According to a 2017 FDIC survey, Six and a half percent of Americans don’t have a bank account. If you are one of the 8.4 million households without a bank account, there are alternatives to withdraw. Most of these options involve costs that exceed the fees of some banks, so you should consider opening a bank account first. Can I cash my work check at any bank?
Which banks process unrelated checks?
No law obliges banks and credit unions to make cash checks for everyone, especially non-customers. Despite this, many banks around the country will make cash checks for you. The first stop should be the bank that issued the actual check.
Some banks make their own checks for a fee. This fee can be expressed as a percentage of the check, a fixed amount in dollars or both.
Some banks allow you to open prepaid debit cards without opening an actual account. With their help, you can usually make checks at any bank branch or at ATMs. For example, Chase offers a prepaid card for a monthly fee of around 5 USD. Some banks will simply convince you to open accounts to avoid high cash fees. The best banks in the US usually offer simple bank accounts with little or no initial deposit and no monthly fees.
Try to visit the check issuer’s bank
The safest and fastest way to get cash is to take a check to the bank of the check issuer. This is the bank or credit union that holds the check issuer’s funds, and you can immediately withdraw money from your check issuer’s account at that bank. If you go to another bank, you can’t be absolutely sure that the check is good and the funds are in the check issuer’s account.
The bank’s name or logo can be found on the front of the check. You don’t have to go to the same branch as the check issuer; you can visit any branch of the same bank. Remember to bring your ID and make sure it matches the name on your check.
If you don’t have an account with this bank, you may need to pay a small fee of a few dollars to cash your check. You may find that the bank refuses to pay the check because you are not a customer. Also, depending on the size of your check, you may not be able to cash it, because some banks have a limit on the amount of cash to spend. This will help if you go to one of the bank’s larger branches, which usually have more funds available.
Cash check stores, cash advances and payday loans shops are also waiting for you. However, they usually charge a lot, so it’s best to avoid these places. Fees add up over time, and you can probably do better (or avoid fees altogether) by opening a bank or credit union account. If you receive more than a few checks per year, open a bank account. In addition to saving on fees, you’ll likely save a lot of time if you have a bank account.
Grocery stores and supermarkets are usually cheaper than cash registers. Prices can range from one to three dollars (or less). Ask for services at the customer service office in front of the store.