No. This is a common misconception when it comes to the financial service industry. Although there are large Check Cashing Franchises and Chain stores that stretch all across the United States, as well as all over the world, many Check Cashing and similar financial service businesses are single store small businesses, with little or no affiliation with other stores other than the fact that they offer similar services. Different stores may have different guidelines as to what types of checks they cash, or what they charge customers. The misconception is largely due to the fact that most check cashing stores are agents for services such as Western Union, or MoneyGram. The large neon signs advertising services like Western Union, MoneyGram, Payday Loans, Money Orders, and Bill Payments, are what help lead to the common misconception that all money service busines such as Check Cashing businesses, are owned by the same company.
FAQ: What are the Check Cashing Laws for my state?
Checkcashingcentral.com is in the process of composing a list of laws relating to the check cashing industry. Checkcashing businesses are regulated on both a state, and federal level. The federal government requires check cashing businesses to register as a Money Service Business, commonly named (MSB), while states tend to regulate the fees that check cashing busineses may charge, as well as other aspects of their everyday business practices.
FAQ: Do Check Cashing Business charge outrageous fees?
There is a common misconception that the financial service industry charges their customers extremely high fees for their services. The fact is, this notion is far from being true. In many cases, the fees that check cashing business charge are even lower than what banks and traditional financial institutions charge for check cashing services to their non-customers. Furthermore, the competition among competitors in the check cashing industry in recent years has driven down fees dramatically, and the vast majority of the fees that check cashers charge for cashing checks are well below the fee limits that states put these businesses.
FAQ: Why do People use Check Cashing Stores instead of Banks?
People who use Check Cashing Businesses are often referred to as the "unbanked". This term is highly misleading due to the fact that studies have shown that upwards of 70% of people who have used Check Cashing and similar financial services businesses also maintain a checking acconts. People use Check Cashing businesses because of their convienienet services and hours above all other reasons. Browse our online catalog, then phone or fax in your order. We'll have it ready for you to pick up, or delivery is available within a 5 mile radius of the store.
