Clarifi President and Executive Director Patty Hasson recently sat down with Jeff Blumenthal of Philadelphia Business Journal to discuss check-cashing fees.
In our region, TD Bank just became the last large bank to start charging non-customers a check-cashing fee. And while no one wants to hear about a new fee, it’s important to consider the cost of alternatives.
“People have to first understand the difference between paying a flat fee at a bank and the percentage fee they will pay at a check cashing service,” noted Hasson. “If you have a $1,000 check to cash and the checking-cashing service charges 5 percent to cash out, that’s $50 whereas you only pay $5 or $7 at a bank or $3 at Walmart.”
Ultimately, consumers need to look at the costs and what’s convenient for them.
When it comes to banks/credit unions, make sure you’re aware of any fees they may have and that they’re convenient for you to access. You may find a bank with low fees, but not enough ATMs near you. Then you’re stuck paying a surcharge at an out-of-network ATM.
At Clarifi, we offer help to people who want to better manage their money and learn what options are out there. Need some clarity? Reach out to us at 800-989-2227.