7 percent of all respondents said they had used a storefront cheque-cashing service last year.
31 percent of these cheque cashing users used this service to cash a federal government cheque at a storefront cheque-cashing service, at least once last year. They represented nearly half a million adult Canadians.
Of those who had used these non-bank services, many (4 out of 10) thought the service fees were not higher than those offered by financial institutions.
2 percent of all respondents said they had used a storefront loan company last year for a payday loan.
Many (almost half) of those who had used these non-bank financial services thought the interest rates charged were not higher than those of financial institutions or just didn't know.
Northern residents were the most likely to have used a storefront cheque-cashing service or loan company.
Footnote 4 Because non-bank financial services are likely to be used by lower-income, lower-literate people, consumers with financial difficulties or without a bank account, a segment of the population underrepresented in surveys, figures contained in this section may be under-estimated.