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.
Note: Comments are moderated by the editor and are subject to editing.
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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