There are a number of big retail stores like Kmart, Walmart and grocery chains that offer check-cashing services. The Ascent does not cover all offers on the market. That way you won't have to jump through as many hoops the next time you need to cash a check. We value your trust. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Walmart charges $4 to cash checks up to $1,000 and up to $8 for checks more than that amount. If you're looking to cash a check but don't have a checking or savings account of your own, here are your top options. This is because they can verify that the account the check is drawn from has the necessary funds. The Walmart MoneyCard charges $2.50 to withdraw money at an ATM (not including the fee the bank charges) or a bank teller window, and 50 cents to check your card balance at an ATM. Once you click apply you will be directed to the issuer or partner's website where you may review the terms and conditions of the offer before applying. Check out our top picks of the best online savings accounts for October 2020. Up to 0.50%, APY: They do this to ensure that you are the person who holds the rights to the check's funds. As with any other type of check, start with the issuing bank, if possible. Also, remember that the bank may charge a fee. With large checks, however, the process can be a little more complicated. In most cases, cashing a check using a retailer or check-cashing store will result in a fee, and some issuing banks may charge something as well. This is the first number written on the bottom of the check.
But there will be fees and restrictions. Sometimes, prepaid card fees are scaled according to how quickly you want your money, and you can get dinged for expedited availability. You willfully signed the check over to them, so banks aren't going to be much help if your friend doesn't pass the money on to you. Also, consider checking with online banks, which may offer better savings rates and lower fees.
You can compare these to the cost of cashing a check at the issuing bank or at a payday lender, discussed below, but retailers usually offer a pretty fair price.
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Make sure the person you want to sign it over to is willing to cash the check, and that his or her bank will cash it. Some big box and grocery store chains enable you to cash your checks, including payroll checks and government checks, at their stores. Learn more. Check-cashing stores should be your last resort. Secure Website. To qualify for a bank account, you'll typically need to provide some form of identification, proof of residence and cash for an initial deposit. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. If you visit a branch of the bank that issued the check, however, the bank teller can check the account it's drawn from to ensure the funds are available. Prepaid cards are similar to checking account debit cards. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. We maintain a firewall between our advertisers and our editorial team. money - and we have not reviewed all available products and offers. If you have a check in hand and need the cash in a hurry, consider these stores as a last resort rather than the go-to option. American Express® High Yield Savings Account. The required ID will vary depending on where you’re planning to cash your check. In some cases, though, you may be required to provide two forms of identification, especially if you're trying to cash a large check. Secure Website. The offers on the site do not represent all available financial services, companies or products. Bankrate.com is an independent, advertising-supported publisher and comparison service. In this case, some banks and credit unions offer what's called second-chance banking, which may come with some limitations but can help you get the services you need while you rebuild your banking history. Where to Cash a Check Without a Bank Account, How to Cash a Large Check Without a Bank Account, What to Consider When Cashing a Check if You Don’t Have a Bank Account, Multiple Inquiries When Shopping for a Car Loan. Is a Debt Consolidation Loan Right For You? We do not include the universe of companies or financial offers that may be available to you. The payee will need to show identification, such as a driver’s license or military ID. And there are risks associated with carrying checks and cash. Results may vary.
But this compensation does not influence the information we publish, or the reviews that you see on this site. But if you're having a hard time qualifying for one, here are some things to think about when deciding where to go. editorial integrity, this post may contain references to products from our partners. That means you could pay from $10 to $120 to cash a $1,000 check.
If you have a check that's larger than that, your best option is to work with the issuing bank, and you may need to wait to get access to the money. Another way to cash a check if you don’t have a bank account is to sign the check over to someone you trust who does have a bank account and have that person cash the check at their bank. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. 0.60%, Best For: Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. These check types are pre-paid and are typically easier to cash than personal checks. Experian Boost helps by giving you credit for the utility and mobile phone bills you're already paying. Which certificate of deposit account is best? Then check with local retailers. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Paper checks and cash can be lost or stolen. The name of the bank should be listed on the check. If you need to cash a paycheck or a check you received from someone else, many branches will readily cash it, even if you don't bank with them. There are ways to cash a check without a bank account, but they cost more money, often require more time and involve more risk than check cashing at a bank where you have an account. | May 23, 2020. Approximately 8.4 million U.S. households, comprising 14.1 million adults, don’t have a bank account, according to a 2017 survey from the Federal Deposit Insurance Corporation.