Check Cashing Business

[fleece_me]

I have heard from several people these are great businesses. Any ideas on how to learn the ins and outs or is it best just to go to work for one of these places and gather all the info I can?

[slush fund]

i represent a few of these places and let me tell you. it is unbelievable how much money they make. i'm talking about little places on the sides of gas stations in the hood who are running a million dollars worth of checks thru them a month.

i'm not even sure what the vig they charge is but i think its between 5-8%.

like i said most of these places are in shady areas b/c the clientel are the types of folks that don't have bank accounts. most of them are payroll checks but i do collection work for them so i know that some of the checks end up being no good. you probably need a big roll to be able to cash that many checks too.

if you are curious to see how good these places do. just drive by a few between 5-6 on a friday. lines out the door

[johndenver]

I see alot of people using these too.

But I dont understand why a person in America would not have a bank account, arent they free?

Makes no sense to me...

[Pete]

many people have abused a bank act in their past and are on chexsytems and cant get a bank act for like 5 years....they need to go somewhere to cash their checks.....a lot of ppl that dont have proper id will go there as well

[citanul]

jesus christ:

MANY PEOPLE DO NOT TRUST BANKS. Has no one here met a poor person?

[fleece_me]

Slush, What verification do they do to make sure the checks are good? In what capacity do you "represent" them?

Thanks for the feedback.

[haakee]

[ QUOTE ]
i'm not even sure what the vig they charge is but i think its between 5-8%.

[/ QUOTE ]

I believe the standard vig is actually around 3%. Still not a trivial number...