Paying Back Your Loans

Posted on: 16 November 2022

There was a time when the only real way to cash checks on a regular basis was to open a traditional checking account. This is no longer the case. Nowadays, people and businesses have a variety of options available when it comes to check cashing. One of these options is to use a prepaid debit card account to cash your checks. Continue reading to learn more about some of the benefits that this option has to offer.

Benefit #1: Avoid Expensive Fees

Many companies that offer check cashing services without the need for an account will charge rather sizable fees to cash your check. These fees are traditionally equal to a percentage of the check amount. This means that the larger your check is, the more you can expect to pay for these services. In many cases prepaid debit card accounts allow you to cash checks with no fees. The cards that do charge a fee for this service will typically charge one low flat rate transaction fee which can still save you a ton of money when compared to the fees associated with other check cashing options. 

Benefit #2: Take Advantage Of Mobile Deposit Features

Until recently, mobile deposit features were limited to individuals with accounts at traditional banks. These features have since been made available to a variety of different account holders, such as prepaid debit card account holders. These mobile deposit features allow you to deposit a check using your smartphone rather than needing to physically take this check into a branch location to cash it. This can be very convenient for individuals and businesses that have checks to cash on a regular basis. The ability to quickly deposit a check using this mobile feature can also help to reduce the chances of a physical check being damaged, lost, or stolen before it can be deposited. 

Benefit #3: Enjoy Easy Access To Funds Without The Need To Carry Cash

If you use a check cashing service at a local money service or grocery store, you will need to carry cash on you to pay for any purchases you wish to make. This will also prevent you from being able to use your funds to pay bills or shop online. When using a prepaid debit card account to cash your checks, your funds will be made available directly through your debit card. This allows you to access cash via an ATM if it is needed or to simply use your debit card to make in-person and online purchases.  

For more information about check cashing, contact a local company.