While you can save yourself fees and time, it’s entirely possible to cash a personal check without a bank account. But the reality is, more than seven million people are unbanked for any number of reasons.
If you’ve been cashing checks and losing a significant sum due to fees, keep reading this article to discover three affordable methods of cashing a check.
Risky Way to Cash a Personal Check Without a Bank Account
Cashing a check with payday lenders isn’t necessarily a bad thing, but you need to be aware of several factors before stepping foot in their stores.
Disregarding their fees, you should be fine if you go in to cash your hard-earned check. The troubles start when if you need to get an advance on your next payday as well.
These loans come with unusually high rates that average about 400 percent with direct access to your bank account.
These lenders aren’t the worst option for cashing checks, but there are much more affordable options elsewhere.
1) Visit the Check Issuing Bank
It’s to your advantage if you visit the check-issuing bank to ask about their non-customer policies. It can vary wildly from bank to bank, some offering better benefits over others.
These banks could charge fees in any of the following ways:
- Charge a small percentage
- Charge a flat fee
- Only charge if the check is over a specific amount
Regardless of their fee structure, a bank will be fighting for your business. So be ready to have conversations about opening a bank account with them every single time.
There are dozens of retailers out there that offer check cashing services. These include stores like Walmart, Krogers, and even 7-Eleven! Before heading into one of these stores, you should call ahead or research online for their check cashing policies.
As you would expect, retailers like Walmart cash checks, but others like 7-Eleven may require you to purchase a transaction card to turn your check into cold hard cash.
It’s advantageous for you to shop around to compare fees and policies to see which one fits your lifestyle the most.
3) Cashing Checks Online
If you don’t want to walk into a bank or visit a retailer, online options are available. It’s usually an app that processes the check similarly to any online banking process.
You capture an image of your endorsed check and send it to a prepaid debit card or even a PayPal account.
However, your cash might be held for up to ten business days.
Affordability Is King
It may seem impossible to cash a personal check without a bank account, but there are options available, and it may be advantageous to find the most affordable one.
Regardless of the time and effort needed to find the best option, it’s well worth your time to give up on a bit of convenience and save a ton on fees.
You cashed your check, but how do you save money without a bank account? Check out this article for more tips on handling your money once it’s in your hands!