Chextop
1-877-958-CASH (2274)
chextop@comcast.net
Frequently Asked Questions
We have tried to list the most frequently asked questions below, but if you don’t see an answer to your own question here, PLEASE email us (we answer emails!), call us toll-free, drop by or call the location closest to you to have your question answered by a check cashing professional.
NOTE/DISLCAIMER: The answers to the following questions concerning the new Payday Loan laws in the state of South Carolina represent our understanding of the regulations and may or may not be how the law is interpreted by the state regulators. Please refer to the Newsletter section of our webpage for more information.
Q: What is the new law concerning payday loans?
A: Click on link to view full text of bill - http://www.scstatehouse.gov/sess118_2009-2010/bills/3301.htm
Q: How does it affect me?
A: In general, the new law takes the decision of how much and when you can borrow from a payday lender away from you. The legislature of the State of SC has decided that that you do not need more that $550.00 at any given time, and requires that you pay an outstanding loan back and wait for at least a day before allowing you to enter into another payday loan. If you feel that your right to make financial decisions for yourself has been taken away from you, please take the time to call your state representative and let him or her know how you feel.
"Those who are willing to trade their freedom for security will end up with neither."
Q: What do I need to bring to be able to cash a check?
A: In most cases all you need is the check, and a valid ID. Please call to see if we may need further documentation to cash your particular check.
Q: What are the rates to cash a check?
A: Our rates are based on the inherent risk of the check you present to be cashed. This rate starts as low as 1% (that’s $1.00 on $100.00!) for a local payroll check, and goes as high as 5% for an insurance check in SC. Personal checks are cashed for 10% (in MD), and cash advances for 15% (in SC). The vast majority of the non-personal checks we cash are done for 2% or less. Please call us to find out the rate to cash your specific check.
Q: What do I need to bring to setup a cash advance account with Chextop?
SOUTH CAROLINA:
A: You must bring a valid state issued South Carolina ID or DL, a supporting work ID or SS card, your most current mailed bank statement, or a transaction history for the last 30 days that has been signed or stamped by the bank, to verify that you have an open and active bank account. You also need your most current pay stub, and YOUR CHECK BOOK! Don’t forget your wallet or purse (to carry the cash)!
MARYLAND:
NOTE: Chextop does not offer payday loans in the State of Maryland. However, Chextop will cash your personal check for 10% (the fee permitted by state law) and hold it until your next direct deposit date at no additional charge.
A: You must bring a valid, local (MD, VA) state issued ID or DL, a supporting work ID or SS card, your 2 most current mailed bank statements or a transaction history with a running balance for the last 60 days that has been signed or stamped by the bank to verify its authenticity that shows a regular direct deposit into your personal checking account. You also need your most current pay stub, and YOUR CHECK BOOK! Don’t forget your wallet or purse (to carry the cash)!
Q: How long does it take to set up an account?
A: Chextop prides itself on providing fast, friendly service, and we can usually get you out of our store with cash in your hand in 10 minutes (depending on the line in front of you)!
Please refer to the Newsletter section of our webpage for more information.