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Check cashing companies and money orders can cost you hundreds of dollars each year. There's a way you can pocket that money and keep your cash in a safe, secure place. You can get a bank or credit union account even if you've had problems with such an account in the past or if you don't have a Social Security number. And, best of all, the cost is low.

 

Use this simple calculator to find out how much you can save each year  with a bank account. Information you supply will remain confidential.

* What is the amount of your paycheck?             Ex:1000
* How often do you get paid?
* What does it cost you to cash your check(%)? 
Ex:10
* How many bills do you pay each                       
   month with money orders?

Ex:5
  * How much does each money order cost?           
Ex:4
 



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Facts

• An estimated 96,000 Memphians have no checking or savings account.

• Another 97,000 Memphis households are "underbanked"- they have bank accounts but rely on check cashing companies, money orders, and   payday lenders for financial services.

• A person making $22,000 could spend more than $1,000 per year on cashing checks and purchasing money orders.

• A fulltime worker without a checking account could potentially save as much as $40,000 during his career by relying on a lower-cost    checking account instead of check-cashing services.

• Without a bank account, there are few opportunities to save money or buy a home.

• Financial education matters to the Memphis community!

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