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How Can I Cash A Check For 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 survey by the Federal Deposit Insurance Corporation, 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, often take longer, and are riskier than cashing a check at a bank where you have an account.
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Banks and credit unions do not require cashier’s checks for non-consumers, but many banks will cash a check made out to an account holder at that bank, even if it is payable to a non-customer.
Payee must have sufficient funds in the account to pay the check. The payee will be asked to show a government-issued photo number, such as a driving license, before the bank withdraws cash.
The payee should also expect to pay interest on the amount of the check, such as 1 percent or a flat fee. It can add up over time. For example, if you’re paid 52 weeks a year and need $8 to cash your paycheck at a regular bank without an account, the cash payments for a year add up to $416.
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There may be other barriers, such as limiting check amounts and rejecting two-sided personal checks. Checks six months or older may be rejected.
Walmart charges $4 for cashier’s checks up to $1,000,000, a maximum of $8 for checks over $1,000,000 and a maximum of $6 for two-sided checks.
Customers without bank accounts sometimes use prepaid cards to deposit checks and access cash. Prepaid cards are similar to checking account debit cards. Your spending is limited on how much money you load onto the card.
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There are several options for cashing checks on prepaid cards. Some prepaid cards allow you to set up direct deposit so that the card is loaded automatically. Other cards come with an app that lets you take a picture of your check to load onto your card. Or you can deposit your check at an ATM to load your money onto your card.
Cost is a major disadvantage of prepaid cards. The Walmart MoneyCard costs $2.50 to withdraw money from an ATM (excluding bank fees) or at a bank teller window, and 50 cents to check your card balance at an ATM. There is a $5.94 monthly fee unless you deposit at least $500 per month on the card.
Reload may be too high. Adding funds to a Green Dot prepaid Visa card costs $5.95. Green Dot charges $3 for ATM withdrawals and 50 cents for ATM balances. There is also a $7.95 monthly fee, with a minimum of $1,000 loaded on the card
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Cashiers are probably the most expensive place to cash checks. Some of them require customers to become “members” or buy cash tokens so they can cash your checks. In addition to the membership fee, they may charge a first-time usage fee.
Cashiers typically charge 1 percent to 4 percent of the value of the check. Some businesses charge a flat fee instead of a percentage. Most cash registers include paychecks and government checks.
The average check presented at a Check Point is $442.30, and the average cashing fee is $13.77, or about 3.1 percent, according to the FDIC. If this is your salary and you pay cash each week, you pay $55.08 a month or $661 a year.
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Not only are cashiers expensive, but there is also a risk of fraud. For example, the Better Business Bureau warns consumers about a scam claiming to represent their cashier’s customers. The caller offers the customer a loan and demands payment to secure the loan. Of course, the credit is never collected and the cashier runs out of customer cash.
Another way to give cash without a checking bank account is to give a check to a trusted friend or relative
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