Where to cash a check without a checking account?
There are individuals who are unable to maintain a checking account and those who simply don't want one. The increasing monthly fees along with the high overdraft fees have made it difficult for some people to cash their checks. This situation has lead to a real need for check cashing services. There are facilities such as check cashing stores, grocery stores, and check cashing kiosks that provide check cashing services for a flat fee or a percentage of the check.
Ace Cash Express is the largest check cashing store and has been in business since 1968. The fee for cashing a check ranges from one to four percent. They will cash third party checks, payroll checks, business checks and government checks. All check cashing transactions require fingerprinting and government issued photo identification. There is a membership program which makes it less expensive and more convenient to cash checks.
Grocery stores also have check cashing privileges available through their customer service department. Customers can easily obtain a members card by filling out a simple application. They typically will cash payroll and government checks. Personal checks are limited to a small amount, and they do not cash third party checks. Some chains such as Wal-Mart will cash payroll and government checks with a photo ID and a social security card. A flat fee will be charged for this service.
Self Banks which are automated teller machines (ATM) are located in grocery stores and gas stations. The self-Bank works by taking a picture of your check and ID after it is inserted. Funds will then be dispersed if the check is deemed valid. Some kiosks which are called cash-less kiosks will apply the money to a debit card. Customers who have checking accounts also use these service because of their convenience
Checks can be cashed at the account holder's bank. It is important to contact the bank because the policies differ at each bank. Some banks will honor the check, but increasingly banks are charging a check cashing fee for this type of transaction. The fees range from $3:00 to $5:00 with some banks charging as much as $8:00.
It is not difficult to cash pay-roll and government checks but other types of check can be much more challenging. Check cashing stores are more readily available in the urban areas, but as more people lose their checking accounts, the need for this service as seen more stores in the suburban areas.
Some companies are encouraging their employees to use prepaid debit cards instead of payroll checks. This will eliminate the need for check cashing services. The prepaid debit cards will also incur fees.