Money Mart Nsf check question
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I assume you mean who pays MoneyMart back if your paycheck bounces right?
I did a quick check on their site and there's no info. I suggest asking them before you cash the cheque to find out their policy. (Probably best not to ask them this question in the same trip as giving them the cheque, they might wonder <grin>)
Danalo's suggestion is good, but there most likely will be a fee (when do banks pass up a chance to ding ya after all?)
I did a quick check on their site and there's no info. I suggest asking them before you cash the cheque to find out their policy. (Probably best not to ask them this question in the same trip as giving them the cheque, they might wonder <grin>)
Danalo's suggestion is good, but there most likely will be a fee (when do banks pass up a chance to ding ya after all?)
It wouldn't surprise me. But I've never gone to MoneyMart or the like (I refuse to part with any more of my hard-earned money than absolutely possible) so I have no idea what their fees are like.
But after certifying it, wouldn't the OP still have to take it to MoneyMart to cash it or would the issuing bank do that even if the OP doesn't bank there? (again, not something I've done)
i dont know what the fees are but I have heard they are high. once the cheque is certified he could cash it at his own bank. i thought the original poster was worried about the cheque bouncing.
You could just cash it at the bank its drawn on if the funds are available and there would be no cost to you at all. If you cash a cheque with Money Mart and there are insufficient funds to cover it, I would assume they charge the person cashing the cheque. That's what your bank would do. Cheque cashing services like Money Mart are a very slippery slope. If you get into payday advance loans, you will never get out of them, and a loan shark amount of your earnings will be used up on cheque cashing fees.
Cash your cheque at a bank- yours, or the one its drawn on - its free.
Cash your cheque at a bank- yours, or the one its drawn on - its free.
if you cash a cheque at Money Mart and it bounces, they will notify both you and the cheque issuer. There is a fee that you would be responsible for. It had happened to me in the mid 90s. My employer wrote me replacement cheque which Money Mart gladly cashed....which is ironic becasue the first cheque from them bounced. But it all worked out. I think the charge at the time was $25.00 on top of the ususal service fees
Money Mart charges 10% cashing fee so I'd have to say their bounced cheque fee would be astronomical.
The best advice is to take the cheque to the issuing bank and cash it there. You don't need an account and there won't be a fee. The issuing bank shouldn't be too far from the employer's location, they're usually local to the company.
As for US cheques, I don't know for certain but I doubt MM would cash an out of coutry cheque without it clearing. Heck, even banks make you wait 3 weeks........
The best advice is to take the cheque to the issuing bank and cash it there. You don't need an account and there won't be a fee. The issuing bank shouldn't be too far from the employer's location, they're usually local to the company.
As for US cheques, I don't know for certain but I doubt MM would cash an out of coutry cheque without it clearing. Heck, even banks make you wait 3 weeks........
Wrong again. Funny
Cheque Cashing
We cash all kinds of cheques** including US and small business cheques. With no "holds" placed on cheques, customers receive cash for their cheque instantly. With fees as low as 3.00% plus $2.99 item fee, our cheque cashing service provides an affordable, convenient option for customers looking to avoid cheque holds and access cash outside of traditional business hours.
the thing you pointed out: AS LOW AS....
They used to advertise their rates on the radio and they said "that's like 10 bucks on a hundred" which is 10%.......
Go cash one and report back...I bet it is 10% but they could have lowered their rates.....
As for out of country cheques: They're nuts. What is their recourse if the cheque bounces? But I bet there is a HUGE service charge for out of country cheques......if not?
Who wants to go into business? I bet we could clear $10,000.00 a day......
About 3-4 years back I went to a TD with a friend who was cashing a check at the same branch that his employer had an account. To my knowledge as I recall...there was a fee to cash the check. But I also recall that it could have possibly be because he didn't have a TD account. I'm sure different backs have different policies...the OP is best to go and find out for himself at those banks.
T
I had a employee cash a cheque from me that I had put a stop payment on because he did not complete the task he was hired for. The stop payment was placed before he went to money mart and he was told not to cash it. He cashed it anyway got the money then when my bank did not forward the funds money mart sued me and the employee and won. either we (the employee and myself) split the cost or I had to pay the cheque amount even when he had already recieved the cash. I payed the 400 bucks and had a lesson learned.
it has changed then because I distinctly remember "10 bucks..." cuz I said to myself "holy crap that's 10 percent".....
