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Nearly 5.9 million households are unbanked, meaning they do not have an account at an insured financial institution, according to the Federal Deposit Insurance Corporation’s 2021 national survey of unbanked and underbanked households.
Places That Cash Personal Checks Besides Banks
So where can you cash a check if you don’t have a bank account or simply don’t have access to a bank? Fortunately, you can cash a check in a number of different places besides banks, including retail stores, check cashing apps, or check cashing outlets.
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Even if you don’t have a bank account, you still have options if a paper check ends up in your hands. First, learn how to cash a check. Then look at where you can go to cash out and find out typical fees, requirements and restrictions.
You can go to the bank or credit union where the check was drawn to cash it. You will find the name of the financial institution on the face of the check.
Follow these steps: Endorse the check by signing your name at the top of the back. Present it to a teller within your bank or credit union to cash it. You will need to show your driver’s license or other acceptable form of identification.
Note that many banks charge fees for cashing a check if you’re not an account holder there, such as the following:
How To Cash A Check
With check cashing apps, you can download checks via your mobile phone whenever you want. You can send money to a connected bank account, PayPal account, or prepaid card. Once the funds arrive in your account or card, the funds are all yours.
To get started, you’ll need to download the mobile app and link it to an external account or prepaid card. Select the Mobile Scan Upload feature and follow the instructions. This includes taking photos of the check.
Transaction fees, costs and other restrictions may apply and will vary according to service provider. Here are examples of what some providers charge:
The bank isn’t the only place where you can trade a check for cash. Some stores, including supermarkets and discount stores, will cash checks to individuals.
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Here are some of the stores that offer this service, the types of checks, the maximum amount they accept, and the fees they charge.
Although direct deposit and payroll cards are common ways for employers to pay employees, some employers may still distribute paper checks. In such cases, your employer may be willing to cash the check on your behalf – with or without a fee. There’s no harm in asking if your employer will pay you a salary.
Cashing your check at a check cashing outlet, such as the Check Cashing Store, ACE Cash Express, or United Check Cashing, is likely the most expensive option. Instead of a flat fee, these stores charge a percentage based on the value of the check.
It’s good to know that percentage fees can add up quickly even when they’re as low as 1% to 4%. For example, if you cash a check for $1,500, you could pay a fee ranging from $15 to $60, depending on the percentage the fee is based on.
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If cashing your check at a check cashing outlet is your only option, call ahead to find out the fees. You may be able to save if you shop around.
Cashing a check outside the bank where you have an account involves much more than just endorsing the check and handing it over to get cash without fees. Here are some things to consider before heading to a retailer or check cashing store to exchange your check for a pile of green:
Expect to pay a fee for cashing checks. Start by going to the issuing bank first. You can call ahead to check possible fees if the bank is not close to you. If you don’t want to travel to the issuing bank, look for a retailer that charges low fees for cashing checks.
You will need at least one form of valid identification to cash your check at a business. Some companies may require two forms of ID.
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Here are some different types of documents or identification you may need when you’re trying to cash a check:
You may not be able to cash certain types of checks, depending on where you go. For example, many retailers will happily cash payroll, government, and tax refund checks, but may refuse when it comes to other types of checks.
Having a checking account can provide you with a variety of benefits that cashing checks at retailers, check cashing outlets, or a check writer’s bank cannot. In addition, it is possible to open a bank account online. Here are some benefits to consider:
Depending on how often you find yourself needing to cash a check and access your money, it will likely be easier to open a checking account. This is especially true if you think you will no longer have to pay expensive check cashing fees or travel to random check cashing destinations. Many of the best checking accounts available have no fees.
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The best place to cash a check is your bank. Cashing a check when you have a bank account can help you avoid unnecessary and costly fees from check cashing services and keep your money where it belongs — with you.
Although it may seem convenient to cash checks at your local grocery store or check cashing store, you are undoubtedly spending more than you need to. For example, if you pay a fee of more than $4 each time you cash a biweekly check, which you’ll get 26 times a year, you’ll end up losing a minimum of $104 a year in check cashing fees.
But it gets worse. If you pay a 2% fee — the equivalent of $30 on each $1,500 check — every time you take your biweekly check to a check cashing outlet, you’ll pay $780 in check cashing fees annually. Handing over that $780 is the equivalent of flushing more than half of your biweekly paycheck down the toilet.
Our in-house research team and on-site financial experts work together to create accurate, fair and up-to-date content. We verify every statistic, quote and fact using reliable primary resources to ensure the information we provide is accurate. You can learn more about our processes and standards in our editorial policy.
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By clicking the “Subscribe Now” button, you agree to our Terms of Use and Privacy Policy. You may click the “unsubscribe” link in the email at any time. Checks are used for several purposes, be it for business or personal. You may also need to use this financial instrument in various transactions. What is check writing? Are you familiar with the basics of writing checks? What specific requirements should be part of the check? What does it mean to write bad checks?
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When choosing this tool for your financial transactions, you should know how to use it and the potential risks involved. While checks are very easy to use, anyone can convert them into cash.
You can find most security checks at Check O Matic. More than 10 billion checks are in use today to carry out various financial transactions globally. How to write a check?
How to correct the error that occurred when writing the check? What is considered writing a bad check? While reading the above, you may be wondering what you can write in a check. Although such a situation is very rare, it is perfectly fine for someone to inquire about this aspect, and there is no need to feel ashamed of it.
When correcting an error on a check, you can use a blue or black pen to carefully mark out the incorrect words or numbers in one line. These errors can include a wrong date, a misspelled name, or the wrong amount. You should avoid scribbling on the check to cover up the error.
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People often have questions like, “Does writing checks build credit?” or “How to check your typing?” You can follow some simple steps while writing a check for your business or personal use. When writing the check amount in words or putting the details in the payee line, you should keep in mind some aspects.
Also, writing a check in cash is not a great idea, but it is the final decision of the person writing it. They need to answer the phone call whether they want to move forward or not. Even in this digital age, about 7% of all transactions are made through checks in the United States.
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