If you receive checks from various income sources — knowing how to cash personal checks conveniently and inexpensively is a must. Read on to find out all you need to know!
Convenience is key — but fees are also incredibly important. Especially if you have to cash checks over and over again — that could accumulate to a serious loss of profit over time. Bear in mind that the fees will vary by region, the type of check you want to cash as well as the amount of the check — but the good news is that the state regulates check cashing fees that a store can charge. One of the best places to cash a check is your local bank. Banks are for-profit while credit unions are non-profit, which explains the lower fees.
By visiting the issuing bank, the teller will be able to look up the availability of funds immediately. As long as funds are available, they can cash the check and deduct any fee from the cash you receive. Regions Bank is another great option because they have many locations across the U. You can drop by the bank or use an ATM. With some banks, you can even use their app to take a quick picture of the check and deposit it from your phone.
Every check cashing place will have different rules and requirements for getting your check cashed. To find this information, simply look above the memo line in the bottom left corner. Call a local branch to find out its check cashing policy. It can easily verify the availability of funds by checking the account balance of the one who wrote you the check.
Some banks will even give the account owner a phone call on the spot as a security measure to ensure there is no fraud taking place. The bank listed on the check used to be the cheapest option to get your cash. Now, most of the big banks have started implementing fees to get your check cashed if you do not have an account with them. Most charge a flat rate or a percentage of the check amount up to a certain maximum.
Every bank will have different terms and requirements to cash checks that are tied to its institution. The most foolproof option is to call ahead and ask about its policy and fees. Walmart is one of the most global and accessible check cashing places on this list.
This is right in line with the fees most of the major banks charge. The biggest advantage of cashing your check at Walmart is that it has a number of options. For instance, you can get straight cash back or a reloadable Walmart Moneycard. National Consumer Law Center. Checking Accounts. Your Privacy Rights. To change or withdraw your consent choices for Investopedia.
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Receiving your first paycheck at your first job is a rite of passage into adulthood. It feels good to look at that piece of paper and know that you earned the income it represents. Your hard work means you have money to spend as you like! In the past, there was only one way to cash that check: You signed the back and brought it into your financial institution, where it might take a few days to clear before you got your money. Today, there are multiple ways to cash your first payroll check Here's how:.
You've probably got a checking or savings account and if not, this is the time to set up both. All you have to do is sign the back of the check, provide your member or account numbers, and hand the check to a teller. Depending on your existing balances, you may be able to walk out with the cash you need, but be aware you could wait up to 5 days for your check to clear before you can get your money. Most financial institutions will honor a check drawn from an account of theirs because they can check the balance while you're standing there.
Ask first what their policies are — some banks charge a fee or a percentage of the check amount if you're not a customer — and be sure to bring government-issued ID with you, like your driver's license or a military id. If you don't have time to get to your branch when it's open, your financial institution may allow you to deposit checks through an ATM machine. Locate a deposit-taking ATM near you here. With direct deposit , the money you've earned is deposited directly into your checking or savings account by your employer.
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