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09.24.2020 / Lifestyles « Back to all articles

The Benefits of Cheque Cashing Services
The Benefits of Cheque-Cashing Services

There are many ways to cash a cheque. The more traditional option requires having a bank account. You can then deposit the cheque in person at a bank or even electronically via an app. Another common option is to rely on cheque cashing. There are pros and cons to using this service and it’s important to consider each one before making a decision. 

 

Why use cheque cashing services? 

There are many reasons people gravitate toward cheque cashing services. Here are some of the perks that make it better than traditional banking options. 

 

1. No Bank Account 

Not everyone has access to a bank account. Some people choose this route by choice and others simply cannot meet the requirements to open a bank account. If you fit into this category, cheque cashing helps ensure that your “unbanked” status does not restrict access to your money. 

 

2. No Banking Fees 

Cashing a cheque at your local bank is free. Unfortunately, maintaining a checking and savings account rarely is. Big banks tend to charge maintenance fees, especially if you fail to meet certain deposit requirements. There are no ongoing maintenance fees at cheque cashing businesses. Instead, you pay as you go. 

 

3. Faster Access 

Even when customers can deposit a cheque via an app into their accounts, banks rarely allow immediate access to the money. They might still have to wait several hours or even several days for the money to clear. You get immediate cash at a cheque cashing business. 

 

4. Convenience 

When you don’t have a bank account, cheque cashing services offer the same convenience that ATMs hold for cardholders. Because not all establishments take cheques, it is so much easier to get money fast and make your purchases hassle-free. 

 

10.29.2020 / Borrowing

How Soft and Hard Inquiries Affect Credit Scores Differently
A good credit score works in your favor when you're seeking out lending, whether for a mortgage, a new vehicle, or…

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09.24.2020 / Lifestyles « Back to all articles

The Benefits of Cheque Cashing Services
The Benefits of Cheque-Cashing Services

There are many ways to cash a cheque. The more traditional option requires having a bank account. You can then deposit the cheque in person at a bank or even electronically via an app. Another common option is to rely on cheque cashing. There are pros and cons to using this service and it’s important to consider each one before making a decision. 

 

Why use cheque cashing services? 

There are many reasons people gravitate toward cheque cashing services. Here are some of the perks that make it better than traditional banking options. 

 

1. No Bank Account 

Not everyone has access to a bank account. Some people choose this route by choice and others simply cannot meet the requirements to open a bank account. If you fit into this category, cheque cashing helps ensure that your “unbanked” status does not restrict access to your money. 

 

2. No Banking Fees 

Cashing a cheque at your local bank is free. Unfortunately, maintaining a checking and savings account rarely is. Big banks tend to charge maintenance fees, especially if you fail to meet certain deposit requirements. There are no ongoing maintenance fees at cheque cashing businesses. Instead, you pay as you go. 

 

3. Faster Access 

Even when customers can deposit a cheque via an app into their accounts, banks rarely allow immediate access to the money. They might still have to wait several hours or even several days for the money to clear. You get immediate cash at a cheque cashing business. 

 

4. Convenience 

When you don’t have a bank account, cheque cashing services offer the same convenience that ATMs hold for cardholders. Because not all establishments take cheques, it is so much easier to get money fast and make your purchases hassle-free. 

 

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

10.29.2020 / Borrowing

How Soft and Hard Inquiries Affect Credit Scores Differently
A good credit score works in your favor when you're seeking out lending, whether for a mortgage, a new vehicle, or…