Check Cashing Step by Step

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.