- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Why do poor people pay to have checks cashed?
Posted on 9/29/16 at 2:40 pm
Posted on 9/29/16 at 2:40 pm
I never understood this. It's way cheaper just to start a bank account and you wouldn't have to pay to cash them.
38
Posted on 9/29/16 at 2:40 pm to TigersHuskers
Drug money
Bank Acct = paper trail = Taxes
Bank Acct = paper trail = Taxes
Posted on 9/29/16 at 2:41 pm to TigersHuskers
Check cashing places are a front for drug dealers.
Posted on 9/29/16 at 2:41 pm to TigersHuskers
why are they poor?
It's because they are stupid.
It's because they are stupid.
Posted on 9/29/16 at 2:42 pm to TigersHuskers
The don't want the man to know how much cash they have because they would get their benefits cut.
Posted on 9/29/16 at 2:42 pm to TigersHuskers
They are poor for a reason.
Posted on 9/29/16 at 2:44 pm to TigersHuskers
You're so privileged you don't even realize it takes good credit to open an account
Posted on 9/29/16 at 2:45 pm to TigersHuskers
Posted on 9/29/16 at 2:45 pm to BigEdLSU
Wait what? Good credit to open a bank account?
Posted on 9/29/16 at 2:46 pm to BigEdLSU
Simple answer to this was posted above. The banks are in no rush to have them as customers so they have trouble even opening an account in the first place.
The check cashing places are pretty scummy, literally taking advantage of the poor by charging exorbitant fees off of their meager paychecks.
The check cashing places are pretty scummy, literally taking advantage of the poor by charging exorbitant fees off of their meager paychecks.
Posted on 9/29/16 at 2:46 pm to BigEdLSU
quote:
You're so privileged you don't even realize it takes good credit to open an account
Pretty sure it only takes $200
Posted on 9/29/16 at 2:46 pm to TigersHuskers
Maybe they are illegals.
My brother - a regular cracker - used to do it b/c his bank was overdrawn
My brother - a regular cracker - used to do it b/c his bank was overdrawn
Posted on 9/29/16 at 2:47 pm to TigersHuskers
Most of them have tax liens, judgements, and garnishments on them. They are avoiding that.
Posted on 9/29/16 at 2:49 pm to kkhere
Aren't most companies direct deposit now?
Posted on 9/29/16 at 2:50 pm to TigersHuskers
quote:In my beginner days as a junior banker whose job it was to help the "poor" customers manage their checking account, the sad truth was they could not manage their money at all. Many of them were clueless how to even reconcile their bank statement or keep track of the checks they had written.
Why do poor people pay to have checks cashed?
I never understood this. It's way cheaper just to start a bank account
That caused them to frequently overdraw their account or have checks returned (bounce) checks.
The overdraft and returned check charges were much more than paying to have an occasional check cashed.
Posted on 9/29/16 at 2:50 pm to TigersHuskers
After you write bad checks, banks don't want you as a customer.
Posted on 9/29/16 at 2:50 pm to kkhere
quote:
The check cashing places are pretty scummy, literally taking advantage of the poor by charging exorbitant fees off of their meager paychecks.
I agree that they aren't the best people but I wonder how many times they get scammed with fake checks.
Posted on 9/29/16 at 2:50 pm to TigersHuskers
Some people are poor because of bad financial decisions.
Bad financial decisions many times lead to an overdrawn checking account.
An overdrawn account gets hit with $30+ fee/transaction, can add up to a few hundred quick, for someone living week to week/check to check, this leads to the account being charged off because they can never catch it up.
A charged off checking account puts you on ChexSystems or something similar for 5+ years.
If you are on ChexSystems for a charged off account it is very difficult to open a checking account and somewhat difficult to open a savings account.
Poor person with bad financial decision-making skills is stuck using check cashing places that take considerable fees/percentages to cash checks.
Bad financial decisions many times lead to an overdrawn checking account.
An overdrawn account gets hit with $30+ fee/transaction, can add up to a few hundred quick, for someone living week to week/check to check, this leads to the account being charged off because they can never catch it up.
A charged off checking account puts you on ChexSystems or something similar for 5+ years.
If you are on ChexSystems for a charged off account it is very difficult to open a checking account and somewhat difficult to open a savings account.
Poor person with bad financial decision-making skills is stuck using check cashing places that take considerable fees/percentages to cash checks.
Posted on 9/29/16 at 2:50 pm to TigersHuskers
They can't get a checking acct Baw
Posted on 9/29/16 at 2:52 pm to saintsfan1977
quote:
Drug money
how many dealers do you know that accept checks for product?
Page 1 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News