The easiest way for a person to cash a check is by going to his bank. For people without bank accounts, there are several other options, including check-cashing stores, going to the bank that issued the check, getting a prepaid debit card or visiting a retailer that offers check-cashing services.Continue Reading
Check-cashing stores are usually the most expensive option because they charge both a flat fee and a percentage of the check amount. The bank that issued the check can cash it, although some banks charge a fee for this.
Prepaid debit cards allow money to be loaded onto the card. Methods of loading money vary depending on the bank that issued the card, but checks typically can be deposited by ATM or through a smartphone application. Prepaid debit cards usually have a monthly fee.
Many retailers offer check-cashing services, including grocery stores, convenience stores, liquor stores and department stores. A membership card to the store is sometimes required. Stores charge a fee that varies by store, but retailers usually charge a smaller fee than check-cashing stores or banks. Hours vary for check-cashing locations, but some locations stay open 24 hours a day, seven days a week. When cashing a check, one or two forms of identification are required.Learn more about Personal Banking
Some ways to transfer money from one bank to another include a wire transfer, writing a check or doing a transfer with an account and routing number. Customers should be aware that some financial institutions may charge a nominal fee for transferring money. The amount varies depending on service and bank.Full Answer >
The money transfer number of a bank, or routing number, is the nine-digit sequence of numbers located at the bottom left hand corner of a customer's check or deposit slip, explains Regions Bank. Customer service representatives can provide the routing number, according to Bank of America. A customer can also obtain the number by signing on to online banking under his account's information and services tab. Banks use different routing numbers in each state.Full Answer >
The length of time a bank can withhold the availability of funds from a check depends on the type of check, the amount of time the account has been active, the amount of money for which the check is written and the bank's availability policy. Certain types of checks, including United States Treasury checks and government checks, must be made available to the customer on the business day following the deposit, according to the Federal Reserve Board.Full Answer >
The New York Daily News notes that a bank can cash a post-dated check on the date it is received, unless proper notification is given by the account holder. In the event the bank cashes the check early, the account holder may be liable for any fees incurred.Full Answer >