Cashing a check is a common transaction that many people need to do, whether it’s a paycheck, a government benefit check, or a personal check. With the rise of digital banking and mobile deposits, you may be wondering if you can still find a place to cash your check in person. The good news is that there are still many options available for cashing checks in 2023.
Bank or Credit Union
One of the most obvious places to cash a check is at your own bank or credit union. If you have an account with a financial institution, they will often cash checks for you free of charge. You can simply bring the check to a teller or use an ATM if the check is written to you and you have an account with the bank. Keep in mind that some banks may place a hold on the funds until the check clears, especially for larger amounts.
Retail Stores
Many retail stores offer check cashing services for a fee. Walmart, for example, has a service called Walmart MoneyCenter where you can cash payroll and government checks up to $5,000 for a fee of up to $8. Other stores that offer check cashing services include Kroger, Publix, and 7-Eleven. Keep in mind that fees can vary by store and may depend on the amount and type of check being cashed.
Check Cashing Stores
There are also dedicated check cashing stores that specialize in cashing checks for a fee. Companies like Check Into Cash, ACE Cash Express, and MoneyGram offer check cashing services for personal, payroll, and government checks. These stores often have extended hours and can cash checks quickly, but their fees can be higher than retail stores or banks.
Prepaid Debit Cards
Another option for cashing checks in 2023 is to use a prepaid debit card. Companies like Netspend and Green Dot offer prepaid debit cards that allow you to deposit checks using their mobile app. Once the check is deposited, you can use the card to make purchases or withdraw cash from an ATM. Keep in mind that there may be fees associated with using a prepaid debit card, such as monthly maintenance fees or ATM withdrawal fees.
Online Banks
If you prefer to do your banking online, you may be able to cash checks using an online bank. Some online banks, such as Ally Bank and Capital One 360, offer mobile check deposit services where you can deposit checks using their mobile app. Once the check is deposited, the funds are typically available within a few days. Keep in mind that some online banks may have restrictions on the amount of the check or the number of checks you can deposit each day.
Conclusion
While digital banking has changed the way we handle money, there are still many options available for cashing checks in person. Banks and credit unions are the most obvious choice, but retail stores, check cashing stores, prepaid debit cards, and online banks also offer check cashing services. Before you choose where to cash your check in 2023, be sure to compare fees and restrictions to find the option that works best for your needs.
