What Would Happen If No Currency Exchanges Existed?

Imagine a world without neighborhood currency exchanges. You receive your paycheck but have no bank account in which to deposit it. You might have to travel farther or wait days for a retail store or app to cash it. Inaccessible hours or ID requirements could create other barriers to accessing your funds on time.

Why Do Illinoisans Rely on Currency Exchanges Like CCEA?

Thousands of people rely on the convenience of basic financial services and auto services that currency exchanges like CCEA offer throughout Illinois and parts of Wisconsin. That’s what makes them some of the most unsung local businesses around. They don’t usually generate a lot of buzz. They’re more focused on serving their customers than advertising their services to the world.

However, if they went away, you would notice. We all would. Here’s why.

1. People Without Bank Accounts Lose Access to Basic Services

If these local currency exchanges didn’t exist, the biggest and most immediate impacts would be felt by the unbanked and underbanked. These folks either lack bank accounts due to financial instability or personal reasons, or their money situations are inconsistent. The disappearance of basic services would make it more difficult for them to cash checks, pay bills, or wire money to a loved one in another country.

2. No Convenient Place to Pick Up Your New Auto Stickers

Some money services may appeal to people without bank accounts, but currency exchanges are in every kind of neighborhood, including upscale ones. That’s because almost everyone drives, and no one can avoid responsibilities like handling your title and registration properly when you have a new car, renewing your plate stickers, and other routines.

You would be heading back to the DMV and standing in line, a much more time-consuming process.

3. Higher Barriers to Accessing Money Services

Whether due to distances people need to travel, longer waiting times, or extra fees, higher barriers to accessing money services can have ripple effects in a person’s life. It can become harder to create a reliable household budget and stick to it, making money management more difficult overall.

Saving extra dollars and gaining access to credit for things you want to buy might become more difficult down the road.

4. Reduced Convenience in Underserved Communities

Even infrequent tasks that people don’t often think about, like getting a document notarized, would become more expensive and time consuming. Other places that offer notary services tend to keep uneven hours and charge a bit more than the currency exchange down the street.

That’s just one of dozens of activities that one can take for granted, but holds meaning in underserved communities.

5. Less Nearby Assistance for Small Businesses Owners

Assistance for small businesses would also be harder to access, too. From faxing and making photocopies to getting stamps and envelopes, CCEA has your startup covered for the little things. Other services aimed at your local at-home businesses or mom-and-pops:

• Business check cashing
• Rolled coins and currency for the cash register
• Income tax preparation and other miscellaneous services

Read here for money management advice for people starting their own business.

6. Possibly an Increased Reliance on Riskier Alternatives

Finally, the alternatives to trustworthy services at a currency exchange may be unsavory. People might turn to loan sharks or unsafe money transfers, which can lead to risks such as fraud or worse.

Call Your Local CCEA Currency Exchange for Help Today!

Transactions at CCEA provide a digital record for users, and all of our money and auto services are conducted safely and legally.

Call or stop by the CCEA location near you to find out how we help local residents manage their finances every day!