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Where Can You Cash A Payroll Check – Written by René Bennett Written by René BennettArrow Right Banking writer René Bennett is a writer for , reporting on banking products and personal finance. Rene Bennett
Edited by Brian Beers Edited by Brian BeersArrow Right Managing Editor Brian Beers is the managing editor of the Wealth team at . He oversees editorial coverage of banks, investments, the economy and all things money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on LinkedIn Linkedin Brian Beers
Where Can You Cash A Payroll Check
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Best Check Cashing Apps: Cash Your Check Online Instantly
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Getting paid is always worth celebrating, but where do you go to turn that celebration into real money? About 4.5 percent of American adults must find an alternative to banks or credit unions to do so. This small segment of the population is often known as the unbanked, meaning they do not have a traditional checking or savings account. Instead, they must explore other ways to cash their checks and turn written amounts into real dollars.
While you may not be familiar with a check deposit service, chances are you’ve passed by one of these places that will happily handle your checking needs. They often have signs advertising their check cashing capabilities, along with payday loans, wire transfers, money orders and other financial transactions.
According to the trade organization that represents many of these locations, Financial Service Centers of America (FISCA), there are more than 13,000 locations nationwide. A lot of people spend a lot of money on them too. FISCA’s data indicates that they serve more than 30 million customers each year, who are primarily from low to moderate income backgrounds.
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Check deposit services provide instant access to cash. Although depositing checks into a traditional bank account often includes a processing time where the funds may be available the following business day or a few days later, you can take your check to one of these service centers, show them your government ID, and be out with the money minutes later.
However, the convenience of speed often comes at a cost. Check deposit services charge a fee for each transaction. That fee will vary depending on where you cash your check and the type of check you cash. Consider some of these check cashing costs for cashing a paycheck.
While many places display their fees next to the checkout window, it can be difficult to track the fees you pay to cash a check before you actually go to the store. Some of the biggest names in the industry — ACE Cash Express and United Check Cashing, for example — don’t readily list the fees for their services online.
To avoid confusion, you can skip visiting a regular check ATM and take your check to a retailer that offers check cashing. Here are some popular examples.
Top 10 Best Check Cashing Near 1032 1 Dunn Ave, Jacksonville, Fl 32218
Kroger’s fees and limits vary by state. If you do not put your money on a Shopper’s Card, the fee increases.
Michael Sullivan, a personal finance consultant at Take Charge America, says the biggest downside to check-cashing services is cost.
“Some stores will charge 10 percent or more of the value of certain checks to cash them,” Sullivan says. “If consumers pay 10 percent of their net income just to get paid, that can amount to a huge reduction in their standard of living.”
Sullivan also points out that you may walk into a location with the simple goal of cashing your check, but you may be lured into signing up for more services. “Where the law allows, many stores that check cash are loan shops, which gives more temptation to financially distressed consumers,” he says.
How To Cash A Paycheck Without A Bank Account?
Despite these disadvantages, the reality is that many people have to use them because they cannot open a bank account.
“The advantage of check-cashing stores is that they provide a mechanism for many consumers to work and live,” says Sullivan. “Consumers can be unbanked for many reasons, from financial crime records to undocumented status. Regardless of the reason, it’s still often necessary for these people to cash checks, whether to pay bills or repay taxes and paychecks. Some retirees must cash Social Security checks. Without commercial check cashers, these consumers would have few options.”
If you’ve faced challenges opening a traditional account with a bank or credit union, check deposit services can help you access your money. However, research the fees first. Compare different check deposit options to find the best value.
Still, there are other options if you’ve had trouble with banks in the past. You can try opening a second chance account, which is designed for those who have been rejected for a traditional bank account. Or, if you’re worried about bank fees, consider a no-fee checking account as well.
Where Can You Cash Checks?
Edited by Brian Beers Edited by Brian BeersArrow Right Managing Editor Brian Beers is the managing editor of the Wealth team at . He oversees editorial coverage of banks, investments, the economy and all things money. Connect with Brian Beers on Twitter Twitter Connect with Brian Beers on LinkedIn Linkedin Brian Beers Manage editoPSA: Checks are still a thing . And if you get one — whether it’s a paycheck from your job or a personal check your grandma sent you for your birthday — you’ll need to cash it to deposit the money into your bank account. Don’t worry, we’ve got you covered. Here’s everything you need to know about cashing a check.
The best starting point is your bank. But that’s not your only option. The bank that issued the check can also cash it for you. The issuing bank is normally listed on the front of the check, or you can look up the routing number on the check to find out. Please note: Some banks may have a check cashing fee for non-account holders.
There are also non-bank check cashing locations, which can be convenient if you can’t get to a bank before closing time. Like cashing checks
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