There are several ways to convert paper checks to cash.
These days, there are more options that ever available for anyone who has received a physical check and needs to convert it to cash as quickly as possible. Below, you’ll find the information you need regarding cashing of any checks that you may have received.
1. Take it to the Issuing Bank
Although banks aren’t always required to cash checks for anyone who is not one of their regular clients, many will be willing to offer this service in most cases.
Sufficient funds must be available in the payer’s account and you will be required to provide some form of government-issued ID such as a driver’s license, military ID or even student ID before your check can be cashed.
You’ll be required to pay a percentage of the check’s face value as a processing fee as well.
2. Take it to a Retail Store
If there’s no branch of the issuing bank nearby, you can often cash your check at a retailer like Walmart. Although many retailers no longer cash handwritten checks, the following check types can usually be cashed in these stores:
- Payroll checks
- Government checks
- Tax Checks
- Insurance settlement checks
- 401(k) checks
- Cashier’s checks
Fees will apply when cashing checks at retail stores, but will not normally be higher than around $6 per check.
3. Go to a Check Cashing Store
Check cashing stores are normally the most expensive place to use when you need to cash a check, with many charging fees of as much as 4% to 5% of the face value of the check as a processing cost. Owing to the fact that these outlets charge so much, you’ll want to use them as a last resort if you need o have any type of check cashed.
4. Use Cash App or PayPal
Cash App and PayPal now offer users the ability to convert their checks to cash by using their apps. All you have to do is take photos of the back and front of your checks, upload the images to whichever app you’re using and enter the check’s face value amount when prompted to do so, and your check will be processed.
When using these apps, ensure your check is made out in your name and that it has not been altered or damaged in any way. If you need access to your funds ASAP, you’ll be required to pay a fee when using PayPal. However, no fee will be charged if you’re willing to wait up to 10 days for access to your funds.
