Checkmate: Check Cashing Exposé

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I’m a usually a free market kind of guy, mostly because the free market, or at least our version of it, has been good to me and my family. That being said, I understand why people think check cashing stores are ripoffs and why they should be regulated more. I think they serve a purpose, giving those without bank accounts access to their funds, but their fees are extraordinary and deserve inspection.

So, who better to inspect them than the Internets Celebrities? This nine minute clip is worth every minute both in informational and entertainment value.

This video courtesy of Consumerist, Editor Ben Popken makes a cameo too.

{ 4 comments, please add your thoughts now! }

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4 Responses to “Checkmate: Check Cashing Exposé”

  1. fred says:

    Watched the whole thing. Makes sense to me that banks don’t move into poor neighborhoods. Can you imagine the outcry if BoA had branches in the inner city charged more fees than their other banks? CNN and their counterparts would be “outraged” by the “exploitation.”

    The per capita numbers they cite say it all. There’s just not enough money in those areas to make money off of traditional financial services. So inferior financial services are offerred.

    There are a lot of problems that contribute to the success of check cashing places: break down of the family unit, poor education quality in the city, some amount of latent racism, maybe.

    In any event, at least the check cashing place disclosed their fees pretty clearly on a poster. Try to find that at BoA.

  2. Unabogie says:

    Bank deposits are FDIC insured, are they not? Isn’t that a very large asset we hand banks for free? If not for that, people would quickly lose faith in their deposits in economic downturns. Banks also benefit from rapid response teams (SWAT) who spring to their rescue whenever someone attempts to steal their money. Banks also have access to things called “courts” wherein their disputes with their customers and other banks are settled without violence. In fact, these courts are provided for free to these giant corporations just as they are to actual human citizens. Corporations also pay lower taxes than humans in many states. Overall, banks get a great deal from we, the public.

    In light of all of that, why is it too much to ask that they accept the risks of capitalism as well as the benefits? If they get all this free protection, why can’t they be expected to operate in poor areas, even if they can’t make as much money there? That should be the price of being in business in America. Great infrastructure, comes with strings.

  3. Andrew says:

    That was great =). “One thing I’ve learned about being in debt… I mean… If I die today, I win!” That’s the attitude to have lol.

  4. Chris says:

    FYI: A major, but largely unknown, driver of check cashing business in the US are illegal immigrants.

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