Which of the following statements about check-cashing companies is FALSE?
A. They offer bad deals where you’ll owe a lot more than you borrowed.
B. They charge low fees.
C. They can take a percentage of your check on top of fees.
D. They make it easy to fall into a loan cycle that is hard to get out of.
Which of the following statements about check-cashing companies is FALSE?
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The correct answer is B. They charge low fees.
Explanation: Check-cashing companies typically charge high fees for their services, which can be significantly more than what traditional banking services would charge. The other statements (A, C, and D) accurately reflect the practices of check-cashing companies, such as potentially leading customers into debt cycles and taking a portion of checks along with fees.