And so you received a check as compensation for your work or maybe it's a birthday present or they gave it to you for any other reason. You are ready to collect the cash to put it to good use, you leave the house, but you have no idea what to do with the check. Don't be afraid - whether you have a bank account or not, cashing a check can be easy and simple. If you want to know how, just follow these steps.
Steps
Part 1 of 3: Taking Precautions
Step 1. Make sure you can trust whoever wrote you the check
This is the most important thing. If you end up with a false or bad check, you will have a lot of trouble trying to get back the money that is legally owed to you. So you have to make sure you get the check from a trusted person; If you are asking for compensation from someone you've never met before or someone you've met on a classifieds site like craigslist because they want to buy your furniture, then it's best to ask for the money in cash if possible. In any case, if you have been paid by check, you will need to make sure you have the following information:
- The correct name, surname and address of the person giving you the check
- Contact information for the person who filled out the check so that you can reach them in case you have trouble cashing
- The name of the bank the check came from
Step 2. Flip the check just before cashing it
To flip the check, you just have to flip it over and sign the line with the "x" on the left. This line will be at the top of the check and you can sign it sideways. Do this just before you go to the ATM or bank so that the check can't be cashed if you lose it. If you don't turn over the check, the person who wants to collect it for a variety of reasons will have more trouble getting it accepted by the bank.
Step 3. Cash the check as soon as possible
Some checks, such as those that are paid by employers or that are not personal, have an expiration date stamped on them. Even without an expiration date, however, banks aren't required to accept checks six months after that date, so you should cash them out promptly to make sure you get the money you deserve as quickly and easily as possible.
Part 2 of 3: Cashing the Check into your Bank
Step 1. Collect the check through the bank cashier
This is the easiest way to quickly and securely get the money you've earned. Your bank will need to verify your account, so you will need to make sure you bring ID with you. Never sign the check before arriving at the bank: for maximum security you must do it, instead, in front of the cashier when collecting the cash.
Step 2. Deposit the check at your bank's ATM
This is another way to cash the check you received. Essentially, you will be able to deposit the check into your bank account; the credit can take up to three working days, but if you already have money in your account, you can only withdraw the amount you need in the meantime. However, this is a quick way to ensure that the money goes into your account. Here's how you deposit a check at your bank's ATM:
- Insert your credit card
- Type in your PIN and press Enter
- Select "Deposit Check"
- Insert the check into the specific deposit slot
- Confirm the amount of the check
- Withdraw money from the ATM once the check is credited (or sooner, if you already have money in the bank)
Step 3. Use a mobile app
This is a new method that many banks, such as Chase and Bank of America, are using to make it easier for customers to deposit a check. To do this, you need to download your bank's mobile banking app, take a photo of the front and back of the check, and then confirm the amount. This is like depositing your check at an ATM, except you don't need to leave home.
Once the check is cleared, however, you will need to leave the house to collect the money deposited
Part 3 of 3: Other Methods for Cashing the Check
Step 1. Take the check to the bank it was issued from
If you don't have an account with that bank yourself, then this is a method that works well. Bring your valid ID and check to the cashier of the bank where the check was issued and you will be able to cash it. However, remember that many banks charge a fee for the service, which can be up to several dollars. This bank will also try to get you to open an account with them.
Step 2. Cash the check at a retailer
Often large supermarket chains, other franchises, and most Wal-Mart stores have counters for cashing in your personal checks or pay. You can bring the check to a local retailer or 7-Eleven. This can cost you less than going to a bank you are not a customer of. For example, with 7-Eleven you pay 0.99% of your check amount and Wal-Mart only charges $ 3 for checks under $ 1,000.
Again: do not sign the endorsement of the check until you are in front of the person who will cash it for you
Step 3. Go to a company that specializes in cashing checks only as a last resort, simply because these firms want more money to get you personal checks and paychecks
Conversely, these stores are often the fastest ways to get your money instantly and can be open 24 hours a day and seven days a week, depending on the business and where it is located. Again, however, the fee to pay is often expensive, due to the extra risk they take in cashing almost any check they receive.
These branches know they are working with customers who need the check money asap and are taking advantage of their desperation
Step 4. Turn the check in favor of someone you trust
By signing the back of your check to someone you trust and know well, they can easily go to their bank and collect it personally. Of course, you should only ask someone you really trust. In most cases, you should probably accompany him to the bank when he goes to cash the check, even if you don't need to be there.
