Saturday, March 2, 2013

Your money slip sliding away...

It always amazes me how many cash advance stores are present in and around certain areas of town. Sometimes there's one on nearly every corner. There's obviously a noticeable absence of banks in these locations as well.

One such franchise advertises their commission rates:

To cash personal checks or money orders: 9.9%

To cash payroll and handwritten checks: 4.5%

To cash government checks over $1900.00: 2.9%

So here are a few examples:

Someone cashes a $100.00 check from say a relative: they get $90.10 back

Someone cashes a $2000 government check: they get $1942.00 back


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