From Checks to Cash: The Basics of Check Cashing Services

The idea of using and issuing check has gotten a notch higher. Now, people are no longer required to head to banks to have the check cleared, deposited, or encashed to the individual whose name bears it. A growing industry that offers check cashing services is now gaining ground to help people have a quick … Continue reading “From Checks to Cash: The Basics of Check Cashing Services”

The idea of using and issuing check has gotten a notch higher. Now, people are no longer required to head to banks to have the check cleared, deposited, or encashed to the individual whose name bears it. A growing industry that offers check cashing services is now gaining ground to help people have a quick access to cash when a check has been issued. The money service industry has gotten larger and this is one of the latest additions to the range of services one can avail.

So, how does this check cashing system work?

Well, it is relatively simple. A person whose name appears on the check can go directly to any of these check-cashing providers. The business will then have to make the necessary verification of the identity. The person may be asked to provide at least two identification cards and/or a bank account. Upon verification, he will be asked to endorse the check and the business will then deposit the amount, less all the deductions and processing fee directly to the bank account. Most of the check cashing business also offer affiliate businesses such as payday loans, bill payments, and money order cashing. The processing fee may vary and some check cashing enterprises may likewise impose a minimum amount.

Advantages of using Check Cashing Services

• This method is advantageous to people who do not have any existing bank accounts. As banks tend to be relatively stricter in handing out cold cash, having to endorse the check to a legitimate business would be more convenient.

• Queues in banks can be extremely time-consuming. Having to spend the entire morning at a bank is not only inconvenient but would require so much effort especially for those who work during banking hours.

• You can have quick access to your money even on a bank holiday. Most check cashing businesses are open seven days a week. They also usually have online portals where your questions can be accommodated any time of the day.

• If there is no check cashing businesses close to your house, simply head to Walmart. They offer check encashing for a minimal fee. A $3.00 fee is deducted to checks, payroll checks, money orders, and tax checks amounting to $1000 or less. For larger amounts, a fee of $6 is deducted. Note that they only encash checks with a maximum amount of $5000. If you live far from Walmart, you may opt to check with major retailers close to your area such as 7-11.

• If you do not have a bank account where the money can be deposited, ask if the check cashing business offers pre-paid card loading system. This is another option. However, this would require activation fee of usually less than $10 per card.

Disadvantages of using Check Cashing Services

• The fees may be quite high. For instance, losing 3% of the check amount of $5000 could instantly mean losing $150 dollars instantly.

• Bounced checks can result to a major legal problem for the person who requested for the check endorsement.

• Not having the right identification card may likewise be a problem. Misspelled names and illegible penmanship on the check can also be questioned by the cashier.

How to put up a check cashing business?

As any type of business, registration and licensing are paramount. There are federal policies as well as local or state policies that have to be considered. As a general policy, any business that entails cashing for a fee fall under the Money Service Business or MSB. The business is required to use approved and checked bookkeeping methods. You are likewise expected to provide your list of agents and any reports that may be associated to money-laundering cases. Having a lawyer to help you with the process is highly recommended. Note that aside from the federal and state laws, the business must comply with the Patriot Act and Bank Secrecy Act as well.

As part of the business establishment process, you also need to identify your own check policy, especially if you intend to branch out someday. The policy fundamentally offers a quick list of which type of checks are you willing to cash out. Examples are money orders, payroll, personal, business, out-of-state or government checks. On top of these, you also need to identify which ID you would require your customers to show – driver’s license, government-issued, passport, or company ID’s.

As money service businesses are also considered high risks, you only need to conceptualize which type of cashing method you would employ. It is encouraged that ‘cold cash’ not be used for any transaction. Debit cards and other PIN-enabled cards are good options, too. Loading ATM or pre-paid cards are advised. In addition, ensuring that your establishment is equipped with 24-hour security system, surveillance cameras, sensor-sensitive doors, and bullet-proof glass would also help.

In San Bernardino, California as well as nearby locations including Apple Valley, Carson, Chula Vista, Corona, Costa Mesa, Fontana, Hesperia, Lemon Grove, Moreno Valley, National City, Oceanside, Ontario, Riverside, San Diego, Spring Valley, and Victorville, USA Checks Cashed & Payday Advance is one of the check cashing services you can trust.

Auto Finance – Choosing a Vehicle

The question of deciding which vehicle to buy and how to pay for it are to a degree linked together, but it is a good guide to first of all decide what type of vehicle you want to buy or lease, before deciding how to pay for it.

There are many reasons for this, but perhaps the most obvious is that deciding what sort of vehicle or car is best viewed will then lead on to clarifying with you buy a new or a used model, and whether or not you decide to finance it through the dealer or some other financial institution.

The decision about what type of car to buy is also linked to whether or not you want to lease the vehicle. Many people do not seriously consider leasing a vehicle because they consider it to be something more suited for the corporate market, whereas in fact many auto manufacturers go to great lengths to make leasing available to private individuals.

Starting off by choosing a vehicle can involve many different factors. It is a good idea to have some idea of what your priorities are for the use of the car, and some of these will be self-evident. Certain people will more naturally gravitate to a car or vehicle that is necessary for family and children, other people gravitate towards a more sporty or faster type of vehicle.

Depending on where you live, there will be certain models of car available that are country specific, and there are also likely to be certain finance deals that are also country specific relating to interest rates or down payments.

It is a good port of call to first will check out the main manufacturer’s website for the country in which you live, and see what vehicles are available in that country and if any special deals are on offer or likely to be in the near future.

Once you have decided what sort of vehicle is most appropriate, it is a good idea to check out the list price for that vehicle, often referred to as the manufacturer’s recommended retail price or similar.

It is important to know that auto dealers have a significant amount of room to negotiate on the list price, as well as having flexibility on the size of the down payment and the rate of interest that is being charged.

If you decide that you would really like a new car, then it is well worth considering the option of leasing it. While there are many conditions inherent in a lease that need checking, the principle of leasing a vehicle is fairly similar in many ways to that of renting something.

You would effectively pay a down payment on the car, agree a fixed period of the lease which can be anything from 24 to 60 months, and agree certain other costs applicable to the lease. For many people leasing a vehicle is a relatively cheaper way of buying or having a new car when they would not be able to afford to buy it outright.