You can cash a payroll check at these places
According to the FDIC 2019 report, it is estimated that 5.4 percent of households are unbanked. This means, in 7.1 million U.S. households no one has a checking or savings account at a bank or credit union.
In the survey, 29 percent of unbanked households stated that the main reason they didn’t have an account was that they didn’t have enough money to meet minimum balance requirements. If you are one of these 7.1 million households without a bank account, and you are looking for ways for cashing your paycheck these are the alternatives worth considering.
Issuing Bank
If you want to cash a government or a payroll check, you may be able to cash it at the issuing bank even if you don’t have an account with them. For paychecks, you can ask your employer’s bank if they will provide the service. Every bank requires that you have two types of government-issued ID’s when you go into the branch to cash a check as a non-customer. You will also have to pay a fee. For example, if you go to HSBC bank for cashing a check as a non-customer, there is no fee for personal checks; $3 for business checks under $100, and $5 for business checks of $100 or more. Bank of America charges $8 per check for amounts greater than $50.
Retailers, supermarkets, and convenience stores
All major big-box retailers offer check cashing services either through their customer service departments or third parties such as MoneyGram or Western Union. For example, Walmart offers a host of financial services through MoneyGram. You can cash non-personal checks of up to $5000 from May-December and $7500 from January-May. For checks of up to $1000, you will have to pay a fee of $4 and for checks between $1,001-$5,000, you will have to pay $8. Two-Party Personal Checks are limited to $200 and have a max fee of $6. Other major retailers such as Kmart and Meijer also offer these services.
You can also have your check cashed at your local supermarket. At Kroger, you can cash your government, payroll, business, insurance settlement, and tax refund checks. The fee is $3 for checks up to $2,000, and $5.50 for anything between $2,000.01 and $5,000. Another place you can try is your neighborhood convenience store such as 7-eleven.
Prepaid Cards
Some banks offer prepaid cards that you can get even if you do not have a bank account with them. You have to pay a monthly fee for these prepaid cards. You can load both checks and cash onto prepaid bank cards via an ATM or an app.
Check-cashing shops
Check-cashing shops allow you to cash checks without a bank account. They can cash social security checks, payroll checks, government checks, insurance checks, tax refund checks, and other checks. The best thing about using these cash checking services is that there is usually no limit on the check amount. They can cash check of any size. Moreover, the fee is reasonable as long as you choose the right check-cashing shop. These check-cashing shops are licensed and regulated, and hence, reliable.
If you are looking for a place to cash your paycheck, look no further. We are a 5-star rated check-cashing shop in Meriden and we can cash checks of all sizes.