Best place to cash a check

Having to go to the bank every time a check comes through can be a bit of an inconvenience. Knowing the different places you can go can save you lots of time and makes getting your money much easier.

We discuss where the best places to cash a check are and the pros and cons of each one so you can decide what the best option is for you.

Where is the best place to cash a check?

There are several different places to go to cash or deposit a check:

At the bank

Most people still choose to cash their check at the bank, but there are a few rules of which to be aware. The check needs to come from the same bank that you’re visiting and the account the check is coming from also needs to have a certain amount of money in it in order for the check to be released.

Opening hours may be restricted, especially on weekends, which can be a problem if you need to access your money immediately. Some banks may also charge a fee for the service.

At a participating retailer

By heading to a participating retailer, such as Kroger Money Services, you can cash your check and quickly have your money. The advantages to this are that you can combine your weekly grocery shopping with cashing your check.

If you also have a Shopper’s Card, you can save at the same time. With low fees and promotions throughout the year, there are always opportunities to save money. Stores also have more convenient hours, meaning the times of day you can go are not restricted. A range of different forms of ID are also accepted.

With a prepaid card

If you don’t have a bank account but have a prepaid card instead, you can cash the check and load your money onto your prepaid card. Then simply withdraw funds from the account.

However, prepaid cards can charge extremely high fees to do this, so it’s important to make sure it’s the best option for you.

Often, the fees are based on how quickly you’d like to access your money, making this a great option if you have the time to wait but not so good if you need the money instantly.

Through a mobile deposit

Using your bank’s mobile banking app, you can quickly deposit a check into your bank.  You can easily deposit your check no matter what time day or night. This saves you a trip to the bank, but some banks do have a cut off time and will only make deposits up to a certain hour. Some also have a limit on how much you’re able to deposit via their mobile app. They may not allow you to cash checks over a certain value.

Using an online payment system

If you choose to cash your check through an online payment system, such as PayPal, there are a number of pros and cons of which to be aware. Your funds will be deposited into your PayPal account but you will need a cash plus account in order to access it.

At an ATM

Not all ATMs accept cash deposits so it’s important to check that the one you’re using does. Cash deposits at an ATM are often available the very same day, especially if you use an ATM that’s the same as your bank account.

If you need the money from a check immediately, Money Services can help. Visit your nearest Money Services counter with your check and ID and we’ll help to cash your check for you right then and there..