Shopping Discussion

Money mart not so convenient after all

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  • Jan 30th, 2010 1:00 am
[OP]
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Dec 16, 2007
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Toronto

Money mart not so convenient after all

recent money mart experience

To whom it may concern:

I'm writing you this email in regards to my recent experience at one of your locations in Mississauga, Ontario. I received a USPS postal money order, and did not want to wait the 5-6 day period that my bank would hold the cheque for, so I visited your website and read your info on cheque cashing.

This is what is written on your website:
QUICK & CONVENIENT

"Simply bring your cheque to one of our many convenient locations and turn your cheque in to cash...in a flash. We are Canada’s largest cheque cashing service provider with quick, convenient, and hassle-free service all at affordable rates*. So cash in on our 25+ years of experience and visit Money Mart today!"


So i thought, why not give money mart my business based on this convenience that they claim to offer.
All I can say is that it was the farthest from being quick and convenient as one could imagine.
I first give the representative the cheque, my drivers license, then against my own beliefs my SIN number, because she told me I have to open an account there to cash the cheque. I was also told that there could be a HOLD (which is not what your website says) and she wouldnt be able to tell until after it is processed.

At this point I was a little bit irritated as the whole point of me wanting to use and pay for your company's services was to avoid the hold and have the money that day. At that point I asked her to confirm wheteher or not there will be a hold because that would defeat the purpose of not using my own bank for the transaction. She then told me that the last step to opening the account and checking if there would be a hold on the cheque was to provide 2-3 personal references. What??? personal references??? are your serious??

At that point I nearly hit the roof, but I did not. I simply said, I thank you for your time but could you please cancel the request for an account and to cash this cheque today. Because all of this hassle completely does not make it any easier than cashing it at my own bank where I will NOT be charged a penny to cash it. She said OK, i have not saved anything i will just simply delete the request.

At the end of the day, i hoped to give your company my business because of the ease of use that is claimed on your website. Sadly your company charges for a supposed convenience, which in my experience today, was not convenient at all.


Thank you for wasting my time money mart
sincerely
13 replies
Deal Addict
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Nov 23, 2006
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I think you're the exception. I've never dealt with Money Mart, but I would think that their customers would be in a somewhat desperate position so once they are in the door they'd be willing to jump through the hoops to get rent or heat or drug or whatever money. They are willing to pay 3 or whatever % to get the money early. Not a good deal unless you're desperate.

If you're just trying to get some money before payday because you can't wait another 5 days to buy an iPad (yeah I know it's not out yet) then once the PITA ratio gets too high, you're out of there.

I personally can't believe money mart has enough business to stay open, but they keep expanding so they obviously do.
[OP]
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Dec 16, 2007
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Acid_ wrote: I think you're the exception. I've never dealt with Money Mart, but I would think that their customers would be in a somewhat desperate position so once they are in the door they'd be willing to jump through the hoops to get rent or heat or drug or whatever money. They are willing to pay 3 or whatever % to get the money early. Not a good deal unless you're desperate.

If you're just trying to get some money before payday because you can't wait another 5 days to buy an iPad (yeah I know it's not out yet) then once the PITA ratio gets too high, you're out of there.

I personally can't believe money mart has enough business to stay open, but they keep expanding so they obviously do.
i can understand the hoops and barriers for a payday advance/loan

but this is a money order lol...oh well ill never go there again
Sr. Member
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Aug 30, 2006
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Toronto
Acid_ wrote: I think you're the exception. I've never dealt with Money Mart, but I would think that their customers would be in a somewhat desperate position so once they are in the door they'd be willing to jump through the hoops to get rent or heat or drug or whatever money. They are willing to pay 3 or whatever % to get the money early. Not a good deal unless you're desperate.

If you're just trying to get some money before payday because you can't wait another 5 days to buy an iPad (yeah I know it's not out yet) then once the PITA ratio gets too high, you're out of there.

I personally can't believe money mart has enough business to stay open, but they keep expanding so they obviously do.
After work, on my route home, I pass by a money mart and there always seems to be a line of 3-5 people.
[OP]
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Dec 16, 2007
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Mac10 wrote: After work, on my route home, I pass by a money mart and there always seems to be a line of 3-5 people.
i guess it depends on the area

i went to the one on dundas east of dixie

it was 11am on a friday (payday for alot of people and very busy at regular banks

i was the only person in there and the only person to go either in or out in the 15 mins i was there and for at least 30 minutes after, as i was in the parking lot on the phone staring a hole through the place lol
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Oct 26, 2008
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hitman_24 wrote: ... a USPS postal money order, and did not want to wait the 5-6 day period that my bank would hold the cheque for,
Banks I deal with just cash a USPS money order over the counter without any problem.

The only question asked is, "would you like that in U.S. or Cdn. funds?"

There could be a value threshold where they have a manager scan it to confirm that it is not counterfeit.

That is the only risk involved - it is essentially cash, nothing like a personal cheque.

There is zero chance that the USPS is going to default on it.

In the case of Money Mart ..
I can see that without the ability to immediately take a cut on the transaction, they will want to at least have the benefit of your funds for a few days.

That is their business model.

Which is why true RFD'ers never go anywhere near a Money Mart.
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Oct 12, 2002
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macnut wrote: Banks I deal with just cash a USPS money order over the counter without any problem.
+1....i havent had a problem cashing money orders right away at banks....that said, they have never been huge amounts or anything (as you mentioned there might be a value threshold where more checks and/or holds would take place).
[OP]
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Dec 16, 2007
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macnut wrote: Banks I deal with just cash a USPS money order over the counter without any problem.

The only question asked is, "would you like that in U.S. or Cdn. funds?"

There could be a value threshold where they have a manager scan it to confirm that it is not counterfeit.

That is the only risk involved - it is essentially cash, nothing like a personal cheque.

There is zero chance that the USPS is going to default on it.

In the case of Money Mart ..
I can see that without the ability to immediately take a cut on the transaction, they will want to at least have the benefit of your funds for a few days.

That is their business model.

Which is why true RFD'ers never go anywhere near a Money Mart.
can i just walk into any bank to cash it? or do i have to have an account there??

i currently only have a pc account


the amount of the cheque is $275 US
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Mar 8, 2002
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Once you've setup your account and they've verified your identity, subsequent visits will be very quick.
[OP]
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Dec 16, 2007
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Hugh Jass wrote: Once you've setup your account and they've verified your identity, subsequent visits will be very quick.
there will be no subsequent visits :twisted:
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Mar 6, 2005
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hitman_24 wrote: can i just walk into any bank to cash it? or do i have to have an account there??

i currently only have a pc account


the amount of the cheque is $275 US
Most banks will probably decline to cash it if you don't have an account and they are under no obligation to cash it for you.

But if you wanted to open an account I'm sure they would be happy to help you out but as a new client you will probably be subject to an autohold anyway.
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Nov 26, 2005
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Vancouver
3% charge on say a 7 day hold is equivalent to 389.5% annual interest rate.

why dont you just deposit that cheque to credit card and cash advance from there lol.
[OP]
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Dec 16, 2007
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ccyk wrote: 3% charge on say a 7 day hold is equivalent to 389.5% annual interest rate.

why dont you just deposit that cheque to credit card and cash advance from there lol.
what do you mean by deposit it to credit card?
Deal Addict
Nov 26, 2005
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hitman_24 wrote: what do you mean by deposit it to credit card?
sign at back of cheque, and pay credit card with it.
i usually just dump cheques to my stock account and withdraw from there if i need cash.

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