Will Walmart cash personal checks?
Seven percent of Americans do not have a bank account, according to a 2015 FDIC survey. If you're one of the 9 million who don't, there are alternatives for cashing your salary. Most of these options come at a cost that exceeds some banks' fees. Therefore, it is worth looking into the possibility of opening a bank account first.
For example, Key Bank offers a "stress-free checking account" with a minimum deposit of $ 10.
After the first 30 days as an account holder, you can deposit a check and have access to your balance in just one day. If you have a comparable balance in your account, you can cash the check immediately. Key Bank allows you to use a debit card in connection with the account, which is accepted practically everywhere as well as cash and is insured against loss.
With a bank account, you can deposit directly with your employer or with government agencies like the IRS and Social Security. The money can then be spent on your debit card without the hassle of visiting a bank or checking cashing.
Where to cash your paycheck without a bank account
The following options are worth considering if you have determined that a bank account is not appropriate given your circumstances.
You may be able to cash the check through the bank your employer used to write the check. If there is a local branch, stop inside and ask if they will provide this service.
Check with your employer to see if they have any arrangements with the bank to provide this service or an inexpensive option.
According to a survey by My BankTracker, Citibank does not charge a fee to cash a check under $ 5,000 drawn by their bank, and Capital One will also cash a check on their bank for free.
Many banks charge a fee, which is generally between $ 6 and $ 10. However, some banks charge a higher fee based on a percentage of the check amount.
Some banks will cash non-customer checks that are not generated by their bank. Typically the fees for this service will be higher. For example, KeyBank charges 1% of the check up to a maximum charge of $ 22. 50.
Most banks only pay wage and state checks and not personal checks for non-customers.
Check deposit kiosks
Check deposit kiosks are found in many retail and hypermarkets. Some offer 24/7 check cashing while others are only open when the customer center is open. Options for receiving payment include cash or payment on a business card at some major retailers. A disadvantage of this option is a fee structure that is often between 1 and 5%. 7-Eleven for example fees. 99% of the checks are available at their kiosks.
Check cashing at retail stores
Check cashing for payrolls, checks, tax audits, and money orders are available at many Walmart stores for a small fee - $ 3 for checks $ 1,000 or less and $ 6 for checks for checks over $ 1,000 and no more than $ 5,000. (The limit increases to $ 7,500 for tax refund checks from January through April.)
KMart pays payroll, government and two-party checks (up to $ 500) for $ 1 in some states and free in others.
Other retailers, particularly grocery stores and some liquor stores, often pay cash. At grocery stores, you may need a membership card to receive check cashing. In many cases there is a fee for these services.
Prepaid bank cards
Banks offer prepaid cards that you can get without opening a bank account. For example, when you sign up for a Chase Liquid card, you can load money and checks onto your card at an ATM or through an app on your phone. You can then use your card to withdraw funds or make purchases. Note that there is a monthly fee for these services. It's currently $ 4.95 for the Chase Liquid card.
Check cashing stores
An expensive option for cashing checks is a check cashing store.
Check cashing businesses typically charge a percentage of the check and / or a flat fee. Some may charge a fee that is a percentage of the check value. Others may charge a flat fee in addition to a percentage fee. For example, to cash a $ 2,000 check, there is a $ 5 fee plus 1 percent to a $ 25 deduction from your paycheck.
Check cashing businesses often advance paychecks that have not yet been issued for a substantial fee and accept the proceeds of the individual's paycheck on the date of delivery. These payday loans are the most expensive option, and once the recipients get used to a prepayment schedule, they are more likely to get this service at a substantial cost. According to the Consumer Federation of America, payday loans can cost anywhere from $ 15 to $ 30 to borrow $ 100, with interest rates increasing up to 400 percent over the course of a year.
Get help from friends and family
Some people without a bank account access their trusted contacts who have bank accounts and ask them to cash checks on their behalf.
ID required to cash a check
To cash a check, you will usually need to provide one or two identifiers, including a picture ID such as a driver's license, passport, or photo ID. Government-issued photo identification is the most widely accepted identification.
Related articles: Payday Loans | How to cash a check | When do I get paid?
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