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Where Can I Cash My Income Tax Check Besides Bank – “Reviewed” means that our Financial Review Board has thoroughly assessed the article for accuracy and clarity. The review board includes a panel of financial experts to ensure our content is always objective and balanced.
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Where Can I Cash My Income Tax Check Besides Bank
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For the millions of consumers who don’t have a bank account, cashing a check isn’t easy. Federal Deposit Insurance Corp.
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There are ways to cash a check without a bank account, but they cost more, often take longer, and are riskier than cashing a check at a bank where you have an account. Here are five different ways to do it and what they’ll pay you.
Banks and credit unions don’t require cashier’s checks for non-consumers, but many banks will cash a check made out to an account holder at that bank, even if it’s made payable to a non-customer.
There must be sufficient funds in the payee’s account to pay the check. The payee (the person to whom the check is issued) will be asked to show a government-issued photo number, such as a driver’s license, before the bank will cash the check.
The payee should also expect to pay interest on the check amount, such as 1 percent or a flat fee. It may add up over time. For example, if you are paid 52 weeks a year and need $8 to cash your paycheck at a regular bank without an account, the cash payments for a year add up to $416.
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There may be other barriers, such as limiting the amount of checks and rejecting two-sided personal checks. Checks that are six months old or older may even be rejected.
Walmart charges $4 for cashier checks up to $1,000,000, a maximum of $8 for checks over $1,000,000 and a maximum of $6 for two-way checks.
Most grocery chains offer cash register services. Kroger and Publix are just a couple. Fees are usually between $3 and $6.
Consumers without bank accounts sometimes use prepaid cards to deposit checks and access cash. Prepaid cards are similar to checking account debit cards. Your spending is limited to 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 the card is loaded automatically. Other cards come with an app that allows you to take a picture of your check to load onto your card. Or you can deposit your check at an ATM to load your money onto your card.
Costs are a major disadvantage of prepaid cards. The Walmart MoneyCard costs $2.50 to withdraw money from an ATM (excluding bank fees) or at 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 per month on the card.
Reload can be very high. Adding funds to a Green Dot Prepaid Visa card costs $5.95. Green Dot also charges $32.50 for ATM withdrawals and 50 cents for ATM balances. There’s also a $7.95 monthly fee, with a minimum of $1,000 loaded on the card.
Cashiers are probably the most expensive places to cash checks. Some of them require customers to become “members” or buy cash tokens before they can cash checks. In addition to the membership fee, they may charge a first-time usage fee.
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Cashiers typically charge 1 percent to 12 percent of the value of the check. Some businesses charge a flat fee rather than a percentage. Most cash registers include paychecks and government checks.
According to the Consumer Federation of America, the national average fee for cashing a check at one of these services is 4.1 percent. For example, if you paid a check for $500, the fee would be $20.50. If that’s your weekly salary, you’re paying $1,066 in cash for a year.
Not only are cashiers expensive, but there is a risk of fraud. For example, the Better Business Bureau warns consumers about a scam called by someone claiming to represent their cashier’s customers. The caller offers the customer a loan and demands payment to secure the loan. Of course, the credit is never collected, and the cashier’s customer runs out of cash.
Another way to cash a check without a bank account is to have a trusted friend or relative with a bank account sign it and cash the check at the bank.
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Make sure the person signing your check is ready to cash it
