Re: Man cashes in $13,000 in pennies at coinstar.
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If banks have these machines then why the hell would coinstar exist? They'll take 53 pounds of change?
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Why do check cashing places exist? Because people are dumb and lazy.
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From my understanding, the primary market for check-cashing places is people who don't have a bank account and live essentially on a cash basis.
This does not contradict your "dumb and lazy" conclusion, but it's more than just these things. The majority customer for these here in my area of the country are the significant number of illegal workers (who often fear a paper trail and/or have limited ID.)
Here's an intersting twist on check cashing: One day I drove to a local manufacturer or outdoor bricks (faux stone facings) to buy some material for our hardscaping project.
All at one time, a 100 workers came out on break all dusty and grimy from work holding their paychecks. They lined up in queue to a white truck with bars on it. Some left the truck with ice cream bars and others left stuffing cash into their pocket.
Finally, I figured out that this entrepeneur was running a combination mobile check-cashing service and ice cream truck business. He obviously stops at this site at the same breaktime every payday. I have no idea his vig, but it was a fascinating business idea -- except for the side bonus of being a huge robbery target of one of your customers or customer-accomplices.
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