Places That Cash Handwritten Checks

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By Libby Wells Written by Libby WellsArrow Right Former credit card staff writer Libby Wells covers banking and deposit products. She has more than 30 years of experience as a writer and editor for newspapers, magazines and online publications. Libby Wells

Places That Cash Handwritten Checks

Nell McPherson Editor Nell McPherson Editor Arrow Right Former banking editor Nell McPherson is the former banking editor of the Financial Times. Leads a team of reporters dedicated to helping readers make the best decisions about savings and checking accounts, certificates of deposit, and money market accounts. Connect with Nell McPherson on LinkedIn Linkedin Nell McPherson

How To Cash A Check Without A Bank Account 7 Ways

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The Complete Guide To Writing And Cashing Checks 2022| Compareremit

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Where Can I Cash A Check? The Best Places And Fees You Might Encounter

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For millions of consumers without bank accounts, cashing a check isn’t easy. About 5.9 million U.S. households do not have a checking or savings account at a bank or credit union, according to the FDIC’s 2021 Survey of Unbanked and Underbanked Households.

Why Does Walmart Not Cash Handwritten Checks?

There are several ways to cash a check without a bank account, but these methods cost more money, usually take more time, and are more risky than cashing a check at a bank where you have an account. Here are five different methods 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 checks written by the bank’s checking account holder, even if the check is payable to a non-customer.

The payor’s account must have sufficient funds to cover the check. Before a bank can cash a check, the payee (the person who issued the check) will be asked to show a government-issued photo ID, such as a driver’s license.

The recipient is also expected to pay a percentage of the check amount, such as 1% or a flat fee. Over time, this number will continue to increase. For example, if you are paid 52 weeks a year and it costs $8 to cash your paycheck at a traditional bank where you don’t have an account, your check cashing fees total $416 for the year.

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There may be other obstacles, such as check amount limits and rejection of personal checks from both parties. Checks six months or older may even be declined.

Walmart charges $4 for checks under $1,000, up to $8 for checks over $1,000, and up to $6 for two-party checks.

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

Consumers without bank accounts sometimes use prepaid cards to deposit checks and withdraw cash. Prepaid cards are similar to checking account debit cards. Your spending is limited by the amount of value on your card.

Does Walmart Cash Personal Checks? Yes, But There Are Limits

Prepaid cards have different check cashing options. Some prepaid cards let you set up direct deposit so that checks are automatically deposited onto the card. Other cards come with an app that lets you take a photo of your check to load it onto your card. Alternatively, you can deposit a check at an ATM and put the money on a card.

Fees are a big drawback of prepaid cards. The Walmart MoneyCard costs $2.50 to withdraw money at an ATM or bank teller window (not including fees charged by the bank), and it costs 50 cents to check the card balance at an ATM. The monthly fee is $5.94 unless you deposit at least $500 per month directly onto the card.

Reloading fees can be expensive. It costs up to $5.95 to add value to a Green Dot prepaid Visa card. Green Dot also charges $32.50 for ATM withdrawals and 50 cents for ATM balance inquiries. Additionally, if the card has less than $1,000 in stored value, there is a monthly fee of $7.95.

Check cashing outlets are probably the most expensive places to cash checks. Some of them require customers to become a “member” or purchase a check cashing ID card before cashing a check. In addition to the membership fee, they may also charge a first-time usage fee.

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Check cashing agencies typically charge a fee of 1% to 12% of the face amount of the check. Some businesses charge a flat fee on top of a percentage. Most of the checks cashed are payroll checks and government benefit checks.

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

Not only are check cashing stores expensive, they also present a risk of fraud. For example, the Better Business Bureau alerts consumers to a scam in which customers at a check cashing store receive a call from someone claiming to represent the business. The caller offers the customer a loan and demands payment to secure the loan. Of course, the loan was never received, and customers at the check-cashing store were defrauded of their 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 have them cash the check at the bank.

Ways To Cash A Check Without A Bank Account

Make sure the person you’re signing the check is willing to cash the check and that their

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