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The check-cashing industry has grown tremendously since the mid-1980s

The check-cashing industry has grown tremendously since the mid-1980s

What It Means

Check-cashing organizations (CCOs), commonly known as check-cashing stores, are business outlets that cash checks for a fee. They cash a variety of checks, including payroll checks, personal checks, government checks (such as Social Security checks), income-tax refunds, insurance checks, money orders, and cashier’s checks (the latter two are different kinds of prepaid vouchers that can be purchased in order to make a payment to a third party; both are commonly used in lieu of personal checks). Many check-cashing stores also offer various secondary services, including payday loans (small, short-term loans that are intended to be repaid on the borrower’s next payday), money transfers, and bill paying (wherein a customer can pay his or her utility bill and other bills through the CCO). Some outlets also sell money orders, lottery tickets, bus passes, fax-transmission services, prepaid phone cards, and postage stamps. Continue reading The check-cashing industry has grown tremendously since the mid-1980s