In a small city in Uruguay life usually gets busy in the early hours of the morning. Amongst the first stops that the residence of this town make is in a local check cashing store. The store gets quickly crowded in the early hours of the morning especially due to its small dimensions. At the start of a normal weekday, things start off as usual with a crowded line of customers waiting for their turn to the counter up ahead. When suddenly, one by one, three men enter the shop. The first man quickly cuts in front of the line. He draws a gun from his pocket and aims it at the register behind the glass of the counter. He then climbs over the protective glass wall to grab the cash from the clerk. It appears to be a well orchestrated heist.
The surveillance video shows that as the first thief pulls out his weapon he signals his henchmen to cover his back. The accomplices in the back quickly close the front door the store and overpower the single security guard standing by it. The surveillance video also shows an old woman who unsuspectingly tries to enter the store, the culprits see her and brutally throw her inside the shop and immediately close the door again. After that they resume their attack of the security guard. They repeatedly hit him on the head until he gives in and surrenders. The thieves quickly get hold of his gun.
All of this is going on in a very crowded isle where a line of close to twenty people stand watching in horror as the events unfold in front of their eyes. The first culprit who just jumped over the glass shield suddenly shows up with a bag of cash and other stolen goods. As soon as he returns back, he instructs the other two men to herd the customers into the vault of the store in an effort to prevent them from running after them when the thieves make their escape. Once all the customers are locked up in the vault the robbers are seen cleaning out all the money drawers in the store before they finally decide to leave the store.
Amazingly, it takes them less than two minutes to break into the bank and steal this huge amount of money. But fortunately they were not fast enough for the police. Apparently, while the ring leader was climbing the glass shield, the store's attendant managed to press the alarm key which quickly notified a very close police office. It took the police only seconds to arrive to the scene of the crime after the thieves made their decision to leave the store. They were caught by the police instantly since they saw them running out the store. In actuality, even if the thieves did make their escape, the security cameras would have made it very easy to catch them, the video clearly shows their faces which allows the police to easily capture and prosecute them in a short period of time.
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) 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.
Both Yahya Allababidi & Sam P. Killsting are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.