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Have you ever wondered what the real differences are
between cashing your paycheck at a bank compared to a check cashing
store? If so, you're not alone. Many people who for a variety of
reasons, aren't able to open a checking account. They are forced to
use a check cashing service and often wonder how much they could
actually be saving by not having to pay the service charges and
interest fees that check cashing stores are known for.
First, it should be stated that 80% of the banks and credit unions
in the US use the exact same credit checking system, called
chexsystems. If one bank refuses to open an account for you, chances
are most of the other banks you go to will turn down your
application as well.
There is, however, an alternative that can potentially save you
thousands of dollars in interest fees accumulated from check cashing
stores: non-chexsystems banks. Non-chexsystems banks quite simply do
not check your credit in the same way that other banks do. Some do
not check your credit whatsoever and rely on other things, such as
proof of employment.
If you do have a poor credit rating that is affecting your ability
to open up checking account, finding and using non-chexsystems banks
is a great way to rebuild your credit rating as well. If you are
currently cashing your checks at a check cashing store, you need to
read the following, as it will, without a doubt, have you wishing
you learned about non-chexsystems banks sooner.
If you were to stop cashing your checks at a check cashing store and
switch to a non-chexsystems bank today, in 20 years, you'd have
saved yourself about $20,000. How? Well, there's (52) weeks in a
year and the check cashing store probably takes around ($20) off of
your paycheck every time you cash it.
Multiply that by (20) years and you come out with $20800.00.
Amazing, isn't it? (52)x($20)x(20)= $20800.00 But, it doesn't end
there. Because, these check cashing fees are unnecessary and a waste
of your hard earned money. When you get a prepaid MasterCard account
and use it instead of paying fees at the check cashing stores, you
could save $20 a week. Now when you recover that $20 every week you
can invest it. And, if you earned just 8% a year, your twenty bucks
a week would grow to $140,000 over the course of 30 years.
For most people that's enough cash to be mortgage free or put the
finishing touch to a nice retirement nest egg. If you're thinking to
yourself, Well that's just fine but, why would a non-chexsystems
bank give me an account? The answer to that is simple: a pre-paid
(MasterCard/Visa) debit card issued by a
Non-chexsystems bank doesn't
effect the banks rating (if you over spend) because you can only
spend the money you put on the card.
So your credit is not affected and the bank doesn't show overdrawn
accounts. You both win. It works because a prepaid debit card is
similar to a normal credit card, except that you have to load it
with money before you use it.
This way, you simply won't be able to go into any debt with the
bank. It's a win win! The choice is ultimately yours, however. And,
you could continue to use check cashing stores or you could get a
pre-paid debit card from a non-chexsystems bank and save tens of
thousands of dollars (or $140,000 "if invested at 8%"). Not just
that, but since a pre-paid debit card works almost exactly like a
regular checking account, you'll be able to pay your bills at the
bank, online, by phone or in person rather than having to spend time
and money mailing your bills using money orders or paying them
through locations in your area.
And of course you can get cash at any ATM. Non chexsystems banks are
a real lifesaver for anyone with a chexsystems report or poor
credit, but they are getting harder and harder to find as more and
more banks join the chexsystems family. Locking in with a good bank
now is a smart move.
Perry
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