Must check cashing stores follow the same rules as banks? Do they take third party checks?
Check cashing stores are regulated in most states. That regulation, however, usually deals with fee restrictions, requirements for anti-money laundering policies and other public policy concerns.
In most cases, a check cashing store's decision to cash a third party check would be a matter of policy rather than regulation. It's a business decision based on an understanding of the risk involved.
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Check cashing stores are regulated in most states. That regulation, however, usually deals with fee restrictions, requirements for anti-money laundering policies and other public policy concerns. 