Which Of The Following Statements About Check Cashing Companies Is False?
Which Of The Following Statements About Check Cashing Companies Is False? the correct answer is They charge low fees.
by J Nandhini
Updated Nov 01, 2023
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Which Of The Following Statements About Check Cashing Companies Is False?
A) They can take a percentage of your check on top of fees.
B) They charge low fees.
C) They offer bad deals where you'll owe a lot more than you borrowed.
D) They make it easy to fall into a loan cycle that is hard to get out of.
The correct answer is B) They charge low fees.
Check cashing companies are known for charging relatively high fees for their services. These fees can vary, but they are typically higher than what one might encounter at traditional banks or credit unions. It's important for consumers to be aware of the fees associated with using check cashing services and to consider more cost-effective alternatives, such as opening a bank account, if possible.
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