In need of cash in a flash? Through a branch network, Amscot Financial offers financial services such as check cashing, money orders, credit and debit cards, and cash advances. The company gives customers cash up front for payroll, bank, insurance, and personal checks. Amscot's branches throughout Florida also provide ATMs, notary, fax, copies, and postal services, as well as prepaid debit cards and prepaid wireless phone minutes from carriers including AT&T and Verizon. In addition, Amscot Financial offers tax help and collects bill payments (cable, electric, phone). Amscot Financial operates 174 tax preparation offices and 174 finance service centers, many of which are open 24 hours a day.
Amscot Financial can help customers send and receive funds from around the globe. The company's locations, open seven days a week, also provide wire transfers through Western Union.
The payday loan industry has received a boost during the recession as people look for ways to get by. However, the industry also is heavily criticized for its practices of charging high fees to usually poor clients. Amscot is the largest cash advance company in Florida, a state with rather strict rules on payday loans. The company charges a fee of 10% on cash advances. Amscot issues cash advances in increments of $50, with a (state-mandated) limit of $500. The company also charges a $1 state fee on cash advances. That fee is used to maintain a state-wide database of payday borrowers.
Amscot financial was founded in 1989 by CEO Ian MacKechnie who moved to America from Scotland. Amscot is owned by the MacKechnie family. – less