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When someone needs to cash a check, they have several options. One of those ways is to take the check to the bank that issued it and ask them to cash it. The bank will then return the money to you against the check.
If you want to cash a check from another bank, however, this can be a little more complicated. This is because some banks do not allow other banks’ checks to be cashed.
Why you might want to cash a check from another bank
Sometimes you may want to cash a check from another bank because you don’t have time to go to your usual bank. In other cases, it may make sense to cash a check at another bank because you need the money right away. For example, if you’re expecting a large bill and your usual bank doesn’t have enough funds to process the check, you might want to look at other options.
Note, however, that if you ask another bank to cash your check for you and you don’t have an account there, you’ll have to pay a fee. This can either be a lump sum or a certain percentage of the check.
Other places to cash a check
If you want to cash a check from another bank, you can also look for other places to cash it. Some options are:
Use check cashing shops
Check cashing shops are often places where you can cash a check. Paying a check at these stores can result in a fee of up to 5% of the amount you cash, although it could be a flat fee. Some states have enacted laws to prevent them from engaging in fraudulent business practices. Other places have banned people from taking out payday loans altogether.
Check cashing agencies are very expensive and often employ malicious practices. Many institutions frequently warn consumers about situations in which people who cash their checks there may later become the target of fraud.
Use prepaid debit cards
Some banks or other businesses may offer you prepaid debit cards that you can use to deposit checks at an ATM or even on your mobile device. For example, 7-Eleven offers prepaid cards that come with mobile banking capabilities — so you can deposit money while you shop at their stores.
It also works with some apps that work with a number of different types of prepaid cards. You can also take a picture of the check to get your card. The app may accept money orders and personal checks, as well as business checks. And the company claims to help you access your funds in just minutes.
Use a retailer
If you don’t have a check cashing business or a prepaid debit card, you can go to a retailer that offers check cashing services. There are several grocery chains and large retail outlets that offer check cashing services. For example, Walmart offers free check cashing services in several states. Many stores in your area, like your nearest 7-Eleven, will likely have kiosks where you can cash your checks.
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