As is known, receiving a check does not mean receiving the actual money. You need to contact with the bank and use the check in order to get the cash. However, this sometimes costs a lot. This article intends to introduce how to cash a check without paying high fees.
To cash a check, you need to first visit a location that accepts the check, such as a bank, financial institution’s branch, or ATM. If you do not have an account, you need to go the bank that is listed on the check or to a major retailer. After that, you could endorse the check by signing the back with your name on the line with the X. You also need to have your ID or your debit card in order to receive your money. If you have a debit card, the bank might directly send money to your account. But if you do not have any account, the bank will give you cash.
Generally, banks allow their own clients to deposit or cash checks for free, but you usually would not get the full check amount immediately. If you do not have a bank account or you need the full amount of cash right away, you could turn to major retailers such as Payday lending stores. They provide the service for a fee, which is up to 10% of total check’s value.
The best option for cashing a check is to have a bank checking account. If you have a bank account that belongs to Credit Union, you could enjoy taking out cash in a check without any fee. Although this process might take several days and have some delays, you will be able to avoid the high fee during the common cashing process.