Nunavut gov't looks at regulating cheque cashing fees
In communities with no banks, cashing cheques at grocery store comes with hefty fees, cash limits
With no banks in many Nunavut communities, cashing a cheque at the local grocery store can be expensive.
Now, officials with the Department of Community and Government Services are looking to update the Consumer Protection Act to address fees and the cheque cashing processes in communities with no banking services.
In Igloolik, residents can cash a cheque at the Northern or Co-op store but it's costly, and they can't get any more than $200 in cash. The rest is offered in store credit or a prepaid Visa.
"They charge $2.50 to $3 per cheque and it depends on the amount of the cheque you have," said Aaron Arnatsiaq. "I mean like, if you want to put all your cheques in a card that's OK, but if you want some cash for spending, maybe that's where you need all your money."
Officials with the department are now looking for public feedback.