Cash a Check
So, you've got a check that you've received as compensation for work, for a birthday gift, or for another given reason. You're ready to cash that check and to put that money to good use, and you step out of the house to do it...only to realize that you have no idea what the heck to do with it. Have no fear: whether you have a bank account or not, cashing a check can be easy and simple. If you want to know how to do it, just follow these steps.
Contents
Steps
Taking Precautions
- Make sure you trust the person who wrote you the check. This is the most important thing. If you end up with a bad check, you'll have a lot more trouble trying to retrieve the money that is rightfully yours. So, make sure that you're given the check by a trusted person; if you're asking for compensation from someone you've never met before or someone who you met on craigslist who wants to buy your furniture, then it's better to ask for the amount of money in cash if you can. But if you do have a check, make sure you have the following information:
- The correct first and last name and address of the person who is giving you the check
- Contact information for the person who wrote you the check so you can reach him or her if you have trouble cashing it
- The name of a legitimate bank where the check is being cashed from
- Endorse the check right before you're ready to cash it. To endorse the check, you'll just have to flip it over and sign the line with the "x" to the left of it. This line will be found at the top of the check, and you'll sign it sideways. Do this right before you go to the ATM or the bank, so that your check cannot be cashed if you lose it. If you don't endorse the check, that makes it harder for the bank to accept it from a person who wants to cash it for ulterior motives.
- Cash the check as soon as you can. Some checks, like those that are paid by employers or are not personal checks, have an expiration date on them. But even if they do not have an expiration date, banks are not required to accept checks 6 months after the date they are written on, so you should cash them in a timely manner to make sure that you can get the money you deserve as quickly and easily as possible.
Cashing the Check at Your Bank
- Cash your check with your bank teller. This is the easiest method to getting the money you have earned quickly and safely. Your bank will most likely need a verification of your account and your driver's license or an identification card of some sort, so be sure that you bring these necessary supplies with you when you visit the bank. Never sign the check before you arrive at the bank; instead, do it in front of the teller as you cash it for ultimate security.
- Deposit your check at the ATM of your bank. This is another way to cash the check you've been given. Essentially, you'll be depositing the check into your bank account; it can take up to three business days for the cash to go through, but if you already have some money in your account, you can just withdraw the amount you need in the meantime. Either way, this is a quick way to ensure that the money goes into your account. Here is how you deposit a check at the ATM of your banking company:
- Insert your debit card
- Type in your PIN and press Enter
- Select "Deposit Check"
- Insert the check into the check deposit slot
- Confirm the amount on the check
- Withdraw the money from the ATM once the check goes through (or sooner if you have more money in the bank already)
- Use a mobile depositing app. This is a new method that many banks, such as Chase and Bank of America, are using to allow customers to deposit a check as easily as possible. To do this, all you have to do is download your bank's mobile banking app, take photos of the front and back of the check, and then confirm the amount on the check. This is similar to depositing the check at the ATM except that you don't have to leave the house.
- Once the check clears, though, you will have to leave the house to withdraw the money you deposited.
Other Methods for Cashing the Check
- Take your check to the bank the check is being cashed from. If you don't have a bank account of your own, then this is a great method. Just bring a photo ID and the check to the teller at the bank where the check was cashed from, and you will be able to cash the check for yourself. Just remember that many banks will take a processing fee, which can cost $10 or more. This bank will also try to get you to open an account at their bank.
- Cash your check at a retailer. Often times, large grocery store chains, other large franchises, and most Walmarts have places for you to cash your personal or payroll checks for minimal fees. You can take the check to a local 7-Eleven or another local retailer. This can cost less that doing the same thing at a bank you don't bank with or at a cash-checking service. 7-Eleven lets you cash checks at a .99% convenience fee, for example, and Walmart charges just $3 for checks under $1000.
- Again, don't sign and endorse the back of your check until you are in front of the person who is cashing it for you.
- Go to a specialized check-cashing company only as a last resort. You should only use this method as a last resort simply because these firms charge the most money for cashing personal and payroll checks. On the upside, these stores are often the quickest ways to get your cash immediately and may even be open, depending on what firm it is and where it is located, 24 hours a day, seven days a week. Once again, though, the commission that these check-cashing places take is often hefty due to the extra risk they take by cashing nearly any and all checks brought to them.
- These places know that they are working with customers who need the money from the check ASAP and are willing to take advantage of their desperation.
- Sign the check over to someone you trust. By signing the back of your check over to someone you trust and know well, they can just as easily go into their own bank and cash it themselves. Of course, the stipulation here is that you should only ask someone you truly trust to do this for you. In most cases, you should probably accompany them to the bank when they are cashing your check, though it is not necessary for you to be present.
- All you have to do is write, "Pay to the order of their name" and sign below. After this, most banks will have no problem cashing the check if the person you sign it over to has an account with them.
Tips
- It's easy to open a checking account at your local bank and not much initial capital is even required to open an account--often times it only takes $50 or less. Thus, it is probably beneficial for you to open a checking account in the long-run, even if you don't plan on consistently using your account.
