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Can I Write A Convenience Check To Someone Else
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For millions of consumers who don’t have a bank account, cashing a check isn’t easy. According to a 2019 study by the Federal Deposit Insurance Corporation, nearly 7.1 million US households do not have a checking or savings account at a bank or credit union.
There are ways to cash a check without a bank account, but they cost more, take longer, and are often riskier than cashing a check at a bank where you have an account.
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Banks and credit unions are not required to cash checks on non-customers, but most banks will cash a check written by a checking account holder at that bank even if it is made payable to a non-customer.
There must be sufficient funds in the payee’s account to cover the check. Payees are asked to show a government-issued photo ID, such as a driver’s license, before a bank check is issued.
The payee should expect to pay 1 percent of the value of the check or less. That can add up over time. For example, if you’re paid 52 weeks a year and you don’t have an account it costs $8 to cash your check at a regular bank, which adds up to $416 in annual check exchange fees.
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There may also be other restrictions such as limits on the amount of the check and the rejection of personal checks by both parties. Checks six months old or more may be rejected.
Walmart charges $4 to cash checks up to $1,000, a maximum fee of $8 for checks over $1,000 and a maximum fee of $6 for two checks.
Consumers without bank accounts sometimes use prepaid cards to deposit checks and access their money. Prepaid cards are similar to checking account debit cards. The way you spend money is limited by how much money you have loaded onto the card.
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Prepaid cards have different check cashing options. Some prepaid cards allow you to make direct deposits so that checks are automatically loaded onto the card. Some cards come with an app that allows you to take a photo of your check to upload to your card. Or, you may be able to deposit your check at an ATM to load money onto the card.
Fees are a major drawback of prepaid cards. The Walmart MoneyCard charges $2.50 to withdraw cash from an ATM (including bank fees) or teller window, and 50 cents to check your card balance at the ATM. There is a $5.94 monthly fee unless you direct deposits of at least $500 per month on the card.
Reload charges can be steep. Adding funds to a Green Dot Prepaid Visa card costs up to $5.95. Green Dot charges $3 for ATM withdrawals and 50 cents for ATM balance inquiries. Additionally, there is a $7.95 monthly fee without a minimum load of $1,000 on the card.
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Check cashing stores are probably the most expensive places to cash checks. Some of them require customers to become “members” or purchase check payment identification cards before cashing your checks. In addition to the membership fee, they may charge a first-time usage fee.
Checks generally charge 1 to 4 percent of the face value of the check. Some businesses charge a higher down payment than a percentage. Most payments are paychecks and government benefits checks.
The average face value of a check presented at a check cashing facility is $442.30, and the average check fee is $13.77, or about 3.1 percent, according to the FDIC. If that’s your payment and you take it every week, you’ll pay $55.08 a month, or $661 a year, in check-cashing fees.
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Check shops are not only expensive, but also prone to fraudulent practices. For example, the Better Business Bureau warns consumers about fraud at a check-making store by someone claiming to represent the business. The caller offers the customer a loan and asks for a down payment to secure the loan. Of course, the shop customer who checks without getting credit is a fraud.
Another way to cash a check out of a bank account is to sign the check over to a trusted friend or relative
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