A 2019 FDIC study revealed that more than seven million American households don’t have a bank account. population without a banking relationship. That’s a boon for a large amount of the U.S. You don’t need to have a bank account to cash a check. ![]() Do You Need a Bank Account to Cash a Check? But in some cases, interest rates can approach 400%.īe sure to check with the financial institution or retailer for any restrictions, fees or limitations before you cash your check. These types of stores typically don’t list their fees online, so you won’t know how much it costs until you call or visit a location. Fees at check-cashing stores are generally a percentage of the check amount. They are often the most expensive option. Payday loan stores are another way to cash a check, but consider using these as a last resort. How to Cash a Check at a Check-Cashing Store If it’s approved, you can choose to add the funds to your PayPal account immediately, for a fee, or have it added in 10 days for no cost. Then, submit the images to PayPal for review. Similar to mobile check deposits, you’ll use your phone to snap photos of your check. You can cash a check through PayPal, if you have a PayPal Cash Plus account. Kroger check-cashing fees range from $4.00 to $7.50. At more than 2,000 Kroger-owned stores nationwide, you can cash select check types with a $5,000 maximum check total limit. Some grocery store chains, like Kroger and its family of stores, also offer check-cashing services. Two-party personal checks up to a $200 max: $6 or less.Pre-printed checks over $1,000 up to a $5,000 max: $8 fee.Pre-printed checks up to $1,000: $4 fee.Walmart charges the following fees for cashing checks: It costs $1 to purchase a Mone圜ard in-store, or you can request one online to avoid the fee. Walmart, for example, cashes checks and offers two options for receiving your money-in cash or loaded onto a Walmart Mone圜ard. Many retailers allow customers to cash checks at their locations. Keep in mind that it’s a good idea to hold onto a check 14 days before you destroy it to ensure there are no issues with the deposit. Mobile check deposits typically involve taking photos of the check’s front and back using your mobile phone’s camera. Many, if not most, banks and credit unions offer a mobile app, allowing you to deposit checks electronically. If a fee is charged, it’s typically deducted from the cash you receive. The issuing bank can immediately verify the availability of funds from the check source’s account. This service may be complimentary or provided for a small fee, depending on the bank. Look at the check for the issuing bank’s information. You can also head to the bank or financial institution that issued the check. Still, many allow you to deposit checks digitally through mobile banking apps. Online banks typically don’t have branches you can visit to cash a check (or offer very limited branch access). If you bank locally, you can cash a check in person, but many banks also allow you to do this through an ATM if you prefer. Plus, most banks offer check cashing for free to their customers. How to Cash a Check at Your Bank or Credit UnionĪn account with a bank or credit union gives you a trusted spot to cash or deposit a check. If you’re depositing all or part of the check into your bank account, you need to fill out a deposit slip provided by the bank. At a bank or credit union, this is the teller. Hand your check and ID to the representative helping you. ![]() To endorse the check, sign your name on the blank line located on the back of the check. This is the first step to take after you’ve arrived at the location where you are cashing the check. You don’t need to know how to write a check, but you need to endorse it. Generally, the only time you don’t need an ID is to deposit a check through an ATM or sign it over to someone else. Typically you’ll need an accepted form of ID to cash a check, like a driver’s license or government ID. All Rights Reserved.The process of cashing a check can vary depending on the financial institution or store you choose. and its subsidiaries do not disclose any nonpublic personal information to anyone, except as permitted by law. Rapid Armored Corp., a wholly-owned subsidiary of The Pay-O-Matic Corp., is licensed as an Armored Car Carrier by the United States Department of Transportation and the New York State Department of State. *These Companies are licensed as Money Transmitters by the New York State Department of Financial Services. and Western Union Financial Services, Inc. is licensed by the Superintendent of Financial Services, pursuant to article 9-A of the Banking Law and is an authorized agent of the following Money Transmitters*: The Pay-O-Matic Corp. is licensed as a Money Transmitter by the New York State Department of Financial Services and the New Jersey Department of Banking and offers proprietary bill payment and prepaid services under its Pay-O-Matic Payment System business unit.
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