Loan Application Tips

Need To Cash A Check? 3 Check-Cashing Options You Can Utilize

by Milton Horton

Whether you received a one-time payment by check or are looking to cash paychecks on a regular basis, you should know that there are several options available to help you get your funds. Taking the time to explore the three check-cashing options described below will allow you to select the option that is best suited to your needs. 

Option #1: Open Your Own Checking Account

Personal and business checking accounts are often the most convenient and affordable way to cash checks on a regular basis. In order to cash a check using your own checking account, you will simply need to deposit the check at a local bank branch or make a mobile deposit through the bank's online services. In order to open a checking account, you will typically be required to present valid identification and make a minimum opening deposit. For some people, it is simply not possible to meet these requirements at the present time.  If you had a checking account in the past that was in a negative standing, you may also find it difficult to obtain a new account. 

Option #2: Cash At The Bank Where It Was Issued

Most banks and other financial institutions will honor any checks that were issued from one of their accounts, even if you do not personally have an account with them. In order to determine where the check was issued, simply look at the top of the check for the bank's name. While some banks will cash these checks free of charge, others will charge a small fee for cashing a check without having an account. In most cases, you will need to present at least two different forms of identification, including one photo ID, in order to cash a check using this particular option. 

Option #3: Local Stores And Money Services Locations

Many grocery stores and big box stores offer check-cashing services through their customer service department. In most cases, the value of the checks you can cash at these stores will be limited due to a limited amount of money kept on the premises. The fees associated with this option will typically be equal to a certain percentage of the check value. In order to cash larger checks, you may need to visit a store that specializes in money services. These money service locations typically offer a variety of financial products, such as check-cashing and short-term loans. 

Contact a local check-cashing service to learn more.