In-store and online options for immediate check cashing, plus common questions and rates
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Check cashing services allow you to cash a check immediately, but in exchange for their services, they charge significant fees. In most cases, you will be required to pay a transaction fee in addition to a percentage of the amount you intend to cash in. As will be demonstrated in the following paragraphs, getting a payday loan might result in lower overall fees than using a check cashing service in certain circumstances.
Do you really require financial assistance right now? *
Borrowing money, even in small amounts, can be expensive, and it's not a guarantee that doing so will fix your financial issues.
Before you take out a loan, consider the following options:
- To speak with a free and impartial financial counsellor anywhere in Australia, dial 1800 007 007 from your landline or mobile phone. They will be able to provide you with information regarding your various options for handling your financial obligations, such as your bills and debts.
- Talk to the company that provides your electricity, gas, phone service, or water to see if you can set up a payment plan with them.
- If you are receiving government benefits, call Centrelink at the following number and ask if you are eligible for an advance: 13 17 94
The MoneySmart website provided by the Australian government will walk you through the process of obtaining a small loan and will also suggest other options that may be of assistance to you.
* The Australian Government is mandating that you include this disclaimer in accordance with the National Consumer Credit Protection Act 2009
If you require quick access to funds, now is the time to compare short term loans.
What is a check cashing service?
The clearance of a check at a bank typically takes three business days, but cheque cashing services can clear a check in as little as a few minutes. Because the lender providing the service is taking a risk by sending the money before the check clears, the service is typically provided in exchange for a fee.
How does it work
Check cashing services provide customers with the option, for a fee, of skipping the standard waiting period of three business days in the event that they have a check that needs to be cleared immediately. Because a cheque basically acts like written instructions between two financial institutions, there is a waiting period. This waiting period gives both financial institutions time to ensure that the payment is made correctly.
Cashing checks is essentially a form of money transfer in which the lender makes no assurances that the check will not be returned as invalid. There are many reasons why a check might be returned unpaid, but one of the most common explanations is that the account from which the payment was made does not have enough money in it. While they wait for the check to clear, providers of check cashing services will, for a fee that is typically a percentage of the amount of the check, forward the money to the customer. Applicants are required to present one hundred different forms of identification.
Different kinds of checks that can be written
Different service providers will each have their own set of requirements, but in general, the following kinds of checks may be honored:
- Business cheques
- The company's cheques
- Chèques de banque
- Cheques made payable to account payee
- Government cheques
- Benefit cheques
- Checks for gambling and lottery games
- Insurance cheques
Which financial institutions are able to cash my check?
The following financial institutions operate branches and provide services for cashing checks:
- Money Changing Services
- OK Money
- Cash Stop
- Money Plus
Alternatives for getting money out of a check
- Bring the check with you to the bank or branch and ask the teller to deposit the money into an account OR deposit the check using the automated teller machine (ATM) at the bank. Both of these choices will require you to wait for the check to clear, which could take anywhere from three to five days depending on the situation. If the funds are needed immediately, there is the option to request a special clearance; however, the bank may charge a fee for this service, and the amount of the fee will vary.
- You also have the option of taking the check to a retail establishment that offers check cashing services in order to have it cashed there. This will result in immediate access to the funds; however, you will be charged a fee for this service.
Check cashing has both advantages and disadvantages.
- A more expedient method of gaining access to money Instead of having to wait three days for the check to clear at the bank, the money from the check will be made immediately available.
- There is no need to have a bank account. Because money can be received in exchange for a check in the form of cash, it is not necessary to have a bank account in order to receive the funds.
- Transparent fees There is a fee associated with cashing checks, but you will be informed of this fee beforehand.
- High fees This could be a predetermined amount or a percentage of the total amount of the check. The price will be different for each service provider, and it will typically be quite pricey.
- Restrictions It is possible that some providers will not accept particular kinds of checks or will place limits on the amounts that can be cashed out.
How to evaluate the various services that cash checks
If you require a quicker turnaround time for your check, you may want to investigate the possibility of using a check cashing service; however, it is essential that you select the appropriate check cashing service. When deciding between your various choices, here are a few things you should keep in mind:
- Timing of the turnaround Checking the speed with which you can anticipate receiving the money is important to do given the likelihood that this is the primary motivation behind your decision to use cheque cashing services. There is a possibility that you could receive the money from a few different lenders within a few minutes, while it could take longer from others.
- The costs and expenses involved There is a good chance that every company that cashes checks will do so for a fee, the question is how much. There are some that will charge you a flat fee, while others will base their fees on a percentage of the total amount of the check.
- Restrictions There is a possibility that certain providers have limitations on the types of checks that they are able to cash, such as business, personal, or government checks, amongst others. They are also likely to impose restrictions on the maximum value of checks that they are able to cash. Before you submit your application, make sure these requirements are met.
Alternatives to the practice of cashing checks
If you require access to money immediately, you may want to consider a payday loan as an alternative to cashing a check. Payday loans are short-term loans that can provide a rapid infusion of cash in the event that it is required. However, it is important to be aware that payday loans typically have high interest rates and must be paid back within a relatively short time frame, so it is best to weigh all of your available choices before applying for one.
- The amount of the loan is $2,000.
- Loan Term: 9-16 weeks
- The turnaround time is thirty minutes, but there are some conditions.
- The fees are as follows: 20% of the loan amount, plus 4% of the loan amount per month.
- Borrowers with poor credit are welcome.
- Rapid and uncomplicated Approval
- Applicants with poor credit ratings will be considered.
- Fast approval service
- Borrow up to the maximum of $2,000
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Regularly revised and updated
Questions that are asked repeatedly
Is it safe to use check cashing services?
It is generally safe to use a check cashing service; however, before committing to using the service, it is essential to have a clear understanding of what all of the fees will be. Prices can vary greatly from one check cashing service to another.
How much are the various costs?
The answer to this question is going to change depending on the service provider. Some charge a flat rate, while others base their fees on a percentage of the total amount of the check.
What is required in order to make use of the service?
Identification is required in most cases, although the specifics of this requirement will vary depending on the provider. Check, photo identification, and possibly a business registration are going to be needed in order to cash a check, especially if the check is going to be cashed on behalf of a company or business.
Photographic Resource: Shutterstock
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