If you are receiving checks, but do not have a bank account you may be wondering how you can cash checks made out to your name. Whether you are receiving payroll, pension, personal, money orders, social security, income tax refund, unemployment or company checks you can cash these checks at a check cashing store. Simply search online and find a check cashing store near you. When you arrive at the store be sure to have the correct identification with you. Also, keep in mind that you may need to pay a fee to cash your check depending on what type of check you are cashing. This fee payment can vary from store to store based on their policies, the customer, check type and various factors.
The following are some steps and tips to help make your check cashing experience as smooth and simple as possible:
First of all, you will want to take some time to call around. Do not just choose the very first check cashing store you find. Take time to compare the fees and terms. While you might find a store that is only a mile away, if you search you might find a store several more miles away that offers better terms and fees. To give you an idea of what the fees may be, some stores will charge 3 percent on government checks, 10 percent on personal checks, 1.5 percent for business checks, and 6 percent on cashier checks.
After your search, pick the store that offers you the best terms and fees and make a trip there. At the store you will want to tell the representative what type of check you are looking to cash. Make sure you have a photo identification that is valid. You can use a passport, military identification or a driver's license. Most likely you will need to fill out customer paperwork which will include your name, phone number, address, name of employer and how often you receive paychecks. Sometimes store will also charge a one-time new customer fee. This fee is typically about $3.
Give the representative a moment to verify the check's validity. For personal checks, the representative will need to speak with the bank to make sure the check is valid and the person who issued the check to you. The representative will need to verify social security checks and other types of checks also. The process to verify a check will depend on each store's policies, but typically a representative will make a call to the bank to make sure the funds are available. This verification process helps to cut down on the potential for fraud. If the representative is unable to verify the check's validity, the store will not be able to cash the check.
If the check has been verified as good, the representative will subtract any fees associated with the transaction and give you the remaining balance. In the future, if you need to cash a check, the process will be much quicker because the store will have all your information on file. [ please visit www.checkcashing.com or click external link for more details ]
