with calling her payroll department and having it setup (took a whopping 5 mins, she must be a lazy ass like me). Well after she finally set it up, she agrees that it rocks.

I had always assumed that 99% of the population has a regular checking and savings account, boy was I wrong. Even though I work with people who are supposed smarter than the average Joe or Jane. Most of these people pay their bills with a MONEY ORDER, yes a MONEY ORDER! They stand in line at the post office while I'm trying to mail off $500 in rebates via USPS certified mail they're getting a MONEY ORDER for $30 to pay their freakin' phone bill! If they had a clue and a computer and an ISP and a credit card with perks they'd pay their bills online using their cc racking up those perks. ARGH! MONEY ORDER! So I guess not everyone has a traditional checking and savings account.

It's spelled CHECKING not CHEQUE, repeat after me ... this is America not the Commonwealth ....

😛
 
Originally posted by: RossMAN
Direct Deposit rocks, I didn't have it until I started working for this bank 8 years ago.

Even though I had told my sister how awesome direct deposit was, she couldn't be bothered with calling her payroll department and having it setup (took a whopping 5 mins, she must be a lazy ass like me). Well after she finally set it up, she agrees that it rocks.

I had always assumed that 99% of the population has a regular checking and savings account, boy was I wrong. Even though I work with people who are supposed smarter than the average Joe or Jane. Most of these people pay their bills with a MONEY ORDER, yes a MONEY ORDER! They stand in line at the post office while I'm trying to mail off $500 in rebates via USPS certified mail they're getting a MONEY ORDER for $30 to pay their freakin' phone bill! If they had a clue and a computer and an ISP and a credit card with perks they'd pay their bills online using their cc racking up those perks. ARGH! MONEY ORDER! So I guess not everyone has a traditional checking and savings account.

It's spelled CHECKING not CHEQUE, repeat after me ... this is America not the Commonwealth ....

😛
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I pay all my bills electronically with the sole exception of my rent. I pay that with a money order, as I have never written a check in my life & I don't intend to start now.

I have had both a checking and a savings account for 10+ years, but have never owned a checkbook.

Viper GTS
 
Originally posted by: Skoorb
Don't you automatically also still get a "fake paycheck" where it shows how much you made 😀 , and how much you lost in taxes? :|
Click to expand...
Yeah I get pay stubs but it's just a stub, not a real check!
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Speaking of checks and jobs, how did Mrs. Skoorb's job interview go? Is she able to get anything closer than 5 hours away?
 
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