According to Consumerist.com, the legally allowed fees for check
cashing services range from 1% to 3% of the check amount, depending on
state law. Nobody should doubt that some check cashing business charge
much more than the legal fees. Millions of Americans do not have a
checking account, so they are eating up their income with fees.
Walmart recently went into the check cashing business. According
to an article on 8/9/2011 in www.dailyfinance.com, Walmarts fees are $3
for a check, less than $1,000. Walmart may not offer this relatively
inexpensive service in all states.
For most people, there is little excuse for not having a checking
account, particularly when many banks offer free checking for customers
who keep a minimum balance, which may be as low as $1,000.
Law Offices of Robert M. Singer, LLC
2572 Whitney Avenue
Hamden, CT 06518
203-248-8278