The Cost of Not Having an Account
Check-cashing stores typically charge one to five percent of every check just to cash it. Over a year, that adds up to hundreds of dollars lost to fees that a low- or no-fee checking account could avoid.
Banking and Avoiding Predatory Products
Having a bank or credit union account isn't just convenient, it protects you from losing money to fees every single time you're paid.
What check cashing actually costs you
See a year of fees in one number. Nothing is saved.
Most storefronts fall in the 1–5% range.
Total cost per year
You're paying about $0.00 a year to get your own money.
| Check cashing | Free credit union account | |
|---|---|---|
| Cost per paycheck | $0.00 | $0.00 |
| Cost per year | $0.00 | $0.00 |
| What the yearly amount could cover instead | about $0.00 per year in fees | Kept in your pocket |
Cost per paycheck
- Check cashing
- $0.00
- Free credit union account
- $0.00
Cost per year
- Check cashing
- $0.00
- Free credit union account
- $0.00
What the yearly amount could cover instead
- Check cashing
- about $0.00 per year in fees
- Free credit union account
- Kept in your pocket
Find a free or low-cost account near you and keep that money instead.
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If You've Had Banking Trouble Before
A history of overdrafts or an unpaid negative balance can show up on a specialty report (similar to a credit report, but for banking history) and make it harder to open a new account. Many credit unions offer “second chance” checking accounts designed exactly for this situation, with fewer restrictions and a path back to normal banking. Ask a Care Center staff member for a current local recommendation, since which credit unions offer this changes over time.
Comparing Your Options
Local credit unions are often not-for-profit and member-owned, and many have lower fees than large national banks, but not every account is free and membership rules vary (some are limited to people who live, work, or worship in certain areas). Compare the actual monthly fees, minimum balance and opening deposit requirements, overdraft policies, and eligibility at any bank or credit union before choosing.
Red Flags to Avoid
Payday and title loan storefronts, rent-to-own furniture and electronics stores, and tax preparers pushing a “refund advance” loan with large fees are all designed around the fact that you need money now. There is almost always a better option, even if it takes an extra day to find it.
Getting banked is one of the single best steps toward financial stability, and low- or no-fee options are often available if you compare.
Visit or Contact UsContent updated September 2026. This page is general information, not legal or financial advice.