The purpose of a check cashing store is relatively straightforward - people endorse personal or business checks made out to them and receive cash in exchange for a small fee. However, most check cashing stores offer much more than just a way to access money quickly.
From prepaid cards to international wire transfers, many check cashing stores offer a variety of convenient financial services for their customers. Here are just five:
1. Money Orders
One of the most popular additional services offered by check cashing stores is the issuance of money orders. Money orders are essentially guaranteed checks. They can be used for variety of purposes, from paying bills to sending money securely through the mail.
Some customers even prefer to use money orders instead of using personal checks from their bank accounts. This is because doing so enables them to keep their financial information private when sending money to people or entities they don’t know.
Another benefit of getting a money order from a check cashing location is that the cost of this service is typically lower than obtaining a cashier's check from a traditional bank. Many check cashing outlets provide money orders for less than $1 each. Money orders are usually purchased with a debit card, cash, or even a traveler's check for a face value up to $1,000.
If customers need a money order for more than that amount, they can purchase multiple money orders to make up the entire amount needed. Unlike cash, money orders are traceable. The money order issuer keeps track of when - or if - the money order has been cashed. This helps to reduce fraud.
2. Prepaid Cards
Another popular service offered by check cashing locations is the sale and reloading of prepaid debit cards. Prepaid cards can be used for a variety of purposes, including receiving direct deposits from employers and government agencies, withdrawing cash at millions of ATMs all over the country, and making everyday purchases at a variety of retailers.
The cards can be purchased on the spot at a check cashing location. A temporary card is typically issued while the customer awaits the arrival of a permanent card in the mail.
Prepaid cards are accepted all over the world anywhere Visa or MasterCard are accepted. Additionally, prepaid cards are safer than carrying cash. They are backed by cardholder protections and can be instantly cancelled in the event that they are lost or stolen.
Many prepaid cards also come with money management tools, such as text alerts and mobile apps. These features keep card holders updated on their transaction history as well as the available card balance.
3. Payday Loans
In addition to providing a quick way to cash payroll checks and selling low-cost money orders, most check cashing stores also offer consumers the opportunity to apply for payday loans in times of need. If customers find themselves in need of emergency cash, visiting a check cashing location may be the best option.
Payday loans are usually based on the customer’s gross income as evidenced by paychecks or financial statements, and the loans have a short time frame for repayment. Customers can apply for a loan right in the store and be informed immediately whether they are approved or not.
After approval, customers can usually walk away with cash the same day. This can be a lifesaver for those who need to pay a bill before their next paycheck. Additionally, payday loans can be a resource when people encounter other urgent financial situations.
4. Wire Transfers
Another popular service offered by check cashing locations is wire transfers. These transactions are typically facilitated through a third party. This allows customers to send money both domestically and internationally with ease.
Wiring money through a check cashing location is not only convenient, it is also fairly quick and very affordable as well. By utilizing international payment gateways, customers can easily send money to family and friends anywhere in the world. The recipient can easily pick up the money that is waiting for them.
5. Tax Preparation
In recent years, some check cashing companies have also expanded their list of services to include tax preparation. By providing access to professional tax preparation, check cashing companies offer customers the ability to complete nearly all of their financial transactions in one location. This can save customers time as well as frustration.
Getting taxes prepared at a check cashing location that the customers are familiar with may help reassure them that their important tax information is being handled with care. Some check cashing companies bring in certified tax professionals for the few months of tax season. Additionally, customers have options such as refund anticipation loans and having tax refunds loaded directly onto a prepaid card, securing their funds up to two days sooner.
Gone are the days where check cashing stores were only used on payday for employees to get access to their funds faster. The modern check cashing store offers a variety of services, some of which have not even been discussed here. For more information, contact your local check cashing location to learn about their complete list of services.
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