Obtain access to your money in the shortest amount of time feasible
It is possible to significantly speed up getting your money by carefully considering whether you will cash or deposit a check.
If you cash a check, you will receive cash in hand. You get to keep the total amount of the payment and can start spending it as soon as it is in your possession. It is not always straightforward (or accessible).
When you deposit a check, you put the check amount into your account at a financial institution like a bank or credit union. Because you will be storing the money in a secure location, you won't need to be concerned about misplacing it. You may be able to withdraw some or all of the amount written on the check from the bank. However, there is a possibility that you will have to wait for a few days before having access to the total amount.
You need not wait if all you want to do is deposit the check so that your bank may begin processing the payment as soon as feasible. Many financial institutions, including banks and credit unions, let customers deposit checks using their mobile devices. This means that you could theoretically deposit your check from the comfort of your sofa in the middle of the night if you so desired.
If you need the money in your hands right now, you should cash the check. However, you should never forget that doing so may need more work than usual, particularly if you do not have a bank account.
The type of check is essential
The kind of check you want to cash can make a difference in the process. When processing a personal or commercial check, banks are only required to make the first $200 or so of the funds available to you within one business day. There is a possibility that banks will handle government-issued checks differently. Typically, you will have access to the total amount of cash one business day after the banking day.
Other checks, such as cashier's checks, payroll checks from local employers, and payments from insurance companies may also be acceptable, depending on your bank's policies. Examples of these checks include:
You may have to deposit a check if you can't cash it for the total amount it's worth. The type of deposit you make will determine how quickly you will get your hands on the money in this scenario. If you need the money urgently, it is advisable to make deposits in person to a bank staff rather than sending a courier. You can also use a mobile device or an ATM to make the deposit. However, the bank may hold the funds for a more extended period of time if you choose either of these options.
Even if the bank allows you to leave with cash or makes funds available in your account, you are still accountable for the check amount if it is returned as unpaid. It is crucial to remember that if you do not pay for a bounced check, the bank may even pursue legal action against you.
You might want to try going to the check writer's bank
Taking your check to the bank of the person who wrote the check is the most secure and practical approach to obtaining cash. The financial institution or credit union has the check writer's funds. You can immediately obtain the money in the check writer's account by visiting that financial institution. If you travel to a different bank, you won't be able to know for sure whether or not the check is legitimate and whether or not the monies have been deposited into the account of the person who wrote the check.
On the front of the check, you should be able to locate the bank's name or emblem. Make sure to bring identification with you, and double-check that it bears the same name as the one written on the check. You can visit any branch of the bank; you don't need to go to the branch that the person who wrote the check uses.
You might be asked to pay a nominal fee of a few dollars to cash the check if you do not have an account at that particular bank. It is also possible that the bank would refuse to cash the check for you because you are not a customer of the institution. In addition, depending on the check amount, you might not be able to cash it because many banks have a maximum amount of cash that they can give out at one time. It will be advantageous to visit a bigger bank branch because larger branches typically have a higher supply of available funds.
You could cash it in at your bank
If the following conditions are met, cashing a check at your bank or credit union could be a wise decision:
- You need not be concerned about the check not clearing or being returned to you because the person who wrote the check does not have sufficient funds to cover the check amount.
- The amount printed on the check was less than $200, or the government issued the check.
- You do not wish to be required to pay any fees.
Because you are a bank customer, the check ought to be cashed without cost to you. Since it may take several days for the check to clear, it is unlikely that you will be able to determine straight away whether or not the check will bounce. If it turns out that the check has been returned as unpaid, however, you will be required to reimburse the money, along with a fee that may be as high as $35. Assuming that everything appears to be in order, banks will often let you withdraw up to $200 instantly or within one business day, whichever comes first.
You can cash your check at an ATM
ATMs will let you cash a check, but doing so is more complicated than simply going to a bank and doing it there. However, not all ATMs will provide you with this option. Some will only let you deposit the check, and others will not accept check deposits at all.
But if the option is available at your ATM, all you need to do is bring your check, your bank card, and a pen (to endorse the check), then follow the on-screen prompts to complete the transaction. Before the automated teller machine would give you cash, you may need to have a certain quantity of money already accessible in your account.
Retailers as well as other places that cash checks
You can try to get cash from a merchant if your bank is closed, won't cash the check, won't give you more than $200 in cash, or you don't have a bank account. If your bank doesn't cash the check, they won't give you more than $200 in cash. You will have the best chance of cashing a check issued by the government or your employer. Still, you may also be able to cash smaller personal cheques.
The majority of merchants prefer to deal with money orders, payroll checks, and government checks. One can typically cash checks for a low cost, typically a few dollars, at large-format stores, grocery stores, and convenience stores. In most cases, the maximum amount of a personal check they will cash is $50 or $100. However, Kmart is exceptional in that it will cash personal checks for up to $500 and does not charge a fee in some jurisdictions while charging a fee of only $1 in others.
If you have a personal check that is less than $25 in value, you may always ask someone at the customer service desk if they can make an exception for you. This is especially true if you are a regular client of the establishment. However, you must be prepared to have your request denied.
Check-cashing outlets are another alternative for cashing personal checks. These firms are typically open later than a bank and will cash larger checks than a merchant. Check-cashing outlets are an option for cashing personal checks. On the other hand, check-cashing businesses typically charge a significant fee and a percentage of the total value of the check.
Cashing checks with future dates
Suppose you receive a check that the check writer wrote with the date of the following week on it. In that case, in most circumstances, you can ignore the fact that the check is post-dated as long as the check writer wrote the check. However, there is a significant possibility that the person who wrote the check postdated it because the funds have not yet been made accessible. Based on how well you know the person who wrote the check, you will need to use your best judgment to decide when to cash it.
Frequently Asked Questions (FAQs)
Is it possible to cash a check if you do not have a bank account?
No, it is not necessary to have a checking account to cash a check. You can cash the check at the bank of the person who wrote the check, at a merchant, or at a store specializing in cashing checks. There will most likely be a charge associated with using this service for the most part.
How much time do you have to cash a check before it becomes invalid?
In most cases, checks are only valid for six months, after which time the banks are under no obligation to fulfill them. If you wait too long, there is also the possibility that the person who wrote the check would cancel their account or utilize the funds that they had set aside for your check. This will result in the check being returned unpaid. It is always to your advantage to deposit a check or cash it as quickly as possible.
What steps do I need to take to cash a check not written to me?
To be able to cash a check written out to another individual, the original payee of the check must first sign the check over to you. They can accomplish this by writing "Pay to the order of [Your First and Last Name]" and signing their name in the check's endorsement box. This will allow the cheque to be made out to them. When you cash the check, you will be required to sign the endorsement section of the check. When you cash the check, you may be asked to bring the person who the check writer originally paid with you to the bank.
