Hell, even on this board, people were getting weird about WalMart’s policy of cashing checks for $2 - they are ripping off the poor! They can get a check cashed free at the bank!
No. YOU can get a check cashed for free at the bank. You have an account. Banks don’t like poor people, so they have minimum balance requirements.
Those who can’t get bank accounts go to the Payday Loan people and pay MUCH more to cash a check.
I did some work for a bank in the late 80’s. Internally, they accounted $9 to process a check*.
Wal-Mart was discounting the cost in exchange for having the customer in the store with cash in hand.
There are all kinds of situations the poor know about that those who have a bit of money don’t know about.
- Those obscene bounce charges may or may not cover the actual cost of sorting the check, sending the check and/or its image to the Fed, then all hell breaks loose if it bounces. Backing out the credit, mailing notices, all the stuff that they have to do probably costs more than the bounce charge