If you have a check that needs cash, it’s best to do it as soon as possible. Where can I cash a check? SoFi advisors say, “Most of the banks will allow you to cash a check, but they may charge you if you do not have an account with them.” You want to avoid having your check bounce due to insufficient funds in the account on which it was written. But there are also fees associated with cashing checks — especially if you go through an alternative method like using a mobile device or going to a check-cashing store rather than depositing your money into an actual bank account. Here’s how to avoid those fees while still getting cash in hand:
Deposit it into a checking account
If you don’t have a checking account, you can open one at any bank or credit union. If you do have a checking account and don’t want to use it for this purpose, consider depositing the check into a savings account instead. The benefit of doing so is that if something happens with your check that prevents it from being deposited into your bank account (for example, if the payer doesn’t have sufficient funds in their account), then nothing will happen to your hard-earned money—it’ll still be safely tucked away in your savings account. In addition, you can easily set up automatic transfers from your checking account into any other accounts you wish on most online banking platforms and mobile apps.
Deposit it into a savings account
The easiest way to cash a check without paying any fees is to do it at your bank or credit union. If you have an existing savings account, then depositing that check into that account is super simple. For example, you could add the funds in person instead of waiting for them to clear first (depending on how old that check is).
If you need a savings account, opening one can be as simple as walking into most banks and asking for one. Most banks will have some sort of application available online these days too!
Deposit it with a mobile phone or tablet
You can deposit a check into your account using a mobile app, a mobile phone or tablet, or your computer. You can also visit a bank teller and have them process the transaction.
Remember that there are fees associated with purchasing money orders from some locations like Walmart and CVS Pharmacy. These locations may charge as much as $4 for each purchase of an official USPS Money Order!
Cash it at a check-cashing business
You’ll pay a fee for this service, but it’s much less than what you would pay at a bank. The good news is that check-cashing businesses are plentiful. To find one near you, use an app like Mapquest or Google Maps to search by address and add “check cashing place” or “currency exchange” to your search terms.
Cash a check without paying any fees. The best way to do this is by contacting the company that issued the check and asking for a cashier’s check. This will ensure you receive your money immediately, without having to pay fees or wait for days.