What is a deferred deposit and why use the service?
In today's fast pace, one comes across unexpected surprises; a phone
or electricity bill falls due, the family car breaks down or for some
unforseen circumstance people are strapped for cash. With no relatives
or other friends to assist you over the hump, the "friendly"
bank is no help. As a matter of fact, if you misscalculate your cheque
account balance by a dollar or so, the "friendly" bank will
bounce your cheque, charge you $35.00 or more and give you an overdraft
to cover the bounced cheque fees.
A deferred deposit may be your answer.
Here's how the First Fidelity deferred deposit works.
We will cash your cheque immediately and deposit the cheque up to
thirty days later in exchange for a pre determined service fee. If
you choose to defer this deposit an additional thirty days, you can
pay us an extra fee and instruct us to "roll over" the deposit.
Because traditional financial institutions are unwilling to assume
the risk involved, our service fees are higher than the interest charged
by banks and credit cards. Fees are proportional to the risk undertaken
and the service provided. However our fees will be a fraction of those
charged by your "friendly" bank when it bounces your cheque.
some questions? Need some clarification?, ask us here