Cash switch companies like Zelle, Venmo and Money App have risen in reputation, however there are nonetheless events the place you may obtain a paper examine. In case you don’t have a checking account or if you happen to don’t at present have entry to your financial institution, you may have to discover a method to money a examine that doesn’t contain your financial institution’s companies.
In accordance with the Federal Deposit Insurance coverage Corp., nonbank examine cashing has been on the decline. A 2021 FDIC report discovered that 3.2% of all households within the U.S. used nonbank examine cashing, down from 6.4% in 2017. However even with a dip in how typically folks use these companies, there are nonetheless loads of choices to money a examine, together with some banks and credit score unions, retailers and stand-alone check-cashing companies.
Can I money a examine at any financial institution?
The quick reply isn’t any, you possibly can’t money a examine at any financial institution. When you’ve got a checking account, it’s finest to money a examine at your financial institution. However if you happen to don’t have a checking account — or in case your financial institution isn’t at present accessible to you — and also you go to a financial institution or credit score union the place you aren’t a buyer, these establishments aren’t obligated to money your examine.
Nevertheless, there are occasions when they might select to take action.
The Shopper Monetary Safety Bureau says {that a} financial institution or credit score union might select to money your examine at a department if the next circumstances apply:
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The examine is written by certainly one of their account holders.
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There may be cash within the account to cowl the examine.
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The examine is not greater than six months outdated.
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You’re the payee proven on the examine.
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You present correct authorities ID, reminiscent of a driver’s license.
The financial institution or credit score union might also cost a payment to money the examine.
Which retailers supply examine cashing?
Some retailers supply check-cashing companies. Walmart, for instance, affords examine cashing, together with cashing of non-public checks as much as $200, payroll checks, authorities checks, tax refund checks, cashiers’ checks, insurance coverage settlement checks and 401(ok) checks. Remember the fact that there could also be a payment of $4, $6 or $8 relying on the kind of examine, and there are various limits on the greenback quantity you possibly can money, often primarily based on the examine sort, time of 12 months and your state of residence.
There are many grocery shops, reminiscent of Ralph’s or HEB, that permit examine cashing — additionally usually for a payment — so examine along with your native grocery if you happen to’re focused on that service.
You may as well contemplate stand-alone check-cashing companies, reminiscent of Verify Metropolis or Moneytree. These shops might cost a flat payment or a proportion of the examine quantity.
What’s the quickest method to money a examine?
The quickest method to money a examine is to go to the closest check-cashing service, whether or not that’s your financial institution or a retailer. If you wish to keep away from charges, nevertheless, you might wish to go to a department of your financial institution. In case you don’t have a neighborhood checking account, you may select to open one. In case your banking historical past disqualifies you from opening a typical checking account, you might wish to look into getting a second probability checking account as an alternative.
One other route to contemplate is a Financial institution On account. These accounts are supplied by banks and credit score unions which have joined a coalition dedicated to providing low-cost deposit accounts.
“In case you don’t have a checking account or have had monetary difficulties, together with challenges managing a checking account, a Financial institution On account is a good place to start out or rebuild your banking relationship,” stated Sarah Grano, a spokesperson with the American Bankers Affiliation, by way of e-mail. “Financial institution On accounts are simple to open and may help you construct a robust monetary basis that not solely offers you entry to money, however helps you pay payments, make purchases and lower your expenses for an emergency.”
As another choice, you possibly can signal the examine over to another person, reminiscent of a good friend or member of the family, to allow them to money it for you. To signal over — or endorse — the examine to another person, signal the again of the examine within the endorsement space, write “pay to the order of” and the recipient’s identify, then give the examine to your recipient. Then, your good friend or member of the family can money the examine at their financial institution and provide the money.