Believe it or not, 90% of Americans live within 15 minutes of a Walmart store. It’s very likely you will drive by a Walmart before you pass the issuing bank.
And if you buy your groceries at Walmart, your cashed check can double as your weekly grocery money. You can expect to pay the following fees for the Walmart Check Cashing services:
$4 for each check, up to $1,000 $8 for each check greater than $1,000.
The daily cashing limit is $5,000. The limit increases to $7,500 between January and April for Christmas money and tax refund checks. But note that Walmart won’t cash any personal checks over $200.
2. Gas Station Travel Centers
While most gas stations don’t cash checks anymore (due to the risk of check frauds) – many travel centers next to gas stations still do.
There are two well-known reliable travel centers in the U.S.: Pilot Flying J and TravelCenters of America. You won’t find them everywhere, but if you’re lucky to have one nearby, they’re definitely an option.
3. Ace Check Cashing
A number of businesses operate solely for this purpose. If you don’t have access to a local bank, then a check cashing place may be your only option.
Be careful though because these stores generally charge the highest fees of all the options on this list. Most check cashing stores have varying fees even among their own branches, so be sure to call and ask beforehand.
Before you cash your check at a store like this, make sure to ask if they require a credit check.
Some stores will run a credit report before cashing the check because they are effectively giving you a short-term loan until they are reimbursed with the funds from the issuing bank.
Ace Check Express is one of the most popular options, with physical locations in 24 states. They will cash almost any kind of check as long as you have a valid form of identification.
4. Credit Union
Sometimes I also use a Credit Union to cash my checks. The credit unions are cheaper than local banks, and you are not required to maintain a huge minimum balance.
Pick a local Credit Union that offers free checking services and is convenient for you. Local credit unions cash almost all the checks that local banks cash.
5. Payday Advance Stores
Payday advance stores can cash your check, but this is probably your most expensive option. These payday lenders may charge steep flat fees, or percentage fees as high as 10%.
So, if you have a check for $800, the store would take $80 of that as the fee. You would be left with just $720.
When you don’t have a bank account, the issuing bank is the best place to start. It can be the cheapest and quickest option, compared to some of the other options on this list.
Banks might also have a higher cashing limit than some other options, too.
The issuing bank’s name is located in the bottom left corner of the check, above the memo line. Go to your local branch of that bank to cash the check.
For instance, If the check is issued by BB&T Bank, you can visit your local BB&T branch. The teller can then check the account balance to make sure there are sufficient funds to cover the check.
As with any of these check cashing locations, you will need to bring your ID to verify your identity.
7. Transact App from 7-Eleven
7-Eleven has a prepaid MasterCard. If you also download the Transact App, you can load checks right onto your prepaid MasterCard.
All you have to do is open the app and take a photo of the check using your cell phone. You can designate the check to be added to the balance of your Transact Prepaid Mastercard.
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