Financial Glossary: Check Cashing Outlet (CCO)


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Check Cashing Outlet (CCO)

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Check Cashing Outlet (CCO)

Check Cashing Outlet (CCO)

Businesses that Cash government, payroll, and unsecured personal checks for consumers.

Additional services may include payday loans, money orders, and wire transfers. CCO growth has taken place in primarily lower-income neighborhoods where traditional banking services may be inaccessible or unavailable. The convenient locations and extended business hours of check cashing outlets are additional incentives for their use. Often, the fees charged by CCOs may be greater than those charged by traditional banking services. See Also Alternative Financial Sector, Informal Financial Services.

Posted by EBD Group AG

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