Why Check Cashing Works
When it comes to dealing with finances, most individuals and businesses rely on the help and expertise of a bank. However, these well-known establishments may be the expert in financial services. Check cashing companies, such as Rite Check, may actually have what it takes to be a better solution for your personal and business financial needs, and here’s why:
Most people claim that using a check cashing service is more expensive than using a bank, but in reality, it’s not. Yes, check cashing services like Rite Check do charge fees for services, but when you put this in comparison to fees from banks—maintenance, service, and overdraft—you could end up saving yourself money in the long run.
University of Pennsylvania professor Lisa Sevron used Rite Check to find out if some negative perceptions of check cashing are true. Business Insider interviewed her to get her story.
“The Rite Check she worked at charged $1.50 to pay a bill, $0.89 to buy a money order, and roughly 1.95% — as regulated by state law — of the face value of a check to cash it. These small fees add up, but they often paled in comparison to the unexpected charges, maintenance fees, and overdraft fees customers had experienced at banks. The rate for money orders is cheaper than at most banks, which commonly charge $5 to $10.”
Face it. Today’s smaller community banks are being bought out by larger banks that aren’t as focused on the service that once was. Employees may not be dedicated to one branch, which makes it hard for them to learn about their customers. At places like Rite Check, customer loyalty is important for business, so many of these locations offer better personal and customer service.
When you bank, it seems as if there are fees for everything, and you’re never sure when or how much you’ll be charged. For instance, an overdraft fee may be $36 and then bump up to $40 the next year. A convenience fee at one ATM may be $2.50 while it may be $5 at another. With Rite Check, all fees are posted on signage throughout every lobby, so regardless of if you head into our South Bronx or our North Bronx store, you’ll know what you’re paying and why.
Another observation from Sevron to Business Insider was the check cashing business honesty and meeting customer needs compared to banks. “Servon was surprised by what people told her. Over and over, Servon heard and observed that check cashers often met customers’ needs better than banks did.”
Instead of relying on your bank for personal or business financial needs, choose a check cashing company like Rite Check instead. After all, doing so can provide you with more money in your pocket, better service, and less of a headache when it comes to determining where your money is going. We have convenient locations throughout the New York metro area, so be sure to find the location that’s closest to you and stop in today to see how we can help.