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Cheapest Place To Cash Checks

Cheapest Place To Cash Checks

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How And Where To Cash A Personal Check Besides The Bank In 2022

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Check Cashing Service New York

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Cheapest Place To Cash Checks

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How To Cash A Check At Any Bank (fast + Without An Account)

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For millions of consumers without a bank account, cashing a check isn’t easy. According to a study by the Federal Deposit Insurance Corp. conducted in 2021 among unbanked and underbanked households, approximately 5.9 million U.S. households do not have a checking or savings account at a bank or credit union.

How To Cash A Check And Get Direct Access To The Cash You Need

There are ways to cash a check without having a bank account, but they are more expensive, often take longer, and are riskier than cashing a check at the bank where you have an account. Here are five different ways to do it and how much they will cost you.

Banks and credit unions are not required to cash checks for non-customers, but many banks will cash a check issued by the holder of a checking account at that bank, even if it is payable to a non-customer.

There must be sufficient funds in the payer’s account to cover the check. The payee (the person to whom the check is made out) will be asked to show a government-issued photo ID, such as a driver’s license, before the bank will cash the check.

Cheapest Place To Cash Checks

The recipient should also expect to pay a percentage of the check amount, such as 1 percent or a flat fee. This can accumulate over time. For example, if you get paid 52 weeks a year and it costs $8 to cash a check at a traditional bank where you don’t have an account, your annual check cashing fees would be $416.

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There may also be other obstacles, such as limits on check amounts and the refusal to cash double-sided personal checks. Checks older than six months may even bounce.

Walmart charges a $4 fee for cashier’s checks up to $1,000, a maximum fee of $8 for checks over $1,000 and a maximum fee of $6 for two-sided checks.

Many grocery chains provide check cashing services. Kroger and Publix are just a couple. Fees typically range from $3 to $6.

Consumers who don’t have bank accounts sometimes use prepaid cards to deposit checks and access cash. Prepaid cards work similarly to debit cards for checking accounts. Your spending is limited by the amount of money loaded on the card.

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Prepaid cards offer a variety of check cashing options. Some prepaid cards allow you to set up direct deposit so that checks are automatically loaded onto the card. Other cards come with an app that allows you to take a photo of the check and load it onto the card. You can also deposit a check at an ATM to load money onto your card.

The big disadvantage of prepaid cards are fees. The Walmart MoneyCard charges a $2.50 fee to withdraw money at an ATM (not including the bank fee) or bank teller, and 50 cents to check your card balance at the ATM. The monthly fee is $5.94 unless you deposit at least $500 per month on the card.

Reloading fees can be high. Adding funds to your Green Dot Visa prepaid card costs up to $5.95. Green Dot also charges a fee of $32.50 for ATM withdrawals and 50 cents for checking ATM balances. Additionally, there is a $7.95 fee for each month that the card is not loaded with at least $1,000.

Cheapest Place To Cash Checks

Check cashing centers are probably the most expensive places to cash checks. Some of them require customers to become “members” or purchase check cashing identification cards before cashing the checks. They may charge a first-use fee in addition to the membership fee.

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Check cashers typically charge a fee ranging from 1 to 12 percent of the check’s face value. Some companies charge a flat fee in addition to a percentage. Most of the checks cashed are payroll checks and government benefit checks.

According to the Consumer Federation of America, the national average fee for cashing a check at one of these services is 4.1%. For example, if you cashed a check for $500, the fee would be $20.50. If this was your weekly paycheck, you’d pay $1,066 in check cashing fees for a year.

Not only are check cashing stores exorbitantly expensive, but they run the risk of engaging in fraudulent practices. For example, the Better Business Bureau warns consumers about a scam in which customers of a check-cashing store call someone pretending to represent the company. The caller offers the customer a loan and demands payment to secure the loan. Of course, the loan is never received and the check cashing store customer is cheated out of his cash.

Another way to cash a check without a bank account is to sign the check to a trusted friend or relative who has a bank account and ask them to cash the check at their bank.

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Make sure the person you are signing the check for is willing to cash the check and that it is them

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