check cashing store question

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OK....have a few questions in regards to cashing some neteller checks at a check cashing store. I have a substantional amount of cash in neteller right now....I called my local check cashing store and they said they would take checks up to 5,000 and charge 1.64% on the check (about 82 per 5,000). Here are my questions:

1. Has anyone done business with a check cashing store before? How is the experience of the transaction?

2. Do they keep a record of who cashes a check and for how much? If so, does this get reported to the gov't or IRS?

I am looking for a quick and convient way to cash neteller checks without going through my bank accounts.

Thanks for all of your help and advice in advance!
 

morally bankrupt
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c note said:
1. Has anyone done business with a check cashing store before? How is the experience of the transaction?

2. Do they keep a record of who cashes a check and for how much? If so, does this get reported to the gov't or IRS?

1. Yes alot. Although gambling related, only WU awhile back. Cashing checks, you just go in show them id and they cash it.

2. Yes, they keep a record of everything you've cashed. Same as any financial institutions. For example when I lived in Tampa I cashed a check at Amscot their from some lady (over a year ago), and just last week I cashed one from the same lady and they knew that I had before. It's all in their computer.

Edit: OCCASIONALLY YOU WILL HAVE TO PUT YOUR THUMBPRINT ON THE CHECKS AS WELL.....
 

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I already have a ATM card and withdrawl 800 per day from a local bank of america. I want to try and get my money out a little quicker than 800 per day. I am also not sure if the atm will be a option forever. I am a little nervious about the money being in neteller with the recent events. Plus being paid in all 20's from the ATM is a pain in the ass.....I do not want to do eft's back to my bank account as I have already done numerious eft's this year with neteller.
 

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fucnluc said:
1. Yes alot. Although gambling related, only WU awhile back. Cashing checks, you just go in show them id and they cash it.

2. Yes, they keep a record of everything you've cashed. Same as any financial institutions. For example when I lived in Tampa I cashed a check at Amscot their from some lady (over a year ago), and just last week I cashed one from the same lady and they knew that I had before. It's all in their computer.

Edit: OCCASIONALLY YOU WILL HAVE TO PUT YOUR THUMBPRINT ON THE CHECKS AS WELL.....

To add to that the check cashing places vary wildly. I have been places that require a lot of paperwork and information (references, work number, place of employment; etc) and some I can walk in and show an ID and get my cash. It just depends.
 

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c note said:
I already have a ATM card and withdrawl 800 per day from a local bank of america. I want to try and get my money out a little quicker than 800 per day. I am also not sure if the atm will be a option forever. I am a little nervious about the money being in neteller with the recent events. Plus being paid in all 20's from the ATM is a pain in the ass.....I do not want to do eft's back to my bank account as I have already done numerious eft's this year with neteller.

A while ago I got two checks from Neteller
I tried to cash them at a check cashing store.
They were stamped DEPOSIT TO RECEIVERS ACCOUNT ONLY (or similar) on the back

The stores could not cash them, and they were certified checks because of this stamping

50-50 chance you'll get this stamping
 
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Those fees aren't bad-less than I expected.

On an unrelated note, these places are a GOLD MINE. A couple of us looked into starting one of these (check cashing\payday loan) joints a few years ago, and I'm still kicking myself.

Big money to be made if you know where to open up.
 
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fucnluc said:
THE GHETTO. These are PRIME check cashing places.

Unfortunately, 100% true-and to do it right, you have to have long\late hours to accomodate the crackheads. Profitable, but not pretty.
 

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TTinCO said:
Unfortunately, 100% true-and to do it right, you have to have long\late hours to accomodate the crackheads. Profitable, but not pretty.

Wow crackheads get a pay check? :missingte

But TT you are right the original poster is getting off scot free with the under 2%. I know places here that charge 3-4% for a payroll-type check.
 

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Ironman_8 said:
Wow crackheads get a pay check? :missingte

But TT you are right the original poster is getting off scot free with the under 2%. I know places here that charge 3-4% for a payroll-type check.

Pay day loans, advanced cash with high interest, people with banking problems who can't get a bank account...People who work odd jobs at night and want to cash their check at 1 A.M so they can get drugs right away...illegal laborers who can't get a bank account because they're, well, illegal. Check cashing places are practically their HOME.
 

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fucnluc said:
Pay day loans, advanced cash with high interest, people with banking problems who can't get a bank account...People who work odd jobs at night and want to cash their check at 1 A.M so they can get drugs right away...illegal laborers who can't get a bank account because they're, well, illegal. Check cashing places are practically their HOME.

Oh yeah I know all about that actually I was just playing with TT.

I remember when living in Norfolk, Va. they had some 24 hours check cashing places and you can just imagine those spots were packed Friday evenings as well as some interesting characters.
 
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This is really pissing me off(we really blew it by not following through with this). Open one up in a Hispanic area, add a WU outlet & you're set.
 

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The percentage your are paying to cash the check is actually not bad. I cashed a $3000 one once at my local check cashing store and had to pay 3%. I'd say 3% is the norm so you paying only about half that is good.

As far as what they will ask, it varies. When I cashed a $3000 check, they did take my fingerprint. It did not seem like a big deal though.
 

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Bullet proof glass is no option when openning such a place. Now with all the check fraud I would say it is not worth the risk I have collected for serveral of them and it only takes one bad check to lose a couple of months profit. Also most will not touch anything from Canada here in the USA due to all the fraud. Had a few checks from online poker on Canadian banks and they would not cash them for even me the guy that collects their bad checks.
 

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Finger prints and photos are the norn at most joints these days. Only use it to combat fraud not for any other reason. 1% - 2% on payroll checks is the norm and 3% on stuff they think maybe a risk.
 

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so if you are not trying to leave a paper trail would if be better to cash these in your bank account or at a check cashing store? I guess paying the check cashing store 2-4% is better than paying the gov't 30+%...just not sure how "safe" the check cashing stores are.
 

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Ironman_8 said:
Wow crackheads get a pay check? :missingte

But TT you are right the original poster is getting off scot free with the under 2%. I know places here that charge 3-4% for a payroll-type check.


its a law - that is the most they can charge 1.64%
 

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ATM cards do not get around the IRS. Omni Bank, who issues the card, is based in the US and reports all transactions to the IRS.
 

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Thet made the advance checking cashing for payroll illegel here in greensboro as the interest was out of this world.....ck
 

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