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Places That Cash Two Party Personal Checks
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For millions of consumers without a bank account, cashing a check isn’t easy. Some 5.9 million American households do not have a savings account or savings account at a bank or credit union, according to the Federal Deposit Insurance Fund’s 2021 survey of unbanked and unbanked households.
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There are ways to cash a check without a bank account, but they cost more, often take more time and are more risky than cashing a check at a bank where you have an account. Here are five different ways to do it and what they will cost you.
Banks and credit unions are not required to make checks payable to non-customers, but many banks will issue a check written by an account holder at that bank, even if it is payable to a non-customer. .
There must be sufficient funds in the payee’s account to cover the check. The payee (to whom the check is issued) will be asked to show a government-issued photo ID, such as a driver’s license, before the bank will accept the check.
Also, the payer should expect to pay a percentage of the check amount, such as 1 percent or a fee. This can add up over time. For example, if you are paid 52 weeks a year and it costs you $8 to pay your bills at a traditional bank where you do not have an account, it adds up to $416 in annual fees.
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There may also be other problems, such as limits on the number of checks and rejection of two-party personal checks. Investigations that last six months or more may also be rejected.
Walmart charges $4 to cash up to $1,000, an average fee of $8 for checks over $1,000 and an average fee of $6 for two-party checks.
Most grocery chains offer cash-checking services. Kroger and Publix are just a couple. Fees usually range from $3 to $6.
Consumers who don’t have a bank account sometimes use prepaid cards to deposit checks and access their money. Prepaid cards are similar to checking account debit cards. Your spending is limited by how much money you load onto the card.
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Prepaid cards have different options for checking cash. Some prepaid cards allow you to set up direct deposit so that checks are automatically loaded onto the card. Some cards come with an app that allows you to take a photo of your check to load it onto your card. Or, you may be able to deposit your check at an ATM to load the money onto the card.
Fees are a major drawback of prepaid cards. The Walmart MoneyCard charges $2.50 to withdraw money at an ATM (not including the bank’s fees) or a bank teller window, and 50 cents to check your card balance at an ATM. There is a monthly fee of $5.94 unless you deposit at least $500 a month on the card.
Replay fees can be high. It costs up to $5.95 to add money to a Green Dot Prepaid Visa card. Green Dot also charges $32.50 for ATM withdrawals and 50 cents for ATM balance checks. Additionally, there is a $7.95 monthly fee with no minimum of $1,000 loaded on the card.
Cash check sites are probably the most expensive places to cash a check. Some of them require customers to become “members” or purchase registered credit cards before cashing checks. In addition to the membership fee, they may charge an initial usage fee.
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Check-cashers typically charge 1 percent to 12 percent of the face value of the check. Some businesses charge a little more than a percentage. The most commonly cashed checks are payroll checks and government benefit checks.
The national average fee for cashing a check at one of these services is 4.1 percent, according to the Consumers Association of America. So if you cashed a $500 check, for example, the fee would be $20.50. If that’s your weekly fee, you’ll pay $1,066 in check fees for a year.
Not only are cash registers very expensive, there is a risk of fraudulent activity. The Better Business Bureau, for example, alerts consumers to scams where store customers call someone claiming to represent the business. The caller offers the customer a loan and requires payment to secure the loan. Of course, the loan is never collected and the cashier’s customer gets scammed out of their money.
Another way to get a check without a bank account is to sign it to a trusted friend or relative who has a bank account and have them cash the check at their bank.
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Make sure the person you are signing your check for is willing to cash the check as well
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