// Check Cashing
Check cashers reportedly cash 180 million checks totaling $55 billion each year.
In 2006, the average cost to cash a payroll check was 4.11% of the face value. That means a worker would pay an average of $19.66 every week to cash a $478.41 payroll check at a check casher. That amounts to an annual cost of $1,022.32 to cash net earnings of $24,877.
Credit unions can offer check cashing services at far more affordable terms and favorable conditions. To encourage more credit unions to jump into check cashing, an open source Check Cashing Implementation Guide is now available.
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