Check cashing rate compromise to spare Illinois residents
Those who cash their checks with check cashing services will now get more of their money back.
A rate hike on check cashing services will be lower than originally proposed.
To give some perspective, payroll checks at $500 would have been charged $12.50, but now that charge will be $11.65.
Not only that, rates for those on public assistance will also become lower.
Those in charge Tuesday's compromise said this is a deal for the people.
"We have been told to stop and take the deal,” said Brendt Adams with the Woodstock Institute. “It's a good deal, but for consumers who already have no money, having to pay more fees would be a struggle."
The table below reflects the new rates for different types of checks cashed using services at businesses such as Currency Exchanges.
According to an industry report, the average check amount is $463.83.
According to industry data, only 7 percent of checks are greater than $1,250.
*EITC = Earned Income Tax Credit