It’s a digital money The world, and yet it can happen to any of us. It may not be quite as shocking as a UFO, or watching Bigfoot, but it is close: you are examining a paper. And now you have to find out how to deposit or cash this paper, this strange artwork of another era.
Okay, maybe we are overdoing things a bit, but with direct deposits being common, paper checks are becoming quite rare to see these days. Nevertheless, grandparents sometimes like to hand over birthday money in the form of a check. You can get an incentive check from the government. Perhaps a medical provider found that you overpaid, and it sent you a refund check. Or maybe you get a paper check all the time because you don’t have a bank.
So if you are stumped or just want to do a refresher course on how to deposit a check or cash it, then without any hefty fees, here are some tips:
O your local bank or credit union
Federal Deposit Insurance Corp 2019 study, “How America’s Bank: Domestic Use of Banking and Financial Services,” reported that 5.4%, or 7.1 million, of American households do not own a bank.
So if what you call Unbank, obviously going to your own bank is not an option. But if you have a bank, you can cash your check through a teller. Your bank’s ATM Or through the bank’s app on your phone. However, if you deposit a check with your bank, you may not receive the entire amount immediately, depending on your financial institution’s policy and the amount of the check.
Usually first $ 225 check available immediately, Or at least on the next business day, and then it should be available on the second business day, according to all federal regulations. So if you deposit a $ 1,000 check on Monday, you can have it all by Tuesday and certainly by Wednesday.
If you deposit a check for more than $ 5,525, you may have to wait nine business days for the full amount.
Still, if you don’t have a bank account, you should really consider having one, Maryland Hancock, an operations specialist and administrative assistant of the Greenbelt Federal Credit Union in Greenbelt.
“You may be eligible for an account, even if you’re on ChexSystems,” says Hancock, referring to a banking reporting agency that may be one Account opening barrier for some people.
“Many institutions will open limited savings accounts of some sort for people with poor banking histories,” Hancock says. “So if you open one of these accounts and keep a small amount, usually under $ 100, you can be an account holder and avoid checking cash fees altogether.”
Bruce McCleary, senior vice president of communications for the nonprofit National Foundation for Credit Counseling, told US News earlier this year, “There are many programs, such as believe, Where unbanked consumers may have access to special programs that remove barriers that stand in the way of access to mainstream financial services. “
Hancock also states that some large companies offer free check cashing in banks for employees.
“Meaning that even if you have previously used a bank and faced a fee, a new employer may have an agreement with the bank to waive the fee. So I always advise your employer whether They have something like that, ”says Hancock.
Ake your check to a friend or family member’s bank or credit union
If you do not have a bank account, you can ask a trusted friend or family member for a bank account so that he can cash it for you. You will endorse the check and add the name of your family member or friend with additional details of your name and “payment of order”. They would then cash it or deposit it in their account.
With any luck, you will soon get your money and not learn later that your friend or uncle has absconded with your money and is now on Caribbean Beach, snatching the Margherits.
This check was issued to the bank or credit union to be cashed
Even if you do not have a bank account, you can cash the check at the bank that issued the check. Be sure to identify yourself. In many cases, you’ll be able to get cash without a fee – but financial institutions may apply different rules, so you can’t take that advice entirely for um, bank.
Any bank or credit union to cash a check
If you are not related to the bank and the bank has not issued the check, you will likely pay the check cashing fee, and it may be in the neighborhood of $ 5 or $ 10, if your check is relatively small, a costly one. Neighborhood like $ 100. You would probably be better off trying the next suggestion.
O To a supermarket or retail store to cash a check
If you need to cash a check quickly, rather than cashing a check at your bank or credit union or check issuer’s bank and you are willing to pay a fee, you can try a supermarket or other retailer.
Fees may vary, but Walmart and Kröger, for example, offer lower fees. In Kröger, if you sign up for a supermarket shopper’s card, you can cash a check for $ 3 for $ 2,000 and a check for $ 5.50 for anything between $ 2,000.01 and $ 5,000 for $ 2,000. Huh. If the check is more than $ 5,000 the store usually cannot help you.
At Walmart, there is also a check cashing limit of $ 5,000, although from January to April, the limit is $ 7,500. The fee is $ 4 for checks up to $ 1,000. From $ 1,001 to $ 5,000, the fee is $ 8. Two-party personal checks (such as a check for you from your uncle) are limited to $ 200, and you can pay $ 6.
Can you cash a check online?
you’re sure. If you have a bank, you should be able to cash your check online for free. Your bank’s mobile app will show you how, but it usually involves taking a picture of both sides of your check and sending it to your bank via the app.
If you don’t have a bank, there are plenty of ways to cash a check online, including Walmart, which will allow you to cash it online for the above fee, but wherever you cash your check online, you’ll really have to look Fees, even with reputable and popular services such as PayPal and Venmo.
For example, with PayPal and Venmo, in each case, you can get your money in minutes, but you will pay 1% of your check if it is a payroll or government check, and 5% for all other accepted checks. – and at least $ 5 as minimum payment. So if you have a $ 5 check, there will be a $ 5 fee to actually cash it.
Now, if you are not in a hurry for money, you can deposit a check through PayPal or Venmo, and you will receive your money in 10 days and pay no fee.
Get prepaid debit card
And now we are coming to your less attractive options.
You can pick one Prepaid debit card, Download an app for a company like Netspend or Green Dot, and take some pictures of your checks from your phone and deposit money on the card.
Good news: you can use your money immediately.
Bad news: These debit cards usually come with steep fees, or small fees that can be added. For example, Netspend will allow you to deposit your money on the card for free, but depending on the plan you choose, you will spend $ 1.50 per transaction or pay $ 9.95 to avoid the $ 1.50 fee.
If you need the money immediately, it may be worth it to get a prepaid debit card, but review the fee plans carefully and read the fine print first.
How long do you have to cash a check?
In most cases, You will have six months. Occasionally, you will see a “zero after 90 days” printed on a check, but even in those cases, your bank will probably cache it until it is within 180 days.
For treasury checks, you have one year, and the traveler’s check does not have an expiration date because the company is still in business. Money orders do not even have an expiration date, but the money order issuer sometimes charges when they are not cashed for a long period of time, so you don’t want to hang onto the money order forever.
Stay away from payday loan stores
These businesses, sometimes known as check cashing stores, will cash your check, but it is a clever financial step to cash the check at your bank or retail store, provided the fee is reasonable .
First of all, if you visit the websites of many payday loan shops, you will quickly notice that many of them do not post their cash checking fees. Many of them will assure you that it is a “small fee” that you will pay, and in fact, it often is. Probably 3% of your check. But if you cash a $ 1,000 check, do you really want to fork over $ 30?
Remember, Kroger and Walmart will charge you $ 3 or $ 4.
1% of a $ 1,000 check will also be $ 10.