You've
recently been given a check from your boss or as a gift from friends and family
and you want to cash it in. You don't have a bank account and you don't really
know much about check cashing. Don't worry though; you're not alone and you've
got several options open to you. Each option has its own pros and cons.
You could take it to the bank the check was issued from and ask them to cash
it. If you're not an account holder, they'll charge you a significant fee while
trying to get you to sign on with them. You could also stop off at your local
Walmart and pay three dollars a check if you check is under one thousand
dollars and six dollars if it's more. Some convinces stores even have kiosks
where you could cash your check but then you have to hope it's not
malfunctioning and that it has sufficient funds for your transaction.
The best method, by far, for anyone who doesn't have a bank account, is to go
to a local check cashing store. Such stores are commonly open at longer hours
than any bank or retailer and that makes it easy to fit a trip into anyone's
schedule. Given that these stores specialize in cashing personal checks, it's
also pretty guaranteed they'll have the funds you need. Surely the process is
complicated and it's probably more trouble than what it's worth. That's what
you're thinking, isn't it? Truth is: it couldn't be easier. All you need is the
check, made out to you, a valid ID, and a little time and patience.
The inside of most check cashing stores is set up similar to a bank. You've got
a row of windows, behind which are your tellers, and a winding path for lines
to wait in on busy days. Just take a deep breath to calm any nerves that might
have cropped up on the drive over and join the back of your line. In no time
flat, you'll be standing at the window and moment away from having cash in
hand. If this is your first time, the teller will likely ask you a few
questions to fill out an 'account'. The teller will ask for your valid photo ID
and likely make a copy of it for the system. This shouldn't cost any money and
is done to prevent someone else from cashing a check while pretending to be
you.
Once you're logged in their system, they will ask for the check you'd like to
cash. At this point in time, you should use a pen at their window and endorse
the back of the check by placing your signature on the lines. Hand the check
over and wait while your transaction is processed. If you're a returning
customer, they may ask for your ID to check against records. Now that you're
identity has been verified, the teller should ask how you'd like your money and
pass it, along with a receipt to you. Chances are there's going to be a small
processing fee, but it should be minimal and will change in amount from store
to store. That's all there is to you. All you have to do next is decide where
you want to spend your cash.
Monday, May 19, 2014
Check Cash Locations
Choosing a Check Cash Location
There are many types of check cash locations and knowing which type best suits your needs is extremely important, especially if your time and money are important to you. There are many factors to consider when choosing and finding check cash locations and taking the time to research the differences will help you cash your check with the least amount of difficulties as possible. The best way to decide which type of check cashing institution to use is to make a list of what check cashing services are important to you and then decide which location best offers fulfills top priority needs.
The most common types of check cashing locations include credit unions, banks, check cashing stores, grocery stores, and payday loan stores. Each type has some positive and negative policies as well as various benefits. The most common place people cash checks are banks and credit unions, but recently people have been looking elsewhere due to increase in bank fees and the fact that other types of check cashing service providers are offering new and unique benefits. In years past banks were the only financial institutions that did cash checks,but with other places offering most of the same services competition as risen leading to better deals for you.
The type of check you cash is important when choosing one of the many check cash locations. The fees and policies can change dramatically depending on the type of check it is. The highest fees are usually personal checks since these are the hardest to verify for a financial institution. Social security and welfare checks usually have the next highest check cashing fee, but are still pretty reasonable. Tax refund checks are usually lower fees, but since they tend to be larger checks, they can be difficult to cash. The easiest and cheapest to cash are almost always payroll checks and this is because they are easy to verify, and most institutions know that you will cashing be these types of checks regularly and try to entice you to cash your payroll check with them on a regular basis. Most check cashing locations will keep a fee schedule posted so it is a good idea to locate and understand the fees before cashing your check
Some benefits and policies to consider are location, fees, hours of operation, additional services, money transfers, bill paying, convenience, and security. All these should play a role in your decision in choosing a check cashing location. Banks and credit unions have very similar benefits such as lower fees, as long as you have an account, familiarity, loans, automatic bill paying, and ATMs. Check cashing stores and payday advance stores are usually similar as well with payday loans focusing more on loans. The benefits with these types of check cashing locations include convenience, location, hours of operation, fewer check cashing restrictions, bill paying service, and payday loans. Grocery stores can also cash checks and can be extremely convenient since you can do your grocery shopping while your there, but have little to no added features and usually have a limit on the amount of a check they are willing to cash. No matter what the policies are individual locations do things better than others and this should also be taken into consideration. Good business practices such as strong customer service, welcoming atmosphere, and quick service are all intangible benefits that could be the deciding factor and help you decide where to cash your check.
There are many types of check cash locations and knowing which type best suits your needs is extremely important, especially if your time and money are important to you. There are many factors to consider when choosing and finding check cash locations and taking the time to research the differences will help you cash your check with the least amount of difficulties as possible. The best way to decide which type of check cashing institution to use is to make a list of what check cashing services are important to you and then decide which location best offers fulfills top priority needs.
The most common types of check cashing locations include credit unions, banks, check cashing stores, grocery stores, and payday loan stores. Each type has some positive and negative policies as well as various benefits. The most common place people cash checks are banks and credit unions, but recently people have been looking elsewhere due to increase in bank fees and the fact that other types of check cashing service providers are offering new and unique benefits. In years past banks were the only financial institutions that did cash checks,but with other places offering most of the same services competition as risen leading to better deals for you.
The type of check you cash is important when choosing one of the many check cash locations. The fees and policies can change dramatically depending on the type of check it is. The highest fees are usually personal checks since these are the hardest to verify for a financial institution. Social security and welfare checks usually have the next highest check cashing fee, but are still pretty reasonable. Tax refund checks are usually lower fees, but since they tend to be larger checks, they can be difficult to cash. The easiest and cheapest to cash are almost always payroll checks and this is because they are easy to verify, and most institutions know that you will cashing be these types of checks regularly and try to entice you to cash your payroll check with them on a regular basis. Most check cashing locations will keep a fee schedule posted so it is a good idea to locate and understand the fees before cashing your check
Some benefits and policies to consider are location, fees, hours of operation, additional services, money transfers, bill paying, convenience, and security. All these should play a role in your decision in choosing a check cashing location. Banks and credit unions have very similar benefits such as lower fees, as long as you have an account, familiarity, loans, automatic bill paying, and ATMs. Check cashing stores and payday advance stores are usually similar as well with payday loans focusing more on loans. The benefits with these types of check cashing locations include convenience, location, hours of operation, fewer check cashing restrictions, bill paying service, and payday loans. Grocery stores can also cash checks and can be extremely convenient since you can do your grocery shopping while your there, but have little to no added features and usually have a limit on the amount of a check they are willing to cash. No matter what the policies are individual locations do things better than others and this should also be taken into consideration. Good business practices such as strong customer service, welcoming atmosphere, and quick service are all intangible benefits that could be the deciding factor and help you decide where to cash your check.
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