When it comes to cashing your checks, you can do so with a bank or use a check-cashing service. A check-cashing service offers some advantages over a bank when it comes to cashing your checks and dealing with your finances.
Reason #1: Upfront Fees
One of the biggest reasons to work with a check-cashing service is because they have upfront fees. When you go in to cash a check, they will have clear terms posted for cashing your check. You are going to know precisely what you will have to pay to cash the check.
With a bank, you are generally not charged for cashing a check. However, you are charged lots of other fees that are not always upfront. You are charged fees for things such as overdrafts, bounced checks, and insufficient balances. You may also be charged for account maintenance. Many of these charges are unexpected and can be very large.
With a check-cashing business, you are charged certain fees upfront, and with a bank, you may be charged other fees on an ongoing basis.
Reason #2: One-Time Transaction
With a check-cashing service, you are engaging in a one-time transaction. You are not required to enter a long-term contract with the check-cashing service like you are when you cash a check at a bank. When you work with a bank, you have to open up an account and have an ongoing relationship. You will have to maintain a certain bank account balance to avoid fees and ensure a positive account balance.
Not having to maintain an ongoing relationship can be an advantage. You can take your business to whatever check-cashing service you want to work with and change who you work with when you need to.
Reason #3: Personal Attention
With a check-cashing service, you will get personal attention. You are not just an account number. You are an individual person, and the check-cashing service understands that when you need to cash a check, you need that money right now, not in 24-hours after the check clears. You will get all the money owed to you, minus the clearly stated fees, during that one transaction. They will take the time to validate your identity is the same as the name on the check and complete the whole transaction right there. You will not have to wait hours or days for the check to be verified and for you to get your funds. You will get the money you need right away.
When you work with a check-cashing service, you will know upfront what fees you will be charged, your entire transaction will be taken care of during your visit, and you will not be required to enter into a long-term relationship with them. You will not face unexpected fees or await your funds as you do with a bank.
Contact a check-cashing service in your area for more information.