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I just wanted to share a way you can save from accumulating those excessive service charges from banks or regular check cashing services. Since I closed my checking account, I now go to Walmart to cash my Payroll check and it only costs me $3.00.
I then upload my paycheck to the Walmart reloadable ATM/Visa card, which only allows me to spend what I have put on there, no more, no less. This way I keep within my budget and don't overdraw my card. This has saved me so much money over the last few months!
By Dorsi from Fremont, CA
I don't shop at Walmart, but I never pay anything to have my checks deposited. My credit union has free checking if you have a direct deposit set up. I like the convenience of not having to go anywhere, the money just appears in my bank account the morning of payday.
Most banks have this option, some even include free checks and online bill pay too.
Even if you were banned from having a checking account because you bounced checks; you can still get a savings account anywhere and deposit your checks for FREE. You're also much less likely to spend the entire check and leave a little in the bank. You also are far less likely to spend on impulse items found all over WM. When WM advertises $3 check cashing as great; that means that it's only great for them.
This is not a good idea. However, if you think it is working for you and you are comfortable doing this well, do it. But you need someone to help explain finances 101 to you.
There are banks that cash your checks for free, that's a given, but the point here in having a Walmart Money Card and cashing your checks at Walmart is the fact that you don't have to deal with a bank to cash your checks, because we all know that although banks may not charge to cash a check, and some don't charge for checking accounts.
There are still many other charges that sneak up on a person. Overdraft fees, over-limit fees, and others if you don't watch your checking account like a hawk. With the Walmart Money card you cannot overdraw, and this is great for people that are trying to get a complete handle on their money without using a bank's services.