Actually, some check cashing places, like the unbank and others...charge much more than 10% of the check depending on what type of check it is. I think there may be some limit to the amount they can charge on state and federal issued checks since those checks have lower percentage rates...or it may just be that there is less risk involved with cashing those checks since they are pretty much guaranteed (well...not with the budget deficits in Minnesota...but that's another story).
I do think that these check cashing places gouge poor folks and immigrants. Many immigrants use services like the unbank, instead of getting accounts, because they are undocumented and either in reality have no other option or are too afraid to exercise other options. -Brandon Powderhorn Park -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED]] On Behalf Of Barbara Lickness Sent: Monday, March 04, 2002 9:29 AM To: Bruce Gaarder; [EMAIL PROTECTED] Subject: Re: [Mpls] RE: unbank I went to the link Bruce suggested. It pretty much confirmed my thoughts regarding this issue. The commercial check cashing facilities provide a service to people that banks do not with a lot less hassle. In my neighborhood there is a huge Mexican/Latino population. For whatever reason, they don't seem to use traditional banking institutions. However, they will go to the grocery stores like Los Amigos on 28th and Blaisdell who has a check cashing service to conduct their banking business. At that store you can get your check cashed, (I think he charges 1% or 2%)get money orders to pay your bills, and wire some money back to Mexico or wherever for your family members back home. You can purchase long distance phone cards, lottery tickets, groceries, a little beer, sodas from your home country, pharmacy items you are used to from Mexico, and a great meal all in the same facility. On top of it you are serviced by someone who speaks your language. Traditional banks aren't doing that and never will. I remember a time not so long ago where lots of people used to get their paychecks cashed at the local grocery store or bar. As long as they knew you or you were with someone else they knew, they would cash your check. We didn't have direct deposit then or check cards. The one area of concern for me with check cashing facilities in Minneapolis has been the percentage they are allowed to charge for cashing checks. I have heard some charge between 6-10%. That seems excessive. Perhaps legislation has been passed to cap the amount that can be charged. I would support that just to keep the people who prey on the poor out or the business. Barb Lickness Whittier ===== "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it's the only thing that ever has." -- Margaret Mead __________________________________________________ Do You Yahoo!? Yahoo! Sports - sign up for Fantasy Baseball http://sports.yahoo.com _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
