No bank checking account? Anticipate to lose time and money
Cashing a $100 check in a check-cashing shop ended up being a humbling — and irritating — two-hour job.
It did not assist that the payroll check was granted with a Chicago business no body had heard about and where no body did actually like to respond to a ringing telephone.
After striking down at four places, my two friends when it comes to time and I also nevertheless had our $100 check and no money.
Therefore if the intended course for this small industry experiment would be to see firsthand just how difficult people without a bank checking account had it, lesson discovered. If it absolutely was to look at nonbank solutions appearing like predators weighed against banking institutions, well, which was less clear.
These nonbank companies survive simply because they deliver what individuals require. I mightnot need to talk through bulletproof cup when business that is doing time, however the staffers we saw had been generally speaking helpful. As well as least walk-in clients understand what the offer is.
The brand new cash Express shop charged 6 % up to a first-time consumer for cashing a payroll check, one of the numerous charges for solutions listed on a huge chart. In case a chart that is similar of hangs regarding the wall of the U.S. Bank branch, i have never ever noticed.
We eagerly consented to invest a part that is good of Wednesday trying to cash a check considering that the program, called FinX, would place me personally into the footwear of customers without bank records. FinX originated because of the Center for Financial Services Innovation, or CFSI, a nonprofit economic solutions consulting company in Chicago.
Read moreNo bank checking account? Anticipate to lose time and money
