The more common way to cash a check is to cash it at a bank if you have an existing checking account. But if you don't have a bank account, other options are:
Issuing Banks
- You can visit a local branch of the issuing bank to get your check cashed. The name of the bank that a check is drawn on can usually be located on the bottom right corner of the check. However, non-customer could face a check-cashing fee, but it still varies from bank to bank.
Major Retailers or Convenience Stores
- 7-Eleven and some supermarket chains like Walmart, Kmart and Safeway offer check-cashing services, which likely cost less than those available at check-cashing stores and banks. To cash a check, the customer has to show a valid ID and enter their social security number using a PIN pad.
Check Cashing Centers
- Check cashing centers are a convenient option as they have flexible hours and they also have a variety of services offered in one place such as payday loans and other types of loans, money transfers, bill payments, currency exchange and more. However, it may come at a hefty price.
Critics of check cashing centers claim they exploit the consumers they serve, while providing a facade of convenience. Checks cashed at these centers can incur an average of 3-5% of the check amount in fees, regardless of the nature of the check.
Skilled professional criminals are using sophisticated technologies to easily defraud individuals and their financial institutions using a copy of a check and or an individual’s personal information. Check out some simple ways To prevent check fraud at Siucu.org.