How much does Cash Money charge to cash a cheque?

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Cash Money charges a flat $2.99 per cheque plus 2.99% of the cheque’s value, so for a $1,000 cheque, you’d pay $33 in fees. While simple, consider free bank services if you have an account or opt for direct deposit to avoid fees altogether. Explore these cost-effective options for better savings. Reach out via phone, text, or live chat if you have any questions.

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How Much Cash Money Charges To Cash A Cheque Question

How much does Cash Money charge to cash a cheque? I’d like to know the fees Cash Money charges when cashing a cheque to see if it’s worth it.

From: Anonymous Question
Location: London, Ontario (ON)
Category: financial planning

How Much Cash Money Charges To Cash A Cheque Answer

Cash Money has a fee structure for cashing government cheques that involves a flat rate of $2.99 per cheque, plus 2.99% of the cheque’s total value. So, if you have a $1,000 cheque, you’d end up paying a $33 fee: that’s the flat $2.99 plus $29.90, which is 2.99% of the cheque’s value. After fees, you’d walk away with $967. While this might seem straightforward, it’s worth considering that for larger cheques, there might be more cost-effective routes. Banks often cash cheques for free if you have an account with them. And let’s not forget about direct deposit, where you sidestep the fee game entirely.

From: Insider Scott

Office of the Superintendent of Bankruptcy (OSB) Answer

If you’re considering a solution for your overwhelming debt, understanding the different types of debt is crucial. Whether it’s credit card debt, medical debt, or student loan debt, knowing your options can help you make informed decisions. For instance, you might explore a Consumer Proposal as a way to negotiate with your creditors and reduce your overall debt burden. This approach can often be more beneficial compared to declaring bankruptcy, depending on your specific circumstances.

From: OSB Helper

Related Questions to How Much Cash Money Charges To Cash A Cheque

Here are the top 5 most frequently asked questions related to the cost of cashing a cheque at services like Cash Money (often referred to as Money Mart in Canada), based on the provided sources and general online trends:

How much does Money Mart charge to cash a cheque?

• Money Mart’s cheque cashing fees typically range from 2% to 3% of the cheque’s value, plus a flat minimum fee[4].

Are there additional fees for cheque cashing at Money Mart?

• Yes, there may be additional fees for certain cheque types or verification steps[4].

Does Money Mart cash all types of cheques?

• Money Mart accepts various cheque types, including government, payroll, and personal cheques, but policies may vary by location[4].

How does cheque cashing work at Money Mart?

• You bring in your cheque, Money Mart verifies it, and they provide cash minus a fee[4].

Is it better to cash a cheque at Money Mart or at a bank?

• Cashing a cheque at a bank, especially if you have an account, can avoid high fees associated with cheque-cashing services like Money Mart[2][4].

If you have a question about debt see our debt questions or ask your own debt related question.

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