Six Things To Know If You Need To Cash A Check And You Don't Have A Bank Account
If you have a check but lack a bank account, you might be wondering how you can get money for your check. The following are six things to know if you need to cash a check and don't have a bank account.
There are many services out there that can cash a business check for you.
One of the first things to know is that you can find business check cashing services that will cash your check for you. You do not necessarily have to open a bank account to get a check from a business cashed.
You're going to have to pay a fee.
Although you can get a check cashed without a bank account, you will have to pay a service fee. Fortunately, this fee is generally taken out of the check amount and doesn't have to be paid by you out of pocket.
Your fee may be a percentage of the amount of the check.
There are two possibilities when it comes to the fees charged by check-cashing services. One is that you will be charged a flat fee for the service of having your check cashed.
However, some check-cashing services will charge a percentage of the check amount when they cash a check. This means that the more money the check is written out for, the larger the check-cashing service fee will be.
You will need to show your ID when you have your check cashed.
Although you don't need to have a bank account to have a check cashed, you will generally need to have some sort of ID to use check-cashing services. Usually, any government-issued photo ID such as a driver's license or a passport is accepted by check-cashing services.
Using a business check-cashing service can be one of the fastest ways to get funds.
Although you might be charged a fee when you use a check-cashing service, you also might be able to get your funds faster than you would at a bank.
At many banks, you can't access check funds until the check goes through. With check-cashing services, you can often get cash right away for the check funds.
Some check-cashing services will also cash personal checks for you.
It might also help you to know that check cashing services can also handle personal checks for you in many cases. If you have been given a personal check, take it to your business check cashing service and they may be able to cash it for you.
For more information, contact a business check-cashing service near you.