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Where to cash a check if you don't have a bank account
While many people use a bank account to cash checks, not everyone has the option. Millions of people in the United States are unbanked, meaning they don’t have access to a traditional bank account. As of 2023, 5.6 million households were unbanked, according to the FDIC.
You still have ways to cash a check if you are among the many households without a bank account. These include cashing it at the issuing bank or visiting a check-cashing store. However, you should consider opening a bank account, if possible, due to the high fees you will likely incur without one. Many checking accounts are free and have several benefits beyond free check-cashing privileges.
Read more: What does it mean to be 'unbanked,' and what are the costs?
Where can you cash a check without a bank account?
The most straightforward and cost-effective way to cash a check is by depositing it to a checking account that you own, though it’s not the only option. Other places you can cash checks include:
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Retail stores: Retailers such as Walmart and many grocery stores offer check-cashing services for a fee. For instance, Walmart charges a maximum of $4 for checks up to $1,000 and up to $8 for checks over $1,000.
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Check-cashing stores: Some stores, such as Check Into Cash and Money Mart, specifically offer check-cashing services. These may charge a fee as a percentage of the check amount — around 2% to 4%.
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Prepaid debit cards: Some prepaid debit cards allow you to cash checks and add the cash to your card balance. For example, Green Dot Bank allows you to turn your check into a prepaid debit card. The bank doesn’t charge fees for this service unless you need expedited delivery. The fee for expedited delivery, known as Money in Minutes, is 1% for payroll and government checks with a pre-printed signature (minimum fee of $5.00), or 5% for all other accepted check types (minimum fee of $5.00).
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Issuing bank: If there is a branch nearby, you can often cash a check at the issuing bank. Expect to pay a fee of $5 to $10.
Read more: Prepaid card vs. debit card: What's the difference?
Consider opening a checking account
Opening a checking account can be challenging in some cases, such as when you don’t have a Social Security number or photo ID. However, there are often workarounds and a bank account comes with numerous benefits.
For one, having a checking account allows you to cash checks with no fees. But that is far from the only benefit.
For instance, most banks support direct deposit. Direct deposit automatically sends money to your bank account when you get paid rather than issuing you a check. You can then get cash at an ATM, make payments with a debit card, or send money electronically.
Most modern banks also support mobile check deposit. With this method, you capture an image of your check using the bank’s mobile app. Once approved, the money is added to your bank account within 1-2 business days. There is usually no fee for using this service.
Read more: How to use mobile check deposit: A step-by-step guide
Another benefit bank accounts provide is insurance for your money. In most cases, deposits are insured up to $250,000 per depositor, per institution, per ownership category. This means that in the rare event your bank or credit union fails, you can get your money back.
If you think you can’t open a checking account due to a lack of proper identification, keep in mind that some banks have less stringent requirements than others. For instance, some banks will still let you open a bank account if you aren't a U.S. citizen. It might be as simple as providing an alternative ID, such as a passport number. There are many ways to open a bank account, and the process is relatively easy in the U.S. If you aren’t sure, you can always stop at your local bank branch and ask.
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FAQs
Can you cash a check at Walmart without a bank account?
Yes, you can cash a check at Walmart without a bank account. However, a fee of $4 applies for checks up to $1,000 and up to $8 for checks over $1,000.
Can I cash a check at a bank that is not my bank?
You can sometimes cash a check at a bank that isn’t yours, but it won’t always be possible. The bank might also charge fees if you don’t have an account there. The easiest way to cash a check at a bank that isn’t yours is to cash it at the bank that issued the check.
Where is the easiest place to cash a check?
The easiest place to cash a check is at your own bank. There are no fees, and the service is fast and convenient. However, possible alternatives include retail stores, grocery stores, and check-cashing stores.
What is the fastest way to cash a check?
The fastest way to cash a check is at your bank or the bank issuing the check. However, if you cash it at the issuing bank and not your own, there may be fees. Both methods are fast, but having your own bank account is preferable.
