In addition to fees, they may deduct a portion of your bill. They impose little fees. They provide terrible bargains that result in much larger debt than you first borrowed. They facilitate the simple entrapment in an unbreakable cycle of debt.
Which of the following statements about check cashing companies is false?
- a) They facilitate the simple entrapment in an unbreakable cycle of debt.
- b) They charge low fees
- c) A portion of your bill may be deducted in addition to fees.
- d) They give you bad deals that leave you much more debt than borrowed.
The statement that isn’t true about cheque cashing companies is B:
They charge low fees:
Check-cashing companies allow people to access their funds without a bank account.
For a fee, this allows you to cash checks of various kinds in addition to paychecks. Nonetheless, it is feasible for a user of their service to become entangled in a debt cycle.
FAQs
Which of the following statements about saving accounts is false?
Savings accounts do not typically pay interest on deposits.
Why do some people use check cashing stores to cash payroll checks instead of a depository institution like a bank or credit union quizlet?
Most depository institutions require their clients to have an account to cash a check.
Can check cashing companies take a percentage of your check on top of fees?
In addition to fees, they may deduct a portion of your check.
Which of the following statements about checking cashing companies is false?
Thus, it is FALSE to say that “They charge low fees.”
