Will Banks cash Tax return checks?

Question

Will they usually cash the checks in full on the same day, or will they make me deposit it and wait.

Answer 1

Your best bet is your own bank. Banks where you have an account generally will cash it without waiting unless you have a record of overdrafts or don't have much $$ in the bank.

Answer 2

Not sure where you live, but I am in Pennsylvania. Up here, most banks will cash the IRS checks for a small fee ($3-10). There are check-cashing places, but they charge a percentage (2-5%). My employer has set up an arrangement with PNCbank to cash the checks from our company (refund anticipation loan checks) for $5, as long as the check casher(s) have 2 ID's and the addresses on the check and ID match. Our Walmart Supercenter will cash the for $3, if the check is for less than $2900.

Answer 3

I believe tax return/refund checks are non-negotiable, meaning that you must deposit it in your account. The bank will obtain the cash from the tax office for you. I think the main reason this is done is to prevent fraud whereby people steal other people's tax return checks in their mailboxes etc, in order to cash them at a bank teller's counter.

Answer 4

Depends on if you have an account at the bank. Usually they require that you have an account and depends on how much the check is.

Answer 5

Yes, with proper ID.