Music industry

How to Cash a Without Any Checks Bank Account

A bank will only cash a check for a non-customer if a check is issued by that specific bank. Even then, the non-customer could face a check-cashing fee, which varies from bank to bank Ipass. For instance, TD Bank charges $7 whenever a non-customer wants to cash a TD Bank check.

Meanwhile, Citibank doesn’t impose a fee when a non-customer wants to cash a Citibank check under $5,000. And some banks will impose a percentage. For instance, Fifth Third Bank will charge 1 percent of the check amount (with a $4 minimum and a $25 maximum).

More often than not, a non-customer will be persuaded to open an account with the bank to avoid paying the fee.

Visit a Retailer

Major retailers, such as Walmart and some supermarket chains, offer check-cashing services, which often cost less than those available at check-cashing stores and banks. “My advice for cashing a check when you don’t have a bank is to go to Walmart. Their system is simple. You’ll pay up to $4 for all printed checks up to $1,000 and up to $8 for all printed checks between $1,000.01 and $5,000,” says J.R.

Duren, a personal finance analyst and senior editor at the consumer reviews site HighYa.com. “The fees are very reasonable for any check amount and much better than check-cashers who may charge a percentage plus a fee,” he adds.

Try a Payday Lending Store

Payday lending stores generally offer check-cashing services, and while using a check-cashing service at a payday lending store is better than taking out a payday loan, it may be most advantageous to cash a check elsewhere.

It’s a tough predicament to find yourself in, explains Adam Marlowe, principal experience officer at Georgia’s Own Credit Union, a credit union in Atlanta. “On one hand, sometimes check-cashing facilities are the easiest to receive services, but use caution because they charge a significant fee for their risk of cashing the check,” he says.

While some check cashers may impose a fee equivalent to a percentage of the check value, others may charge a flat fee in addition to a percentage fee. Also, keep in mind that for large checks, these check-cashing facilities can be expensive.

Pick Up a Payroll Debit Card

If you’re cashing a payroll check, Marlowe suggests checking with your employer, as many offer a type of debit card in which employees can easily load their payroll directly to the reusable card.

For instance, Walmart, Walgreens and Taco Bell offer payroll debit cards. However, there are some caveats to consider. For example, some may have hidden fees, some may impose overdraft fees and others may charge you for transferring money to another account, using an ATM or even an inactivity fee for not using the card frequently enough.

Consider a Prepaid Card Account

As financial institutions and other companies find that a large portion of the American population is unbanked or underbanked, they have offered prepaid card accounts to cater to this consumer segment.

For example, Chase offers a prepaid card that lets you deposit checks at any Chase ATM for free, but the card has a $4.95 monthly service fee.

A company called Ingo Money works with a long list of prepaid cards to provide mobile check deposit for these card accounts. With the Ingo Money app, you can use your smartphone to take pictures of checks to deposit them into a prepaid account. There is a 1 percent to 4 percent fee for this service, depending on the check type (2 percent is standard) and a minimum fee of $5 per transaction. However, users will not pay a fee if they choose to wait 10 days for the funds to be deposited.