This is a photo of a check cashing outfit in Greenville, NC. Note that the sign says "Get SSI Checks 3 Days Early." You may have to click on the photo to see it large enough to read the sign. Does anyone know how they are doing this? Is it legal?
8 comments:
Anonymous
said...
They are probably loaning the money, at some ridiculous interest rate, against repayment when the customer receives their check
The only way they could be giving "early SSI checks" to people... is by taking the payday & cash advance loan approach.
They forward the money to the individual that they are expecting on their check, have them sign off on some paperwork (promising to give them their SSI check) at an exhorbitant interest rate, and they have made good money off of a person who didn't have the patience to wait for their check.
its much simpler, they sign people up for a prepaid debit card, they get the advanced payment file from the treasury with the post date for each payment electronically in advance of its due date. Instead of holding the payment and posting it on its due date they release it when they recieve it. In some cases this can be as early as five days before they are "due".
It may not be that the person just didn't have the patients to wait on their check. They may be without groceries by the end of the month or may need it to pay an electric bill I know because I've seen this happen to people first hand. I know it's hard to understand but $623 dollars per month doesn't go anywhere by the time you pay rent,utilities,and buy extra food for the house you're broke.
It may not be that the person just didn't have the patients to wait on their check. They may be without groceries by the end of the month or may need it to pay an electric bill I know because I've seen this happen to people first hand. I know it's hard to understand but $623 dollars per month doesn't go anywhere by the time you pay rent,utilities,and buy extra food for the house you're broke.
8 comments:
They are probably loaning the money, at some ridiculous interest rate, against repayment when the customer receives their check
A version of payday or paycheck loans
The only way they could be giving "early SSI checks" to people... is by taking the payday & cash advance loan approach.
They forward the money to the individual that they are expecting on their check, have them sign off on some paperwork (promising to give them their SSI check) at an exhorbitant interest rate, and they have made good money off of a person who didn't have the patience to wait for their check.
-Daniel
its much simpler, they sign people up for a prepaid debit card, they get the advanced payment file from the treasury with the post date for each payment electronically in advance of its due date. Instead of holding the payment and posting it on its due date they release it when they recieve it. In some cases this can be as early as five days before they are "due".
Interesting concept, but I know the same inpatient bloaks will blow their money three days ahead of time and then want immediate payments.
It may not be that the person just didn't have the patients to wait on their check. They may be without groceries by the end of the month or may need it to pay an electric bill I know because I've seen this happen to people first hand. I know it's hard to understand but $623 dollars per month doesn't go anywhere by the time you pay rent,utilities,and buy extra food for the house you're broke.
Bloaks?? Lmao!
Bloaks?? Lmao!
It may not be that the person just didn't have the patients to wait on their check. They may be without groceries by the end of the month or may need it to pay an electric bill I know because I've seen this happen to people first hand. I know it's hard to understand but $623 dollars per month doesn't go anywhere by the time you pay rent,utilities,and buy extra food for the house you're broke.
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