how to cash a check without a bank account
In most cases, that's going to be getting a bank account of your own. And there may be restrictions, such as limits on check amounts and refusal of two-party personal checks. Not only is it safer and easier, it will cost you less. The bank may ask for a government-issued ID before it cashes the check to verify that you are the person it's addressed to. Many check-cashing stores, for instance, won't cash personal checks at all, and retailers tend to have low limits of just a few hundred dollars. The banks, lenders, and credit card companies are not responsible for any content posted on this site and do not endorse or guarantee any reviews. Other product and company names mentioned herein are the property of their respective owners. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Most checks should list the issuing bank, but if you don't see it, you can always try looking the bank up by its routing number online. 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. If you get paid 52 weeks a year, that’s $416 in check-cashing charges. Getting a bank account of your own is one of the best things you can do to help with cashing checks. What is APY and What Does it Mean for Your Savings Account? There is also a personal and financial safety risk. 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. Acceptable forms of ID can vary, so call ahead to find out, but the following are common options: If you're looking to cash a personal check, you'll have fewer options than with a payroll, government or other form of pre-printed check. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Not only are check-cashing stores exorbitantly expensive, there is a risk of  deceptive practices. 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. But if you're having a hard time qualifying for one, here are some things to think about when deciding where to go. Up to 0.50%, APY: All information, including rates and fees, are accurate as of the date of publication and are updated as provided by our partners. But this compensation does not influence the information we publish, or the reviews that you see on this site. © 2020 All rights reserved. 1 star equals Poor. 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. There are several ways you can turn it into cash that you can actually use, but some of them carry a fee. With large checks, however, the process can be a little more complicated. With large checks, however, the process can be a little more complicated. For example, remember that Kmart limits payroll and government checks to $2,000, and Walmart will go as high as $5,000—though it does increase that limit to $7,500 from January through April, likely to accommodate tax refunds. Green Dot also charges a $3 ATM fee. Here are a few you can look into. Experian. There's a small fee and you can only cash up to a certain amount, which varies by store. | May 23, 2020. Experian and the Experian trademarks used herein are trademarks or registered trademarks of Experian and its affiliates. Secure Website. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Here's what you need to know. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. The least expensive option is probably Kmart, if you can find one that hasn’t closed. The offers on the site do not represent all available financial services, companies or products. If you have a checking or savings account at a federally insured bank, you should have no trouble cashing a check there. Explore our picks of the best brokerage accounts for beginners for October 2020. But depending on where you go, it's a much cheaper option than check-cashing stores and possibly even some issuing banks. Of course, it's not easy for everyone to get approved for a bank account. Results may vary. The person must have the proper identification and be prepared to have his or her check dinged by a check-cashing fee. To avoid the chance of paying check-cashing fees altogether, consider working to get a checking account of your own. The required ID will vary depending on where you’re planning to cash your check. We are committed to full transparency in our mission to make the world smarter, happier, & richer. Walmart also cashes two-party personal checks, but it limits them to $200 and charges a $6 max fee. Some businesses charge a flat fee on top of the percentage. Which certificate of deposit account is best? This is an option worth considering if you don't want to worry about waiting in line at a bank branch or a retailer every time you need to cash a check.

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