re: moneyorders

Reader comment on: Amalgamated Versus RiteCheck
in response to reader comment: Check Cashers fear no bank

Submitted by Moses Teitelbaum (United States), Aug 7, 2012 14:50

It's interesting to note that the editor of this article chooses to feature the price of a money order. why doesn't he talk about what they do most? Cash checks! Check cashers typically charge a percentage of the check, which, depending on the state, can be as high as 8%! In these instances, having a bank account is the FAR SUPERIOR option, and Amalgamated Bank still has free checking accounts. Saving 3-8% of every paycheck really adds up.

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The Future of Capitalism replies:

Ritecheck charges 1.91% with a $1 minimum, not the 8% you cite. The Amalgamated Bank checking account is "free" until they start charging you fees for bouncing checks, a "dormant' account, ordering checks and deposit slips, receiving wire transfers, etc etc etc.

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Other reader comments on this item

Title By Date
Oh Amalgamated! [417 words]Ellie KesselmanAug 14, 2012 16:43
Common Sense vs. Belief -- It's the liquidity Stupid [81 words]Joseph ColemanAug 13, 2012 15:45
Double Skewering [20 words]John GillisAug 6, 2012 17:45
Check Cashers fear no bank [56 words]Ed RossAug 6, 2012 15:40
↔ ⇒ re: moneyorders
[w/response] [78 words]		Moses TeitelbaumAug 7, 2012 14:50
↔ Exploitation of the proletariat [321 words]Ellie KesselmanAug 13, 2012 04:45

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