Best Ways to Cash a Check with Low Fees

If you receive a check for any reason, you need to find out how to cash it and get a hold of your money quickly and easily. Multiple options exist, but many of them carry high fees or other difficulties that make them a bad idea. Read on to learn more about how you can cash a check with low fees and save more of your own money for yourself.

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Cash a Check at Your Bank or Credit Union

The easiest and least expensive way to cash a check is to simply take it to your bank or credit union. If you have an account, most places will cash a check or deposit it into your account for free. Then, you can simply withdraw the money directly from a teller or using an ATM.

If possible, you can also go to the bank that issued the check in the first place. For example, if your grandmother sends you a check from her account at Bank of America, you can drive to the local branch and get the check cashed. This will cost a small fee, but it is usually a flat rate around five dollars or a small percentage of the total check amount.

If you do not have a bank account or use an online bank that does not accept checks, you need to find another option to cash a check with low fees. The following methods and businesses can help you get a hold of your money quickly.

Places to Cash a Payroll or Official Check

It is very difficult to find anywhere that will cash a personal check for you other than a bank or credit union. If you have a payroll check, government check, cashier's check, or tax refund check, you can get it cashed at Walmart for a very low rate or use a Vcom check kiosk at a 7-11 convenience store. Some remaining Kmart stores also offer government check cashing.

The last way to cash a check usually comes with higher fees. Check cashing shops, cash advance businesses, or payday loan stores may cash checks, but they will charge a lot more than any bank or the above-mentioned companies. You can find them in many cities where people are less likely to have private bank accounts.

With the growing popularity of no or low-fee online banking options, getting an account is really your best bet for cashing checks in the future. They also give a lot of other benefits like debit card access, FDIC security, the ability to have your paycheck direct deposited, and more.

Paper checks are not used very often these days. Many financial institutions do not have simple systems set up for you to cash them anymore. Since they are a rarity, you may find that your bank or other places add high flat or percentage-based fees to the process. The ideas described in this article can help you avoid these issues and keep most of your money for yourself. This is an essential part of smart personal finance in this day and age when fees seem to be everywhere.

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