Went here to cash a $387.00 tax refund check. These people show you your fees on post it notes. Lady tells me that with the discount, it would cost approximately $39.00 to cash this refund check. I said no thank you, I can take it almost anywhere else and cash it for less. Clerk called over the supervisor, who then punched something into the computer, and then the clerk stated that with the supervisor's discount it would only cost me approximately $20.00. In a time rush, I told the clerk I would do it this time but would never come back. I waited in a huge line for about 25 minutes before I even got to the window to find out I was being charged this ungodly amount of money to cash a refund check. I stood at the window while the clerk took over 20 minutes to process this refund check to be cashed. I was asked to give all of my sensitive personal details in order to complete this transaction. While I was waiting, I began to look around and saw another lady who told the clerk to give her check back because she wanted to go somewhere else because they told her it was going to be $180.00 to cash her check. Then I watched as a "supervisor" went to the window she was at, and tried to negotiate with her for a lower fee if she would cash the check now. The longer I watched, I saw this happening at almost every window.
Unknown to the staff, I am a certified financial coach who is familiar with predatory lending, and predatory financial practices including check cashers, payday and title loans, buy here/pay here loans, etc. And I am very familiar with their practices and the legislation going on to limit the extend to which these people can prey upon people who have no other standard banking options.
This business seems to be charging outrageous check cashing rates because some people don't know what the standard is. And when someone threatens to walk away and go somewhere else, they desperately try to negotiate the fee so that they can still make as much money off the customers as they can. This is why they are writing the fees down on post-it notes so that other customers are unaware of what other customers are being charged. I'm almost certain that this practice is somehow illegal, and I will be filing a complaint with the Consumer Financial Protection Bureau so that regulating agencies can look at this company's practices.
My advice to others is to stay away from this business. They are in the business of ripping you off......not helping you. read more
