Consumers without a bank account can utilize the check cashing services. Cash can be easily accessed by them even when they are capable of opening a bank account. People who have a bank account but cannot get to it when the funds are needed can also easily access the check cashing services.
Some people are not able to open a bank account or access it when traveling or working in shifts that do not give them time to visit the bank. The checks make money easily available to them. People living paycheck to paycheck especially benefit from the check. Also who are in the middle of a financial emergency can use the check cashing services to get money immediately.
These services are specifically meant for helping the un-banked and under-banked so that they can convert their paychecks to cash at a convenient time and place. Many check cashing services are open 24/7 and located in communities throughout the country.
Even retail stores like Walmart, payday loan lenders, and other financial services centers offer Check Cashing 247 services. They charge a fee which is most of the time a percentage of the face value of the check.
But do take into account that though the funds are made available immediately, the fees of the check cashing services can be extremely high. Thus the amount you are going to get is considerably reduced. Banks and credit unions do not charge money from account holders for cashing checks.
Thus having a bank account helps in the long run. It is best to get a bank account opened as soon as one is able to do so.