Checks are just like cash. However, you must access that money inside the check somehow. You can either cash it or deposit it. You would want to keep fees to a minimum and avoid mistakes.
Whether it’s a check for your birthday or a business check, it’s always smart to make sure the check is valid first before you do anything. Take a few minutes out of your day to learn how and where to cash a check! Check out our Bank Bonuses, Saving Rates and Credit Card Bonuses!
How to Cash a Check
Before we get into the steps on how to cash a check, we will go over the requirements that you must meet before you go to cash your check.
First, be sure you visit a location that will accept the check. Either visit your financial institution’s physical branch or ATM. Next, before you cash your check, make sure you endorse it by signing the back with your name on the line with the X. Finally, have your ID or debit card ready when you are about to hand over your check.
Below, we’ve listed a complete step by step guide as to how to cash your check:
- Ask about any fees for cashing the check and less expensive options for getting your money
- Endorse the check by signing your name in the endorsement area on the back
- Fill out a deposit slip and sign the slip
- Show valid identification to the teller
- Receive full payment stated on your check
Where to Cash a Check
The simplest way to cash a check is to go to a bank or credit union where you have an account. There are the best places to do so because your bank probably won’t charge any fees, but you may have to pay if you go to the check writer’s bank.
The advantage of going to the check writer’s bank is that you’ve got a better chance of getting the entirety of the check amount immediately. Some banks might only allow you to take $200 in cash, and you’ll have to wait a few days before the rest of the money becomes available. Some other locations include check cashing stores, cash advance, and payday loan shops but they typically charge high fees.
Additionally, if there isn’t a bank nearby, you can always head to a major retailer or grocery store. However, these retailers like Walmart will charge a fee to cash the check.
Where to Avoid Cashing a Check?
Generally, if you have a bank account, you can just simply head to your bank or financial institution to cash your check. However, if you don’t have a bank account, it can be hard to find a place that won’t charge you an extreme fee just to cash your check. For example, payday lending stores can charge up to 10% of the check value.
Deposit or Cash a Check?
You can always deposit the money without taking cash. The bank will add the funds to your account and you can use the money later. You should cash a check if you need the money in the immediate future.
The money is safer in the bank, and you won’t be tempted to spend more than you need to. You can make the deposit from just about anywhere with a mobile device or you could swing by an ATM.
Cashing a check is very simply and easy to learn if you don’t already know how to. There are 2 methods of this, either cashing it or depositing it. Based on your situation, you can choose which one you want to do.
Before you try to get cash, always make sure the check is legitimate, otherwise, you can get into legal trouble or end up owing fees to the bank. Check out our Bank Bonuses, Saving Rates and Credit Card Bonuses!