How Much Money can You Pocket When You Stop Using Check Cashing Stores

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Have you ever wondered what the real differences are between moneying your paycheck at a bank compared to a check moneying 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 moneying service and often wonder how much they could actually be saving by not having to pay the service charges and interest fees that check moneying 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 moneying 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 moneying your checks at a check moneying 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 moneying your checks at a check moneying 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 moneying store probably takes around ($20) off of your paycheck every time you money 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 moneying 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 moneying 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 money 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) therefore 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 therefore 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 moneying 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 money 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.

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