For several people, it can be challenging to visualize living without a checking account. But it’s the fact for the approximately 8% of Americans who are living “unbanked,” indicating they have no bank account whatsoever. About 28.3% of Americans are unbanked or underbanked. It implies that they depend on other options to a bank for financial services, like check cashing places near me.
Sadly, living without a checking account is expensive. Almost every possible service for cashing checks will charge a fee — and many service providers won’t exchange personal checks.
So what are the check-cashing options for a person without a checking account? Here are five alternatives and their accompanying costs:
Visit a Check Cashing Store
The check cashing store Pompano is a reliable option when you do not have anywhere to go. A feasible fee amount is charged according to the check amount.
Visit the Issuing Bank
Many banks will be ready to cash checks that have been issued from their bank accounts, which implies you can hit a local branch of the concerned bank to get your check cashed. The significant advantage of this is that you’ll usually be able to cash both personal and payroll checks.
Despite this, you’ll possibly have to pay the price for the service. It’s essential to note that, at a few banks, check cashing is free for checks less than a set amount or personal checks. These charges are in place to meet the cost of processing the check — and you may catch an offer to open an account to dodge the fee.
Sign the Check Over to a Friend
If you have a friend or family member whom you believe and has a checking account, you can cash your check by signing the check over to them to cash. Ask the bank beforehand if they accept the check this method first since the bank policies differ with every bank. When you sign the check, you’ll write your name, and below write “Pay to the order of [friend’s name],” below which they’ll sign the check. Their bank will then cash the check with no fee charges.
This only works if you fully believe in your friend. It’s also not a courtesy you’ll want to get in the habit of requesting, as it could be a significant trouble for them.
Try Pre-Paid Cards
Some banks will enable you to cash a check free of cost if you store the money into a prepaid card or prepaid account. The difficulty with these services is that the cards and accounts usually have hefty monthly maintenance fees and other hidden charges.
The Bottom Line
Surviving without a checking account can put you at an economic loss. But if you’re ready to do a little leg work, you can ensure that you pay as limited as possible in fees to get your checks.
So, visit a check cashing store instantly and get your check cashed without any hassle!