Which of the following statements about check cashing companies is true

Question

Denise Beck

Social Studies

15 November, 16:34

Which of the following statements about check cashing companies is true

+2

Answers (1)

Know the Answer?

Hoffman · Answer 1

They charge high fees.

Explanation:

This question is not full, as the options are missing. The options are:

They have limited operating hours during the day. They sometimes offer free services. They charge high fees. They delay when you can access your cash.

The option that is true is 3, they charge high fees.

Check chasing companies work on the principle that you can cash your check without having to rely on your bank account. The service is instant, so that is why option 4 isn't true. There is a number of check cashing companies that stay open 24 hours, therefore option 1 isn't true as well.

The check cashing companies always have the fixed fee you have to pay (this is where option 2 is false), and the biggest problem with them is that these fees are high. They usually take 3 to 5 percent of the money you cash, which is a big percentage, compare to cashing over the bank. This is why option 3 is the true statement about check cashing companies.