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Financial Education
Many consumers use check-cashing services rather than a deposit account at a bank
to cash their paychecks each month. Below is a comparison chart of potential fees
that may be related to each type of service.
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Service
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Bank
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Check-Cashing Service
|
|
Monthly Fee (shown as an annual amount) |
$60.00
|
$0
|
|
Fee per Check Cashed |
$0.00
|
$5.00
|
|
Number of Checks Cashed Annually |
48
|
48
|
|
Check Cashing Costs |
$0
|
$240.00
|
|
Check Order Fee |
$18.00
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$0
|
|
Money Order Costs ($.75¢ each, 5 per month) |
$0
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$45.00
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Total for one year of service cashing four checks per month |
$78.00
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$285.00
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Potential Annual Cost Savings with bank services = $207.00
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Even though banks charge monthly fees, these examples show it is much cheaper
to use a deposit account at a bank.
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Bank On It
