Can You Cash A Check Written To Someone Else

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Can You Cash A Check Written To Someone Else

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For millions of consumers who don’t have a bank account, cashing a check isn’t easy. Based on 2019 About 7.1 million U.S. households do not have a checking or savings account at a bank or credit union, according to a survey by the Federal Deposit Insurance Corporation.

There are ways to cash a check without a bank account, but they cost more money, usually take longer, and are riskier than cashing a check at a bank where you have an account.

Ways To Cash A Cheque

Banks and credit unions are not required to cash checks issued to non-customers, but many banks will cash a check drawn by a current account holder at that bank, even if it is payable to a non-customer.

There must be sufficient funds in the payer’s account to cover the check. Before the bank can cash the check, the payee will be asked to show government-issued photo identification, such as a driver’s license.

The payee must also pay a certain percentage of the check amount, such as 1%, or a flat fee. This can increase over time. For example, if you are paid 52 weeks a year and it costs $8 to cash your salary at a traditional bank where you don’t have an account, that adds up to $416 a year in check cashing fees.

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There may be other barriers, such as check amount limits and two-party rejection of personal checks. Checks that are six months old or older may be rejected.

Walmart charges $4 for cashing checks up to $1,000, a maximum fee of $8 for checks over $1,000, and a maximum fee of $6 for two-party checks.

Consumers who do not have bank accounts sometimes use prepaid cards to deposit checks and receive cash. Prepaid cards are similar to current account debit cards. Your spending is limited by how much money you put on the card.

How To Write A Check For Cash (and How To Cash It)

Prepaid cards have different check cashing options. Some prepaid cards allow you to set up direct deposit so that checks are automatically loaded onto the card. Other cards have an app that allows you to take a photo of the check and upload it to the card. Alternatively, you can deposit a check at an ATM to put money on your card.

Fees are a big downside of prepaid cards. Walmart MoneyCard charges $2.50 to withdraw cash from an ATM (not including the bank fee) or a bank teller, and 50 cents to check the card balance at an ATM. The monthly fee is $5.94 unless you transfer at least $500 a month to the card.

Transfer fees can be high. It costs up to $5.95 to add money to a Green Dot prepaid Visa card. Green Dot also charges $3 for ATM withdrawals and 50 cents for ATM balance inquiries. Additionally, there is a $7.95 fee for each month the card is not loaded with at least $1,000.

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Check cashing offices are probably the most expensive places to cash checks. Some of them require customers to become “members” or buy ID cards to cash checks before cashing checks. In addition to the membership fee, they may charge a fee for first-time use.

Check drawers typically charge 1 to 4 percent of the face value of the check. Some companies charge a flat fee plus a percentage. Most cashed checks are payroll and government benefits checks.

The average face value of a check presented at checkout is $442.30, and the average check cashing rate is $13.77, or about 3.1%, according to the FDIC . If that’s your salary and you cash it every week, you’ll pay $55.08 a month or $661 a year in check cashing fees.

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Check cashing stores are not only prohibitively expensive, they also run the risk of fraudulent practices. For example, the Better Business Bureau warns consumers of scams when customers at check cashing stores are called by someone claiming to represent the company. The caller offers the customer a loan and asks for payment to secure the loan. Of course, the loan is never received, and the check-cashing shop customer is robbed of the money.

Another way to cash a check without a bank account is to ask a trusted friend or relative to sign the check.

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