I recently received a check, but I have no bank account, what do I do to get cash for my check?
2007-01-01 10:52:36 · 8 answers · asked by jrfisher8 2 in Business & Finance ➔ Personal Finance
1 Cash it at the bank on which it was drawn if the same town. They have to honor it if they hold the account it was drawn on and you have identification.
2. Sign the back of the check and give it to a friend or a parent to deposit in their account after they sign below where you signed. You will have to wait 4 to 5 banking days for the check to clear before the funds can be withdrawn.
3. Never use one of those cash checking services unless you are extreemly desparate or just have idiot written across your forehead or you like large cashing fees. If you anualize the fees charged (10% plus a service fee for each time used)... and remember if you put it in another person's account you only need to wait 4 to 5 days max for it to clear.... then the money they are earning on this transaction is 12-15% for 5 days difference in time. Is having your money 5 days earlier worth that kind of a spread. Most poor people do not realize that they can sign over a check to anyone with an account and these thieves take advantage of their plight. If you anualize that rate, the anual percentage rate based on earnings in 5 days vs 365 days/year is in excess of 750%. How sad is that?
4. (If the check value over bank minimum $50-$100.00) Open up a savings account with the check and wait 4 to 5 business days before you draw out most of the money. This is still cheaper to leave some money in the account and now you have a vehicle for depositing and cashing checks in the future.
Those are pretty much your options.
2007-01-01 11:07:56 · answer #1 · answered by Bob 5 · 0⤊ 0⤋
cash it at the same bank that issued it. Not necessarily the SAME bank but a branch. If not you may have to wait 5-10 days for that check to clear. If you can afford it, a check cashing place will do it for a percentage of the check (fee) and you can get money right away
2007-01-01 11:19:05 · answer #2 · answered by B 4 · 0⤊ 0⤋
The best place to cash the check is to go to the Bank where the check is issued. All you have to do is to sign the check and show them some IDs. There is no charge for that.
If it is not possible for you to go to the bank, you should try the Money Mart or any other check cashing facilities. They could do it for you, but you have to pay for the service charge.
www.moneymart.ca
2007-01-01 11:03:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Go to a check cashing place. If it is a check for employment, Wal-Mart and some liquor stores will cash it for a fee.
2007-01-01 11:24:40 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
Most banks will cash it for you, but will take out cetain percentage. You could cash it for free at the bank that it was written out of.
There are also businesses that will cash it for you, depending on the size. Krogers is one of them. Also, places like Check n Go, Fast Cash, will cash them for you, but be wary of the charge.
2007-01-01 10:57:13 · answer #5 · answered by opinionated 2 · 0⤊ 0⤋
go to a check cashing place, they will make it cash for a fee
or go to the bank it was issued from and they will make it cash free
2007-01-01 10:55:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Why not go to the bank? (much cheaper in the long run, if only to cash the occasional check).
2016-03-14 00:21:48 · answer #7 · answered by ? 3 · 0⤊ 0⤋
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Have a friend who DOES have a bank account go with you... and take it to a bank...
2016-04-06 01:10:02 · answer #8 · answered by ? 4 · 0⤊ 0⤋