Check cashing, like many other banking activities, has adapted to fit the preferences of the modern American. Many individuals enjoy the convenience of online check cashing because it gives them a way to access their money instantly from virtually anywhere. You could even use a check cashing app to quickly and easily access your funds.
However, there are plenty of other check cashing options that may work better for you. It all depends on your preferences and the availability of options in your area. Here are the 6 best check cashing options that help you access your money instantly.
If you have a bank account, you can do all your check cashing quickly and easily at a physical branch. Most banks allow you to cash checks at ATMs, too. To cash it, you’ll need to endorse the check with your signature on the back and provide a photo ID or bank card to the bank teller.
Mobile check cashing is even more convenient, though your bank may not offer this feature. Before you make your deposit check to see if your bank offers mobile deposit. This method allows you to take photos of the signed check – typically front and back – and instantly deposit it into your account. To use this feature, you generally must have access to a smartphone or tablet and be connected to the internet or data.
Don’t have a bank account? You may be able to cash your check at the issuing bank, which is the financial institution used by the bank holder who provided you with the check.
Check cashing to non-customers is not a requirement of banks or credit unions. However, nearly all financial institutions will cash a check that is written by an account holder, even if you are not a customer of that bank. The account holder must have enough money in the bank account in order for you to cash it, and most banks charge a processing fee to cash checks in this manner.
Online check cashing is a bit different than cashing checks in person. Cashing a check-in person means you’ll receive cash in hand, while cashing a check online means the money will be deposited into your bank account.
Some online check cashing services have waiting periods that could delay the process of getting your money. However, if you need to cash a check online instantly, you can often pay a nominal fee and get your money in minutes.
Most services that have online check cashing also have a check cashing app that makes it even easier to access your money. For example, PayPal’s app has the “Cash a Check” service, which allows you to deposit money into your PayPal account. It is free to use but requires you to wait 10 days before getting your money. You can avoid this waiting period by paying a fee for instant deposit.
The Ingo check cashing app works similarly to the PayPal app, except you can elect to deposit the money into your bank, onto a prepaid card or into your PayPal account. Ingo check cashing is fee-free unless you want your money instantly, in which case you’ll need to pay an instant deposit fee.
If you’re interested in mobile check capture Cash App is worth considering. The app makes it easy to take a picture of a check you want to deposit to the app. Once the money is in your Cash App account, you can use it to pay for things or transfer it to a connected bank account.
If you’re looking for a check cashing place to get instant access to your money, consider taking your check to a retail store. Retail giants like Walmart and Kroger offer check cashing services that are typically available for a small fee. For example, you can generally cash checks up to $1,000 for a maximum fee of $4. For checks greater than $1,000, you’ll pay a maximum fee of $8.
You can cash a Walmart cashiers check, personal check, payroll check, tax refund checks and government checks at virtually all Walmart locations. However, there are check cashing limits that vary between states, and you are limited to making three transactions per day.
Kmart’s check cashing services are similar. Depending on where you live, you can typically cash payroll, tax return and government checks up to $2,000 for a $1 fee. Some states waive this fee altogether. Not all Kmart locations offer this service, so be sure to contact your local store to determine availability.
Finding a check cashing place in your area is not usually very difficult. There are hundreds of check cashing stores around the U.S., many of which offer services that will get you your money instantly. You generally must present one or more forms of photo identification in order to cash a check.
Be aware that using these types of stores could cost you a pretty penny. Check cashing places tend to have the highest fees, which could range between 5 and 12 percent of the face value of a check. On a $1,000 check, that means you could be paying $120 just to cash it.
There are a handful of check cashing places that have made a name for themselves as reliable companies, with hundreds of locations sprinkled throughout the country. For example, ACE Cash Express has more than 900 locations throughout the U.S. In Florida, The Check Cashing Store is one of the biggest establishments for check cashing.
Another way to deposit a check without a bank account is to load the money onto a prepaid card. Prepaid cards are similar to debit cards, except that a prepaid card is loaded with a specific amount of money. You cannot spend more than the balance on the card.
Check cashing with a prepaid card varies depending on the card. For example, some offer mobile check cashing, allowing you to snap a picture of the check and instantly deposit it onto the card. Other cards may allow you to enroll in direct deposit with the prepaid card so checks are automatically deposited onto the card.