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Providing Choices
Consumers enjoy a wide variety of choices when conducting financial transactions in the state of Washington. FiSCWA members are proud to offer convenient choices for financial services that compete with products offered by banks, credit unions, internet providers and other retailers. Just as convenience stores fill the convenience niche in the grocery industry and fast food restaurants fill a specialty niche in the restaurant industry, check cashing and payday loan branches, commonly located in busy shopping districts, fill an important niche in the financial services industry.
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Convenient check cashing:
While check cashing services are available at banks, credit unions, grocery stores, kiosks and various other retailers, many consumers choose to cash their checks through a FiSCWA member business. For a small percentage of the check amount, customers enjoy the convenience of access to immediate cash.
Payday loans:
Consumers find that payday loans offer an additional choice when they evaluate their short-term credit options. In many cases, payday loans can be preferable to incurring late payments that may be reported to credit bureaus and adversely affect a consumer's credit rating, paying late fees assessed by creditors or over-limit fees assessed by credit card companies, incurring merchant and bank bounced check fees, accessing overdraft protection funds or securing short-term loans with personal property. As banking services, funds transfers and bill payments become more automated through electronic processing, choosing options for short-term credit to meet cash flow timing needs becomes more common.
Prepaid debit cards:
Using a prepaid debit card provides safe and secure access to traditional banking and electronic payment systems. PIN debit cards allow consumers to make purchases at many retailers, while signature debit cards with a Visa® or MasterCard® logo allow consumers to make purchases wherever Visa® or MasterCard® debit cards are accepted.
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Money orders:
Consumers use money orders to make payments by check when they choose not to use a check from their personal account. Vendors who do not accept personal checks will typically accept money orders for payment. While many retailers and banks sell money orders for a fee, several FiSCWA members offer money orders at no charge.
Wire transfers:
Many FiSCWA members are agents for either Western Unionﾮ or Moneygramﾮ. Consumers can send money to individuals or companies throughout the United States and around the world.
Bill payments:
Consumers who choose not to set up electronic transactions or mail bill payments can make payments to selected vendors through FiSCWA members acting as bill pay agents. Payments are processed quickly and the customer receives a detailed receipt as documentation for each payment.
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For more information...
Contact FiSCWA at 206.246.3500 or visit www.fiscwa.com. Additionally, research about the retail financial services industry has been published and is available through the Community Financial Services Association (CFSA) at www.cfsa.net and the Financial Service Centers of America (FiSCA) at www.fisca.org.
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