When for some reason, you receive a business check, the first thing you will want to do is cash it. You can request it with your bank account, and there will be no problem, but there are situations where you do not have a bank account.
It is common for you to think that because you don’t have a personal bank account, this check is uncashable, and you won’t be able to get that amount of money attributed to it. But the reality is that you can cash business checks without a bank account.
Can you cash a business check without a bank account?
Of course, you can; there are many ways you can cash them to get that money in the easiest and fastest way. But it is not always the best option; it is recommended that when you can, you create a personal bank account.
Many retail stores and money exchange houses can do this business with you. You will only need to bring your business check and cash it.
Cash my check at Walmart
Walmart and other retail stores can provide you with a business check cashing service where you will only need to provide some personal information and your government-issued identification document.
Sometimes, you may be asked for some other type of verification, such as your driver’s license. But first, you must check if check cashing is allowed in your state, as it is not legal in all states.
Walmart will not pay you checks over $5,000 in a single transaction; however, you can cash several checks of $5,000 each on the same day. Their payment methods are cash or a Walmart Money Card.
The only downside is that the retail grocery chain will charge you a fee depending on the type of transaction. However, the company is known for not charging such high fees compared to other businesses.
In most retail stores, you can probably exchange a check for cash, but almost none of them offer the exchange of business checks.
Go to the bank where you wrote the check
Another good option is to go to the bank that issued the check and ask for cash. Depending on the case, they will charge you a fee for the transaction, but they may give you the cash.
In addition, the bank will help you verify if the check is legitimate so you can be sure that you were issued a real check. Also, if you choose to set up an account with the issuing bank, most of them will waive the check cashing fee.
You can also get someone you trust, such as a family member or friend, to have an account at the issuing bank to receive the money there, reducing the possibility of being charged a fee.
Cashing your business check at a cash center
When making an application, there is always the possibility of cashing a business check at a money center. It is a good way to get cash easily and quickly.
The biggest disadvantage is that although they will work faster than a bank, their fees are very high. You will lose considerable money from your check, omitting the possibility of withdrawing the full amount.
But the problem is that’s what they sell you, speed. Because if you want to save some money, you could easily go to a bank where it would take a long time to get the money.
Using prepaid debit cards
The great thing about prepaid debit cards is that you can cash all kinds of checks in different ways, some even offer phone apps that scan the check, and it’s in your account.
But the only problem is that if you want it in your account right away, you can be charged up to 5% of the total amount. However, if you can wait ten days for the money, they will give you your money without any fees.
Although it may seem easy to wait ten days, keep in mind that these cards expire quickly, so before you opt to wait for your deposit, be aware of when your check is due.