Avoid Check Cashing Companies - Video

 

Summary: Using check cashing companies can be a big financial mistake. Here's why.

The following is the transcript of the video:

Take a look in any town, large or small, and you can find all sorts of places that offer to cash checks for you, without a bank account. They advertise that they are "quick and easy," but using them is not necessarily a good choice.

Essentially check cashing companies charge you an exorbitant fee for turning your check into money. People may think this is the only option if you don't have a bank account somewhere, but think about it for a moment. Why should you pay someone a high fee so they can cash a check for the money that you made? What is the point?

Remember that you can always go to the bank on which the check is drawn and they have to cash it for you, even if you don't have an account there. You'll probably need two forms of identification, but for most people that's not a problem.

Avoid check cashing companies at all costs because it's not worth a chunk of your paycheck when you have such an obvious alternative solution to getting your money. You earned that money so you should keep as much of that money as possible.

For a longer tip related to this subject, see Avoid Check Cashing Companies

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