Have a friend that owns 3 of these places. Guy has more money than G O D
I could understand everyone's thinking. but they do have to cash their Checks somewhere. get their Money Orders, pay Bills
There are a Ton of people that Don't have Bank accounts, or just can't get one. So they need to cash those Checks.
My friend told me a story many years ago....
He had plenty of regular customers, and one day this old lady said to him, you need to help me.
My daughter gets her Check each month and because she doesn't have proper ID to cash her checks at his place of business, she goes to a guy that has a Crack Den and buys the check off of her ( don't know how he cashes them ) but he must have some type of scam.
Anyway.. she goes to him and she gets screwed on the Check, plus the mother is worried that the daughter is doing Drugs
My friend helped the daughter get a State ID from DMV ( she didn't drive or own a car )
so the Daughter get to cash her check at the Cash checking place.
I know this is not the Norm, and there are some Fuked up stories about Cash checking places. But they Need to cash their Checks.
I should have been clearer, it is primarily a payday loan place, that also does check cashing.
you don't need a bank account to cash a check. you just need to present it at the issuing bank. if the payer of the check has sufficient funds, the cash is yours.
100% right... wasn't thinking about that because haven't had a Normal job since my Teens
But I have seen people in line at the Bank cashing their Pay checks.
I was thinking more on the lines of welfare and SS checks
I was asked last week to invest a check cashing business. The location and opportunity are really outstanding, but I turned down the opportunity because I said, "I am not interested in a business that takes advantage of the disenfranchised or downtrodden." I have always been steadfast in not getting involved in certain types of business that take advantage of people. Granted that is my perception.
I dont see anything wrong with a check cashing business, the pay day loans I feel do take advantage of people. But... no one is forcing those people to take the loans. They are voluntarily walking through the door and signing their names themselves. They could go other places for money. Pawn shop, borrow, cc.. etc. Its not the only option out there....I do know they deal with a lot of fraud
You are technically correct, but I feel most wind up there because they have no alternatives.
you don't need a bank account to cash a check. you just need to present it at the issuing bank. if the payer of the check has sufficient funds, the cash is yours.