Usually, most individual with their own bank account will just find it relatively easy to cash out a check. They only have to deposit it trough their bank teller or directly into their ATM Card. However, not all people have their own bank account. Some will depend on other methods to avail different financial services especially check-cashing.
And if you are among these people, there is no need to worry much about it. Here is a list of how to have a check cashed when you don’t have your own bank account .
Through The Issuing Bank
Most banks will simply cash a check even for non-customers if and only if the check is issued by them. However, there is a tendency that they may charge a fee for such service. On the contrary, since check – cashing fees vary from one bank to another, some banks may also offer this service for free.
In most cases, to avoid check cashing fees, some customer just opts to open an account on a specific bank.
Due to the fact that a portion of the American population has no bank account, some banks and other financial institution have provided prepaid accounts to allow this population avail check-cashing services.
However, a prepaid account also comes with a monthly charge. And in return, it makes calculating the appropriate cost of such service more difficult.
Stores which provide check-cashing services
This is another way to cash a check, but most will charge a fee for such service that may range from $5 up. Also, bigger checks will come with expensive charges.
Most well known retailers provide check cashing services with lower charges as compared to other banks and stores. Some also offer a flat rate for such services.
You can also search for check cashing outlets in your area using the Yellow Pages. Though they usually charge a service fee for cashing your check, it is still worth it since you will not need to open your own personal bank account.
Have someone you trust cash out the check
You can ask your trusted friend or relative to deposit the check in his/her bank account. After the three day withholding period has passed, you can then get the funds. In some cases, if your friend or relative will agree he/she can set aside the withholding period and give you the cash right away after you entrusted him/her the check.
Gas stations and Groceries.
Most gas stations and grocery stores offer check cashing services. Although the service is highly convenient and you are sure to cash the check instantly, some of this check cashing stations may charge higher for the service as compared to banks and other loan centers.
Requirements to Cash a Check
In most cases, if you have a government check, you will not be asked of a bank account in order for you to have it cashed. All you have to present to the store that provides a check cashing service is your social security number along with your valid ID.