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ACE ‘ s efforts to burnish its reputation were assisted by significant changes in the check-cashing industry as a whole

ACE ‘ s efforts to burnish its reputation were assisted by significant changes in the check-cashing industry as a whole

Company Perspectives:

Since beginning 32 years ago, ACE has followed the same disciplined practice of balanced growth through adding new stores, acquiring existing operations, expanding products, and enhancing services. Today, ACE serves more than two million customers each month.

As the savings rate of the average American plummeted to an all time low, a greater number of families was saddled with hefty credit card debts. Increasingly, check cashers ‘ prime customers were no longer the urban poor, but rather “ white-collar job holders who use their services to make ends meet, ” according to the Cincinnati Enquirer. So-called “ payday ” loans – in which check cashers allowed a customer to write a post-dated check and cash it on the spot for a fee – became an important aspect of the industry.