Cashing an Extensive Check Without a Bank Account
Bank accounts are essential components of your life. Your money remains safe in your account. You can freely cash your check at your bank account. You don't need to pay a fee for cashing checks if you have your bank account. Most Banks usually place a hold on funds when you go there for cashing extensive or personal checks. Thus, there's no need to worry about where can I cash a personal check!
However, the majority of people do not have a bank account. There are plenty of applications or places except banks that provide check cashing services. So, if you have no bank account, you do not need to worry because you can cash your check at these places. These places do not place a hold in case of large bills.
Places That Offer Cash Checking:
Here is the list of places that help you to cash your check if you do not have a bank account.
- Banks (Check issuing bank) and credit unions
- Retail stores
- ATM (Prepaid debit card)
- Check-cashing stores
When you visit these places to cash your check, they charge you a specific fee. The amount of the fee depends on how much money you want to cash through your check.
Check-Cashing at Issuing Bank and Credit Unions
Some banks and credit unions permit you to cash a check if you do not have a bank account. But that check must be issued by them. For example, if someone gives you a check from his Chase bank account. This bank will cash that check even If you do not have an account there.
The issuing bank will verify that the person's account has enough funds to cash the check. You will not be allowed to cash your check at any other bank where that check has not been issued. Issuing banks is the fastest way to cash a large check. These banks charge a fee to non-customers for cashing checks depending on the check's amount.
For cashing a $50 check, you have to pay an $8 fee at Chase bank. Capital bank charges a $7 fee for over $100 checks. Some banks do not charge a specific fee. They charge a percentage of the check's amount. These banks will ask for ID for check cashing if you do not have an account there. So you will have to bring some sort of identification.
Check-Cashing Retail Stores
Many retail stores like Kmart, Kroger, and Wal-Mart stores are the places where check cashing services are offered. All these stores have their requirements, limitations, and fees for cashing a large check. For example, Kmart will cash payroll and government checks bearing up to $2000. Its limit for cashing a two-party check is up to $500.
While Wal-Mart can cash checks of up to $5000, its limit for two-party checks is $200. Kmart will ask for Valid IDs like Green cards or Tribal cards. It charges 50 cents or a $1 fee for cashing your check. Kroger will demand your ID, Social security number, and Taxpayer identification number. Its check-cashing fee for a $2000 check is $3.Wal-Mart will accept any valid ID. For a $1000 check, it charges a $4 fee.
Depositing Check with Prepaid Debit Card
It is not necessary to have a bank account for depositing your check on a debit card. If you own a debit card, you can cash your check at an ATM. If your debit card has a mobile App linking feature, you can deposit your check by adding a photo of your check on the mobile App. These prepaid debit cards have their limitations. You have to pay some fee while using a debit card to deposit your check.
Check-Cashing Stores
You can cash your check at your nearby stores. But these stores charge a huge amount of fee for cashing your check. So these check-cashing stores must be your last choice. Some stores will charge 1% to 4% of the check amount, or other stores might charge a flat fee for check-cashing.
How to Cash a $50000 Check?
The checks with a $50000 amount are considered as large checks. These checks must be cashed with caution. If you do not have a bank account and want to cash a large check, you must go to the issuing bank. They will charge you a fee but the issuing bank is the safest place for cashing a large check.
You must avoid going to a retail store or checking cashing stores because they are not safer than banks. Moreover, they will charge a double amount of fee for cashing a $50000 check.