Donald Watkins Jr. is youngest black check cashing store owner in nation

Jet, Dec 11, 1995

When 23-year-old Donald V. Watkins Jr. opened Cash-N-checks in West Montgomery, AL, in October, he made history by becoming the youngest Black owner in the check cashing industry.

Cash-N-Checks, often called a check cashing store or currency exchange, cashed more than $50,000 in checks during its first month. Watkins attributes this healthy start to months of research, phone calls and pavement pounding.

"Initially I just wanted to start a business," he said, "but after researching the check cashing market and industry, I realized that there is a significant need for this type of business in a community ignored by traditional banks. It became more of an obligation to my community and less of a personal quest."

Watkins added that dedication to the project helped him get the business off so quickly.

"I put in long hours at the library," he told JET. "I did this like I was in school. Whenever I had some spare time this is what I was working on."

Watkins' store is one of five check cashing businesses in Montgomery, but his is the only one that is privately owned. The rest, he told JET, are owned by nationwide chains.

The idea to start his own business came from his father in the form of a proposition. Watkins' father told his son that he'd lend him the money to start his own business instead of paying the funds toward tuition for law or business school which he was preparing to enter. The research for Watkins' business began in May of 1995 while he was completing an internship with a law firm in San Francisco as a legal investigator.

"My dad and I used to get together and throw around alot of business ideas," Watkins said. "I just took the idea and ran with it."

Watkins said there are still plans to go to business and/or law school in the future.

"It's just deferred right now," he said. "It's not thrown out of the pot. I just saw this as an opportunity with plenty of resources."

A graduate of Morehouse College, Watkins has agreed to pay his father back the money with interest.

"I'd rather pay interest to him than a bank," he said. "It keeps the money in the family."

The young entrepreneur had no assets, capital or former business experience, but with hard work and determination he found vendors. He has managed to build, equip and open his store well below the $75,000 average check cashing store start-up cost. His business, The Watkins Group, Inc., was incorporated in August.