Millions of people in this country know the frustration of not being able to take advantage of a personal bank account, usually due to financial limitations or inconsistent job situations. For some, it’s more of a choice, but both groups want the same thing: convenient, trustworthy options for accessing their own money to buy things, sending money to others, or simply storing their cash safely.
Whether being “unbanked” is a temporary situation or more of a long-term solution, your reasons are your business. Three personal finance options are so fast and convenient, you won’t miss the bank at all:
1. Yes! Debit Card for Safe & Easy Shopping
We’ve discussed the blessings of prepaid debit cards for different groups, from teens whose parents want them to eat lunch to folks trying to get out of credit card debt. But cards like Yes! Debit come with a lot of smaller perks that can get overlooked, too. Here are some online bank-like features just about anyone can enjoy with a prepaid debit card:
- Free reloads: Add money to your card at any CFSC Currency Exchange location without coughing up extra dough.
- Free ATM access: Withdraw cash with no extra charge once a month at a CFSC ATM.
- Fast direct deposit: Get your funds faster than snail mail, whether it’s weekly pay from your job or Social Security or Medicaid checks.
- Linked savings account: Transfer money back and forth between Yes! Debit and an account similar to a savings account at a bank, while earning as much as 6% APY (depending on your balance).
Make sure that any prepaid debit card you consider comes with built-in purchase protections. It’s especially important to have some form of theft coverage on purchases using your card in case it is lost or stolen.
2. Check Cashing for Instant Access to Money
When you need it, you need it. Money, that is. And if a traditional bank won’t be your partner, it’s pretty important to have a nearby service that will cash your checks. Funds move back and forth quickly in today’s world, and you don’t want to be left behind.
When the landlord is breathing down your neck, every minute of waiting counts. This is one reason that check cashing is still one of the most popular services at any currency exchange. Bring in proper ID and just about any payroll or government-issued check made out to you, and the person assisting you will give you the money right away. Not having to check your mailbox or wait hours or days for the check to clear through a bank can truly be a godsend.
3. Money Transfers for Receiving & Sending Cash
Finally, there’s another tried-and-true service for people who fly under the financial radar. If you’ve never used a money transfer service before, it’s possibly the quickest way you can send money to a far-off friend or family member, either within the U.S. or internationally. The process is simple: you show up with the funds and pay a small fee, and the recipient on the other end either picks it up in cash or has it deposited into their mobile wallet or account.
Lacking a bank account is just one reason a money transfer can be a lifesaver.
- An urgent solution. Your loved one is in a bind and has no other way to access funds.
- Fast timing. Transfers happen in real-time so the money can be picked up quickly, often within minutes.
- Accessible via countless locations. They’re available at many retail stores as well as check-cashing centers.
- Keeping families connected. They help families abroad who are relying on relatives to support them.
- No need for the sender to use checks or cards. Everything can be handled either in cash or electronically.
Prepaid Debit Card & Other Money Services at CFSC Near You
If you’re interested to know what to bring with you and how exactly any of our financial and auto services work, just ask! Call your local CFSC for store hours and to be sure what you need to pick up your new Yes! Debit card. It might make the transaction go even faster.