Banks may not be as convenient as check cashing stores, so why should you use them?

Using check cashing stores and money orders may seem more convenient than having a checking account at a bank. But they will cost you more than a checking account—around $800 a year more!

Check cashing stores charge you up to 5 percent of the check amount. Because a money order can cost as much as $3 per order, your costs could really add up.

If you cash a $250 check and pay 5 percent, you will give away $12.50. To cash two paychecks a month, you may pay more than five times as much in fees at a check cashing store than you would at a bank or credit union with a regular checking account.

Watch it add up!