What is the average check cashing fee

CFA surveyed 26 check cashers who advertise payday loans in Yellow Page listings. These were located in fifteen ofthe 23 cities surveyed by CFA for check cashing fees. Even some banks are involved in payday lending. Some states ban cash advance loans as violation of small loan laws or state usury caps. State laws against payday loans by check cashers or by unlicensed small loan companies have failed to prevent a national bank from making these loans through check cashers, since most state small loan acts and check casher licensing laws exempt banks and states have no control over interest rates charged by out-of-state national banks.

The CFA report calls for an outright ban on payday loans that do not comply with state small loan rate caps or usury ceilings. Other payday loan protections recommended by CFA to state officials include a ban on paying one loan with the proceeds of another, a prohibition against threatening borrowers with bad check criminal proceedings, and treatment of unpaid loans as unsecured debts in bankruptcy filings.

If designed to be consumer-friendly, the rules can open the door to traditional financial institutions for the ten million unbanked American households who receive federal checks. CFA has urged Treasury not to define check cashers as. Instead, CFA supports requiring that these funds be electronically deposited into individual low cost accounts at insured depository institutions.

The CFA report notes that access to low-cost bank accounts will eliminate the need to pay check cashers to cash federal checks while introducing millions of consumers to mainstream banking.

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