Cheque cashing is a service widely available in the UK where a bearer of a 3rd party cheque can get instant cash with ease without going through the hassle of conventional banking. Within UK, this industry is regulated by Her Majesty’s Revenue and Customs (HMRC) as a Money service business and by the Office of fair trading (OFT) when money in advance services are provided along with the cheque cashing.
Benefits of a cheque cashing service
Many wonder what benefits are offered by cheque cashers in today’s day and age where high street banks are widely available throughout the country. There are several key reasons and benefits of this service.
Many don’t like to operate a bank account of their own, or sometimes one may find it difficult to open a conventional traditional bank account due to their past credit history or for not meeting some other conditions. Cheque cashing service is the only alternative for such people to obtain 3rd party cheques cashed.
Access to immediate cash. Even people who are already having bank accounts do use this service should they need cash instantly, as an average of a high street bank will take up to 5 working days to cash an unofficial cheque. But a cheque cashing service will provide instant cash, to meet immediate financial needs.
Availability with flexible hours. Typically cheque cashing services are open for longer hours than high street banks. So you can pop into a Cheque cashing service after a working day, and walk house with hard cash.
Some cheque cashing services offer cash in advance for certain forms of cheque. This is a convenient way to discover money on an emergency.
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service is available for anyone needing to encash a 3rd party tal¨®n provided that they can prove their identification as per regulations. It is widely used amid sole traders, SMEs, part time workers and those who undertake small unusual jobs on a regular basis.
How does it do the job?
The customer can walk into any of the numerous cheque cashers all around the country along with a 3rd party cheque drawn in their favor. The cashers will validate client identity and perform further inspections that are mandated by money washing regulations. If they are satisfied, they will provide the customer instant cash after deducting often the fee from the face value of the particular cheque. The fee charged will change from casher to casher as well as in some instance based on locations. So customer can walk out with set cash, while the casher will loan provider the cheque for it to be paid by often the drawer of the cheque.
The cheque cashers have to be signed up with HMRC as a money Program business and are governed by them for money Laundering Regulations. In UNITED KINGDOM British Cheque cashers association (BCCA) is the widely recognised trade affiliation for companies providing cheque cashing and short term loan services. They legally represent their members in governmental and regulatory bodies here in the UK because EU. They also act as an informal limiter of the industry through their metabolism and strict code of process.
Future of this industry
UK federal had a plan to phase out bank check as a method of payment by 2018. But in summer of 2011 this Treasury committee reopen the inquest on future of cheque in light of public concern on above transfer. Subsequently in July 2011 often the payment council withdrew its arrange for the abolition of cheques in addition to undertook to maintain the cheque system indefinitely. So this as and market is secured for a foreseeable future.