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Where Can I Cash A Payroll Check
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For millions of consumers without a bank account, getting a check isn’t easy. About 5.9 million US households do not have a checking or savings account at a bank or credit union, according to a study by the Federal Deposit Insurance Corp.
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There are ways to get a check without a bank account, but they cost more, often take more time and are more risky than getting a check from a bank where you have an account. Here are five ways to do it and how it can cost you.
Banks and credit unions are not required to issue a cashier’s check to a non-customer, but most banks accept a check written out to the bank account holder, even if it is made out to a non-customer.
There must be sufficient funds in the payee’s account to receive the check. The payee (to whom the check is made) will be asked to show a government-issued photo ID, such as a driver’s license, before the bank will cash it.
The payee should also expect to pay a percentage of the check, such as 1 percent or a fee. It can add up over time. For example, if you get paid 52 weeks a year and it costs you $8 to deposit your money at a traditional bank where you don’t have an account, that adds up to $416 in annual checking fees.
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There may also be other restrictions, such as limits on checks and rejection of duplicate checks. Checks that are six months old or older may be declined.
Walmart charges a $4 fee for checks up to $1,000, an $8 fee for checks over $1,000 and a $6 fee for two-party checks.
Many grocery stores offer check-in services. Kroger and Publix are just a family. Prices range from $3 to $6.
Consumers who don’t have bank accounts 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 the amount of money you have loaded onto the card.
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Prepaid cards have different ways to earn money. Some prepaid cards allow you to set up a direct deposit so that checks are automatically deposited onto the card. Some cards come with software that allows you to take a picture of your check to put on your card. Or, you can deposit your check at an ATM to get the money on the card.
Fees are a major drawback of prepaid cards. The Walmart MoneyCard costs $2.50 to withdraw money at an ATM (not including bank fees) or at a bank window, and 50 cents to check your card balance at an ATM. There is a monthly fee of $5.94 unless you pay at least $500 per month on the card.
Recycling costs can be high. It costs $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 checking ATM fees. In addition, there is a fee of $7.95 for each month there is no $1,000 loaded on the card.
Cashiers are probably the most expensive place to cash a check. Some of them require customers to become “members” or to purchase check-cashing IDs before they can cash a check. In addition to the membership fee, they may charge a fee for first use.
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Advertisers pay 1 percent to 12 percent of the value of the check. Some businesses charge a small fee on top of that amount. Most checks issued are paychecks and government benefit checks.
The national average fee for cashing a check for 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 was your weekly paycheck, you would be paying $1,066 in check bounce fees for the year.
Not only do stores sell checks higher, there is a risk of fraudulent practices. For example, the Better Business Bureau warns consumers about scams where thrift store customers are called by someone claiming to represent the business. The caller offers the customer a loan and asks for payment to secure the loan. Of course, credit is never accepted and the thrift store customer gets their money taken.
Another way to get a check without a bank account is to sign the check over to a trusted friend or family member who has a bank account and make it payable to their bank.
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Make sure the person you are signing your check for is ready to cash the check and have it checked
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