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When someone needs to cash a check, they have several options. One of these options is to take the check to the bank that issued it and ask them to cash it. The bank will then give you the money in exchange for the check.
If you want to cash a check from another bank, however, it can be a little more complicated. Indeed, some banks do not allow the cashing of checks from other banks.
Why you might want to cash a check from another bank
Sometimes you want to cash a check from another bank because you don’t have time to go to your usual bank. Other times it can be helpful to cash a check from another bank because you need the money right away. For example, if you’re expecting a large bill and your regular bank doesn’t have enough funds to process the check, you might want to research other options.
It should be noted, however, that if you ask another bank to cash your check for you and you do not have an account there, you will be charged a fee. It can 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 find other places to cash it. Some options are:
Use check cashing stores
Check cashing stores are often places where you can cash a check. Paying a check at these stores can incur a fee of up to 5% of what you collect, although this can also be a flat rate. Some states have passed laws to prevent them from engaging in deceptive marketing practices. Other places have banned people from taking out payday loans.
Check cashing locations are very expensive and malicious practices are often used. Many institutions often warn consumers about situations where people who cash their checks there are then targeted by scams.
Use prepaid debit cards
Some banks or other companies 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 with mobile banking functionality, allowing you to deposit money while shopping in their stores.
It also works with some apps that work with different types of prepaid cards. You can also take a picture of the check to get your card. The app can accept money orders and personal checks as well as business checks. And the company claims to help you access your money in just minutes.
Use a retailer
If you don’t have a check cashing store or prepaid debit card, you can go to a retailer that offers check cashing services. There are several grocery chains and large retail stores that offer check cashing services. Walmart, for example, offers free check cashing services in several states. Many stores in your area, like the nearest 7-Eleven, will likely have kiosks where you can cash your checks.
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