Check cashing fees – find the best place to cash a check

For most Americans cashing a check is usually not a problem – all you need to do is take a picture of the check using your banking app or go to a local bank branch to deposit the check into your bank account. Most of the time, it’s easy, quick and free. But how can you cash a check if you don’t have a bank account and can’t open one for some reason? It turns out that cashing a check without a bank account can be expensive and complicated. In this article we will discuss a few ways to cash a check without paying huge fees:

Payday lenders have the highest check cashing cost

Payday loan lenders get a bad rap mainly for charging huge amounts of interest on loans. But another thing they are notorious for is charging unreasonable fees for cashing checks – you can expect to pay as much as 5-10% of the sum of the check, which is a lot higher than what you’d pay at other places.

Retail stores have some of the best check cashing fees

A lot of nationwide retailers offer check cashing for a very reasonable fee. For instance, you can expect to pay just $3 for cashing a check up to $1,000 in value at Wal-Mart, while checks between $1,000 to $5,000 will cost $6 to cash. Kmart cashes checks up to $2,000 for just $1. You can also find cash checking at many convenience stores around the country.

Get the best check cashing rate at the check issuer’s bank

One of the most cost-effective ways to cash a check is to simply visit a branch of the bank that issued the check and cash it there. This is, of course, only possible if your check wasn’t issued by a federal or state agency and if there’s a branch of that specific bank nearby. In many cases, banks will waive check cashing fees for non-customers who are cashing checks issued by the bank, but some banks still charge a small fee. Keep in mind that you will most likely be asked to provide an ID when cashing a check at a bank.

Use a prepaid card to cash a check with low fees

If you don’t want or can’t cash your check at a bank or at a local retailer, another option is to deposit your check to a prepaid debit card. This will most likely be more expensive than using a bank or a Wal-Mart, but the cost will still be less than those of a payday lender. You will most likely have to pay a monthly maintenance fee and a transaction fee to cash a check using a prepaid debit card.

 

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