Banks and Credit Unions
Pros:
- Security: Most secure option for check cashing
- Low Fees: Minimal or no fees for account holders
- Additional Services: Direct deposit and other banking services available
Cons:
- Limited Hours: Typically only open during standard business hours
- Account Requirement: Non-account holders may face higher fees or restrictions
Tip: Consider opening an account to save money on fees and access additional financial services.
Retail Stores
Popular Options:
- Walmart: Check cashing at MoneyCenter with competitive fees:
- Pre-printed checks up to $1,000: $4 fee
- Checks over $1,000: $8 fee
- Maximum check amount: $5,000 ($7,500 during tax season)
- Kroger: Money Services
- Publix
- Food Lion
- Albertsons
Pros:
- Convenience: Extended hours and numerous locations
- No Account Needed: Services available without a bank account
- Competitive Fees: Often cheaper than check-cashing stores
Cons:
- Fees: Percentage-based fees on check amount
- Limits: Restrictions on maximum check amounts
Check Cashing Stores
Popular chains include:
- Check 'n Go
- ACE Cash Express
- United Check Cashing
Pros:
- Quick Service: Specialized in check cashing
- Extended Hours: Often open late and weekends
Cons:
- High Fees: Usually 1-10% of check amount
- Reputation: Some stores known for predatory practices
Warning: Always compare fees before using check-cashing stores, as they can significantly reduce your check's value.
Mobile Check Cashing
Banking Apps:
- Chase
- Bank of America
- Wells Fargo
- Citibank
Alternative Apps:
- PayPal
- Ingo Money
- Netspend
Pros:
- Convenience: Cash checks from anywhere
- Speed: Quick access to funds available
Cons:
- Fees: Higher fees for instant access
- Technology Requirement: Needs smartphone and internet
Tips for Check Cashing
What to Bring:
- Valid government-issued photo ID
- Unsigned check
- Secondary ID (if required)
Best Practices:
- Compare fees before choosing a service
- Consider opening a bank account
- Keep your receipt
- Cash payroll checks promptly
- Verify amounts before leaving
Security Considerations:
- Never pre-sign checks
- Be cautious of unusual fees
- Protect personal information
- Count money before leaving
For more information on check cashing services, visit the Federal Trade Commission website or consult with a financial advisor.