The best check cashing places you can approach

Posted on Feb 11, 2019 in Uncategorized

When you are having the check for the amount you are entitled to receive such as your pay or the payment for the goods and services provided by you, it is as good as having cash on hand. But, this is when you approach the nearest check cashing place operated either by an independent service provider or a franchise service provider.

The independent and franchise check cashing places

The independent check cashing services help you to get the cash you are in need of once you endorse the check and pass it on to the service provider. Here he is the boss and the single deciding authority. The process of getting cash, therefore, is simple and quick. The major disadvantage, however, is that fraudulent services providers might operate near you. However, if the nearest check cashing place is one that is a franchise, they would abide by the regulations strictly and would follow a systematic procedure as laid down by the franchise which would make their operations legal and smooth. When you approach them for the cash, there is less chance for you to be disappointed.

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Paying for check cashing services

Assuming that this post helped you to understand the difference between the two major types of check cashing services, it is better for you to learn about how the fee would be charged for providing instant cash. There are two methods that are prevalent irrespective of whether they are independent or franchise check cashing places. The two types of a fee include

  • Flat rate– This refers to a fixed amount that would be charged for every check-cashing The flat rate, however, would increase depending on the check cashing amount in the form of slabs.
  • Percentage rate– This refers to the fee being charged as 1-2% of the amount that is in the check that is to be cashed.

Since the independent check cashing businesses do not have to pay the franchise fee and the establishment charges are less than that of the franchise, the fee charged by independent business houses would be less.

Hope this post helped to you learn about the types of check cashing businesses and their costs.