Important Things To Know About Check Cashing Without A Bank Account

Important Things To Know About Check Cashing Without A Bank Account

There are many reasons why an individual may need to cash a check and not have a bank account. Often people may be just starting a job or may be moving into a new area and have yet to start a new account and have already closed their old account.

One of the more interesting statistics from the Federal Deposit Insurance Corporation, more commonly known as the FDIC, is approximate 9 million households in the United States report that they do not have a checking account, savings account, or a bank they deal with on a regular basis.

For these individuals, check cashing can be a problem, even payroll checks from known local businesses may not be honored. Many branches of local, state-wide or national banks will not cash checks for individuals without accounts, or they may have rules and regulations that make this difficult.

Using a Check Cashing Service

An easier option is to use a check cashing service. These types of services typically cash all types of checks including payroll, government, cashier, personal and out of state checks. They may also cash insurance checks, student loan checks as well as tax refund checks.

This makes it very easy to access the cash at any time by working with a check cashing service. All that will be required to cash any type of accepted check will be a form of identification. A drivers license, a passport, military ID or other forms of government identification will be accepted. Many of the top companies offering this service can work with individuals who may not have these types of identification but have an alternative ID that will meet the requirements for proof of identity.

Be sure to compare rates for the services. There are companies offering very low rates, and they can even cash income tax return checks from both the government as well as tax preparation services. The rates are typically determined by the amount of the check, so the larger the check total, the more important it will be to compare rates and find the best option in your area.

Be the first to like.

Share!


    Follow Us:
    FavoriteLoadingAdd to favorites
    Shares