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user-inactivated  ·  1676 days ago  ·  link  ·    ·  parent  ·  post: How poor people stay poor

Shoot. That's not too bad at all. That's actually pretty reasonable. I'm looking online now for average rates and the going rate seems to be anywhere from 1-3% of the check's face value. That makes me wonder if I'm remembering things being worse than they are or if there were laws introduced to crack down on predatory fees.

Edit: Looks like it's a bit of both worlds.

    Check-cashing centers typically charge a fee based on a percentage of the check being presented and these fees often range from 1 percent to 20 percent. In the state of Ohio, laws prevent check-cashing services from charging a check-cashing fee that amounts to more than 3 percent of the check amount. State law does not prevent centers from charging additional fees to convert proceeds from a cashed check into another form of payment such as a money order.