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Places You Can Cash A Check Without An Id
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For the millions of consumers without a bank account, 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 Federal Deposit Insurance Corp.’s 2021 survey.
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There are ways to cash a check without a bank account, but they cost more money, usually take more time, and are riskier than cashing a check at a bank where you have an account. Here are five different ways to do it and how much they will cost.
Banks and credit unions are not required to cash checks for non-customers, but many banks will cash a check written by a checking account holder at that bank, even if it is payable to a non-customer.
There must be enough money in the payer’s account to cover the check. The payee (the person to whom the check is issued) must present a government-issued photo ID, such as a driver’s license, before the bank will cash the check.
The payee should also expect to pay a percentage of the check amount, such as 1% or a flat fee. This may increase over time. 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, that adds up to $416 in check cashing fees for the year.
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There may also be other obstacles, such as limits on check amounts and refusal of two-party personal checks. Checks that are six months or older may even be declined.
Walmart charges $4 to cash checks up to $1,000, a maximum fee of $8 for checks over $1,000, and a maximum fee of $6 for two-party checks.
Many supermarket chains offer 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 are similar to current account debit cards. Your spending is limited by the amount of money you have loaded on the card.
Ways To Cash A Check Without A Bank Account
Prepaid cards have different check cashing options. Some prepaid cards let you set up direct deposit so that checks are automatically loaded onto the card. Other cards come with an app that lets you take a photo of your check to load it onto the card. Or you can deposit your check at an ATM to load money onto your card.
Fees are a big disadvantage of prepaid cards. The Walmart MoneyCard charges $2.50 to withdraw cash from an ATM (not including the fee the bank charges) or bank teller, and 50 cents to check your card balance at an ATM. There is a monthly fee of $5.94 unless you directly deposit at least $500 per month to the card.
Recharge 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 per ATM withdrawal and 50 cents per ATM balance inquiry. Additionally, there is a $7.95 fee for each month that you don’t have at least $1,000 loaded on the card.
Check cashing locations 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 checks. In addition to a membership fee, they may charge a first-time usage fee.
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Check cashers typically charge 1% to 12% of the face value of the check. Some companies charge a fixed fee in addition to the percentage. Most checks cashed 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 Consumer Federation of America. So if you cash a check for $500, for example, the fee would be $20.50. If that were your weekly salary, you would pay $1,066 in check cashing fees for a year.
Not only are check cashing stores exorbitantly expensive, there is also a risk of deceptive practices. The Better Business Bureau, for example, warns consumers about a scam in which customers of a check-cashing store are called by someone claiming to represent the company. The caller offers the customer a loan and requests payment to secure the loan. Of course, the loan is never received and the check cashing store customer is left without money.
Another way to cash a check without a bank account is to give it to a trusted friend or relative who has a bank account and have them cash the check at your bank.
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Make sure the person you are writing your check to is willing to cash the check and that your
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