Personal Finance

MoneyMart Cheque Cashing HORRENDOUS

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  • May 31st, 2011 7:34 pm
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[OP]
Banned
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May 20, 2011
44 posts
MISSISSAUGA

MoneyMart Cheque Cashing HORRENDOUS

The service was excellent but they take 3% + 2.99, it ended up costing me $20 bucks!

Going to my local bank probably would have been cheaper.

Never again.

(I just wanted to warn people away from MoneyMart)
30 replies
Jr. Member
Dec 29, 2006
118 posts
3 upvotes
Calgary
OutlawPro318 wrote: The service was excellent but they take 3% + 2.99, it ended up costing me $20 bucks!

Going to my local bank probably would have been cheaper.

Never again.

(I just wanted to warn people away from MoneyMart)

we all know this why didnt you just got your local bank they wouldnt even charge you or goto the bank it was drawn on and if you are not a client i think the most they charge is $5.
Deal Addict
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Sep 26, 2007
3960 posts
146 upvotes
SC
yea even depositing a cheque worth 566 dollars in an atm pcf is better than that!
"We don't have a soul... We are a soul. We have a body." ~C.S Lewis
Deal Addict
Jan 19, 2011
3012 posts
1286 upvotes
And haven't their rates come down significantly in the last year or so?
"The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is."
Just a guy who dabbles in lots of stuff learning along the way. I do have opinions, and readily share them!
Deal Addict
Dec 28, 2008
1375 posts
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Toronto
dollarbillz wrote: we all know this why didnt you just got your local bank they wouldnt even charge you or goto the bank it was drawn on and if you are not a client i think the most they charge is $5.

If they even allow you to cash a non-government cheque under $1500 as a non-client.

Most branches won't.
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Feb 2, 2006
6219 posts
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OutlawPro318 wrote: The service was excellent but they take 3% + 2.99, it ended up costing me $20 bucks!

Going to my local bank probably would have been cheaper.

Never again.

(I just wanted to warn people away from MoneyMart)

Whats the next big news? Pawn shops are a rip off? :facepalm:
Deal Addict
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Jul 29, 2007
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This just in: used car salesmen and lawyers try to rip everyone off
Deal Addict
Oct 25, 2008
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North York
MoneyMart clientele is for those people who can't afford a credit / credit worthy - or otherwise they would have used their credit card.

So MoneyMart actually basically lend to a risky borrower and I would say that the only way that they're in this business is because they're compensated for the risk
Deal Addict
Sep 11, 2006
2087 posts
760 upvotes
OutlawPro318 wrote: The service was excellent but they take 3% + 2.99, it ended up costing me $20 bucks!

Going to my local bank probably would have been cheaper.

Never again.

(I just wanted to warn people away from MoneyMart)

ROFL, I really don't understand this thread.
Jr. Member
Dec 29, 2006
118 posts
3 upvotes
Calgary
BryceS wrote: If they even allow you to cash a non-government cheque under $1500 as a non-client.

Most branches won't.


I used to work at a bank as long as its within daily cash limits usually $3000.00 sometimes $5000.00 and drawn on the branch that you goto as a non client they will cash it for $5.00


So say you take an employers cheque to Bank A which is written on Bank B they can refuse as they cant verify signature...

But you can take that same cheque to bank b and as long as they have enough cash on hand to the limits of $3k or $5k they will cash it
Sr. Member
Nov 14, 2010
994 posts
255 upvotes
OutlawPro318 wrote: The service was excellent but they take 3% + 2.99, it ended up costing me $20 bucks!

Going to my local bank probably would have been cheaper.

Never again.

(I just wanted to warn people away from MoneyMart)
Why didn't you go to your bank in the first place?

It's generally assumed all MoneyMart type places are massive ripoffs.
[OP]
Banned
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May 20, 2011
44 posts
MISSISSAUGA
Yeah um the cheque was a government cheque. And no I was not informed of this, I always thought MoneyMart was decent.

I've had their Titanium Visa for years now.
[OP]
Banned
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May 20, 2011
44 posts
MISSISSAUGA
Okay, if you guys have to know.

MoneyMart is closer to my house than the bank, so I chose to go there instead.

Yes laziness made me lose money.
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Nov 24, 2009
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Toronto
Those money marts are generally found only in the poorest neighborhoods.
Bill
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Deal Fanatic
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Feb 2, 2006
6219 posts
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OutlawPro318 wrote: Yeah um the cheque was a government cheque. And no I was not informed of this, I always thought MoneyMart was decent.

Really?
How could you possibly think that a business who exists to cash cheques would give you a good rate on cashing a cheque? :facepalm: Its not a charity :lol:
Deal Fanatic
Mar 12, 2010
6092 posts
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SW Ontario
Blueroom wrote: Those money marts are generally found only in the poorest neighborhoods.

They are spreading around here into 'better' areas, high density areas as misc. Little places close down.
[OP]
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May 20, 2011
44 posts
MISSISSAUGA
On hurontario and dundas, there are 2 moneymarts and one is opened 24 hours. so yeah they make money.

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