Where To Cash a Check for Free: 7 Options Beyond Your Bank
Sometimes, cashing a check at your own bank isn’t an optimal option – perhaps you’re overdrawn and need your full check amount, let’s say. Or perhaps you don’t even have your own checking account.
Either way, if you need to cash a check for free and cannot use a home-base bank of your own, there are options. Here are seven places where you can cash a check without needing a bank account of your own.
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1. The Bank That Issued the Check
The first place you should try cashing a check is the financial institution that issued it (typically, the bank’s name will be on the check itself). It’s a smart move, because this is the bank that is holding the funds being issued to you in the first place. Further, many banks will cash their own checks for non-customers at no change (though that policy can vary from institution to institution).
2. Your Employer
If you happen to be cashing a payroll check, ask your employer if they can cash it for you. Some employers, especially small businesses, offer this to employees at no cost.
3. Ingo Payments
If you don’t need the money immediately, Ingo Payments allows eligible users to cash checks at no charge by using its standard processing option, which usually takes up to 10 days (whereas instant cashing requires a small fee).
4. PayPal
Eligible PayPal users can similarly cash checks through the app. Like Ingo Payments, choosing the standard processing option lets you avoid a check-cashing fee.
5. Prepaid Debit Cards with Free Mobile Check Deposit
Some prepaid and reusable debit card services also offer mobile check deposit with free standard processing. If you use a card with this feature, you can load an eligible check without paying a fee by simply waiting for the standard review period.
6. Credit Unions That Cash Their Own Checks
If your check happens to be from a credit union, that union may cash it for free (even if you’re not a member).
7. Third-Party Endorsement
This is an option that should only be considered with someone you implicitly trust. You can legally endorse a check to a trusted person – like a friend, family member or partner – who can then cash it at their own banking institution and give you the cash.
The Bottom Line
Cashing a check for free without using your own bank is indeed possible, but it requires a bit of flexibility on your part. You’ve got to be willing to wait for standard processing times, using issuing banks or credit unions, or trusting someone else to cash it for you. If none of those options are available to you, it may be time to consider simply using your own bank, or paying small fees at paid check-cashing services.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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