Ehhh, it’s probably a wash for them. The poorer you are, the more likely you are to be financially illiterate, and consequently get dinged by all the bank fees we are capable of avoiding such as overdrafts, monthly fees, signing up for the bank’s credit card (circa 2006) and racking up high-interest debt. All those costs probably come out close to paying the check-cashing fees, and require the additional hassle of getting to a bank.
CFAvsMBA Wrote: ------------------------------------------------------- > I am ashamed to admit my stupidity, but why do > check cashing stores exist? Why don’t people just > go to the bank? > > Also, how do check cashing stores safeguard > against fraudulent and bounced checks when there > is no balance to ‘hold’ against it? Marie Antoinette, Lots of people don’t have bank accounts for numerous reasons whether they can’t afford the fees, can’t qualify for one (blacklisted), or don’t want one or aren’t smart enough to have one. Now go enjoy your cake…