Check cashing is taking a big bite out of your bottom line
There are approximately 20 million unbanked Americans in the United States. Many have chosen alternative financial options when it comes to check cashing, loans and other financial services.
Many of these people believe that check cashing is cheaper than cashing checks at a traditional bank. Recent studies that tracked fees that an average unbanked consumer spends on cashing checks, including pay checks, found that a person making between $20,000-$30,000 a year, pays between $800.00-$900.00 in check cashing fees annually.
A basic checking account would have most likely cost the average unbanked consumer as little as $220.00 in fees. Also using direct deposit may reduce or even eliminate all fees. Using check cashing instead of a bank is like giving away one to three paychecks a year.
Keep your hard-earned money and find out how we can help you find better service and better savings at a St. Louis bank.