Did you receive a government check and don’t know how to cash it? Do you think you can lose this money because you don’t have a bank account? Don’t worry; this is not the case, and below we will explain the process for you to cash your government check without any problem.
You are one of the 9.8 million Americans who don’t have a bank account. So the chances of you being the only one to go through this are minimal.
How and where do I cash my government checks without a bank account?
Undoubtedly, the most common solution to this problem is a check cashing service center. They will facilitate the cashing process, and you will not be left with the check in hand. This is considering a fee for the check cashing.
So we can say that a bank account will not be necessary. Remember that as long as government deposits cannot be made directly to your account, they will come in the form of checks as a solution.
You will only have to go to one of the services below. Each has different fees for check cashing and specific rules and schedules. Also, it would be best if you assumed that this process may take longer and may even be riskier than cashing the check at the bank directly.
With its MoneyGram service located in each of Walmart’s SuperCenters, there is the possibility of cashing in checks. In this case, it must be a non-personal check (as is the case with government checks) that does not exceed $5000.
You will have to follow the Walmart banking center hours, from 10 AM to 7 PM, Monday through Sunday. Also, the fees are divided between $4 payments on checks up to $1000 and $6 on checks over $1000.
Kroger convenience stores also offer a check-cashing service at each location. For this, you will only need your social security number and a validated ID as requirements, in addition to attending the economic center during their business hours.
Check cashing fees at Kroger range from $3 for checks under $2000 to $5.50 for checks over $5000. The maximum daily cashing amount is $5,000. However, this may vary as well as fees depending on the state.
Depositing to a prepaid card
Certain prepaid card services offer you the possibility to generate it with government checks. This can be done online or at the card withdrawal location. Visa’s Netspend is one of the most widely used options to do this. In any case, you will only have to pay the card fees.
Taking the check to a cash store
Undoubtedly one of the most expensive options to make the change. In this case, you will have to pay a certain percentage of the check plus a subscription to the store in exchange for the cash.
This subscription is usually given using an identity verification card each time you go to the store.
In these cases, they usually charge from 1% to 4% of the final value of the check, so how much you will pay the store depends on the amount.
These stores are usually a preferred option for cashing payroll and government checks, although it is not considered how expensive they are.
In almost every city, you will find one of these stores, in most cases in gas stations. In them, you will receive the cash payment immediately with a maximum amount of $5000, depending on the store.
A recommendation would be to visit several before exchanging because of the different percentages charged.
Should I open a bank account, or can I continue to cash my checks without an account?
A bank account will always be a good option if you want to avoid collecting fees and losing money this way. Cashing your checks without a bank account is a mere convenience now that it is so easy to open one.
Likewise, cashing your check at this type of place will give you a wider schedule than a bank will allow.
In the case of money, you will have immediate access to it as long as you go through the process correctly. As you may have noticed, in most cases, the payment is given in cash.
Wang, Jim. “Where To Cash Your Stimulus Check Without A Bank Account.” Forbes, Forbes, https://www.forbes.com/sites/jimwang/2020/05/02/where-to-cash-your-stimulus-check-without-a-bank-account/?sh=5c29d60941fd.