Payday Loans and Fast Cash Guide | Save Money With Check Cashing

Save Money With Check Cashing

Not having a bank account sucks, but with a few tips you can make check cashing work for you without breaking the “bank”.  There are dozens of check cashing locations in every town, and they’re usually centered around the downtown and working class neighborhoods.  They figure that these are going to be the places that will draw the highest traffic of people that are stuck without traditional finances.  There are tons of reasons why you wouldn’t have a checking account, and check cashing stores (and I) don’t care what your reasons are.  I just want to show you how to not get ripped off by them!

The good thing about there being lots of check cashing places in your town is that you have the option to shop around.  Their rates can vary from 2% all the way up to 8% or 10%.  If you live somewhere that has more than a few in close proximity, be sure to call ahead to check what their rates are before hitting the road.  The difference between 2 and 8 percent on a $1000 check is $60!  That’s enough to make anyone spend a few minutes finding the best rate.

After you find a check cashing service that won’t rip you off, stick with them!  Check cashing fees generally go down after you have been using a company for a while.  Most of them will have a higher introductory rate, and from there it goes way down.

Also, some check cashers use different rates for the amount that you cash.  They’ll charge higher rates for smaller checks, so if you’re only cashing a small check it might be a good idea to hold on to it until you can cash more (if that’s at all possible).

Don’t forget that banks cash checks as well.  If you’re cashing your paycheck look at the front to see what bank your employer uses (Bank of America, Wells Fargo, etc.) and go there to get it cashed for cheap.  I know that Wells Fargo only charges $5 for each check that you cash that is from one of their account holders, just be ready for a sales pitch about opening an account.  If you can do that, you’ll save a ton in cashing fees.

Even if you don’t have a bank account you still have the choice to save money when getting cash.  Spending a few extra minutes to figure out where to cash your checks can save you a ton of money down the road.

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