Alternative Banking FACTS

Currency Exchanges

Many currency exchanges are offering payroll direct deposit. Direct deposit is when your pay check is transferred electronically to your bank account. With traditional banks this is helpful because you get paid faster, you can start spending your money right away and you avoid having to find and pay for check cashing services.

However, currency exchange direct deposit programs do NOT offer these benefits. If you have your pay check direct deposited to a currency exchange you will have to withdraw the money in full all at one time. The money is given to you in the form of a check which you must still cash using a check cashing service. Check cashing fees can cost as much as $10 for checks under $500 and over $10 for larger checks.

If you receive SSI or SSA benefits you can receive your check up to 4 days faster if you use direct deposit at any institution. If your employer requires you to use direct deposit I encourage you to open a traditional banking account. Traditional banks are able to insure your deposits and they do not charge check cashing fees.