This Is How You Can Cash a Check Without Having a Bank Account
When you receive a check, you generally deposit it in your bank account and cash it at the bank by displaying your ID. But do you know that you can still cash your check without having a bank account by cashing it at the check cashing store or at the issuing bank?
There is also a possibility that you can cash your check even if you lose your ID in any case. You can use an ATM or sign the check over to another person. There are several other methods with the help of which you can turn your check into cash. Though some of the methods might have a fee attached to them, you can use them in times of need. Know more about them in detail below.
Pay a Visit to the Issuing Bank
Though this might be of small help to you, you can always visit the issuing bank. Assuming that the bank has a branch in your locality. If you need to cash your paycheck, some banks will help you out without any hassle, regardless of whether you bank with them or not. These banks can verify if the check issuing account has ample funds. However, some banks have no such system in place, while some banks might charge a fee from you to render this service.
To check whether you are that individual that the check is addressed to, the bank might ask you to furnish an ID issued by the government. Most paychecks must have the name of the bank that has issued it. In case you can’t find that, search for their routing number that’s available over the net. Once you know which bank it is, locate its nearest branch. If the bank is an online one, things might get difficult for you, as most of them don’t have branches.
Reach out to Retailers
If you are not aware of this yet, there are a few grocery chains that might help you cash your paycheck. Even if it’s a government check or a payroll check, these stores might help you out. You must shell out a small fee. However, you can only take out a certain amount, which differs from one store to another. Usually, the sum is a few thousand dollars.
Hence, unless you need to lay hands on a five-figure sum, things should work out smoothly for you. To locate such stores in your locality, you have to do a bit of research on the internet. You can also call the help desk at the store to find out if you can cash your paycheck. Inquire about the charges as well.
Contact a Payday Lender
Payday lenders are definitely an option to cash your paycheck. They hand over the cash to you without going deep into the details. You just need to show your paycheck and they would cash it for you. With that being said, this option is not an affordable one for many. Payday lenders are infamous for charging an exorbitant fee for this service.
Usually, they add high-interest rates while lending money and things are no different when you ask them to cash your check. As a consequence, you might have to walk away with comparatively less cash than you generally would if you drop in at the issuing bank or a grocery chain. Therefore, it would always better be for you if you consider this option only if you have no other.
Opt for a Prepaid Card Account
There are a few banks to help you cash your paychecks at their ATMs and pile on the money to the prepaid debit card that you can avail of if you need to make certain purchases. This is quite an easy option for you as you don’t need to wrack your brains on how long you have to stand in a queue at a grocery store or a bank branch every time you require cashing your checks. However, there are fees involved here, as well. A monthly service fee is attached to these accounts.
Hopefully, you will find a suitable option out of these four. However, if you are not comfortable with any one of them, you can go ahead any day and open a free checking account at the nearest bank branch. That will save you a lot of time and energy.
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