ClearCash introduces cheque cashing service

Published on 1 January 1970 by Raffick Marday

ClearCash Prepaid MasterCard® introduces cost effective cheque cashing service

  • ClearCash responds to customer demand to supply cheque cashing service

  • ClearCash provides this service up to 45% cheaper than any other UK Prepaid card providers for cheques £250 and under

The cheque isn’t dead yet. To meet heavy customer demand, ClearCash has launched a cheque cashing service which can be up to 45% more cost effective than any other UK Prepaid card providers.

Many ClearCash users rely on the card as their sole financial portal. Recognising this, ClearCash introduced this service to ensure clients can make use of cheques given to them as gifts or payment for services.

ClearCash launched in 2009, is targeted towards people struggling to manage their finances and those who may not be able to use a normal bank account due to bad debt or poor credit rating.

Samuel Mond, Operations Director of ClearCash comments:
“The appeal of ClearCash has widened substantially over the last 12 months to people of all backgrounds and finances – mainly because we offer tools which are useful to anyone wanting to stretch and manage their budget in such frugal times.

“The cheque cashing service was clearly in demand but we needed to make sure it was a cost-effective service too. There was no point introducing it if a client ended up losing too large a proportion of the value of their cheque just to pay for the privilege of cashing it.”

This additional service has been incorporated into the ClearCash Prepaid card’s portfolio, which already includes the interactive BudgetMaster, enables users to see first hand whether they are over or under spending. This has proved a popular resource, helping cardholders get to grips with their finances and gain a higher level of understanding regarding money management.

Earlier in 2010, ClearCash was awarded Best Unbanked Pre-paid Card 2010 and runner up as Best Pre-paid Newcomer 2010 – coming second to the more publicised O2 Card, by Pre-paid 365.

© 2010 ClearCash Limited, Nelson House, Park Road, Timperley, Cheshire, WA14 5BZ: Registered in England No. 2441375. Account opening fee payable. Proof of identity will be required. The ClearCash prepaid MasterCard is operated jointly by Payment Card Solutions (UK) Ltd and Quantum Card Services Ltd. MasterCard is a registered trademarks of MasterCard International Incorporated. The CARD is issued by Newcastle Building Society ("NBS") pursuant to licence by MasterCard International Inc. NBS is authorised and regulated by the Financial Services Authority as an issuer of e-money (registration no. 156058).

Notes to editors:

ClearCash Cheque Cashing Service is up to 45% more cost effective than any other prepaid card providers for cheques cashed up to the value of £250.00

The only other Prepaid cards, to our knowledge at this time, which offer a cheque cashing service are 45% more expensive at certain levels – source (June 2010):

ClearCash Cheque cashing service is £4.50 for cheques being cashed up to the value of £250.00 and cheques will clear within 7 working days.

The ClearCash Cheque cashing service is provided by e-Panurgy Ltd.

Payment Card Solutions (UK) Ltd operates the ClearCash solution in conjunction with their partners Quantum Card Services Ltd. The ClearCash prepaid MasterCard is issued by Newcastle Building Society


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