How to cash a personal check?
The easiest way to cash any personal check is to visit any nearby bank branch where you are an account holder. If you are not an account holder in that bank branch, the bank will charge a nominal fee for cashing out the personal check. Then pass the check to the cashier of the bank, who will verify the details and will inquire that the check is authenticated and won’t bounce. After all the verification, the personal check will be cashed and given to the depositor.
Cash-out the personal check
There are many outlets where one can cash out their personal checks in the US. The common places where people cash out their checks are banks or financial institutions, but with the advancement in technology, one can easily cash out their checks from major retail shops like Walmart or simply by using the ATM where the individual is an account holder. Using the bank’s mobile app, the individuals can deposit the check in the ATM and get the cash in hand. Cashing out a check in the bank where the individual is an account holder is free of any charges, but that is not the same if the individual is not an account holder. Then, they have to pay the service fee to that bank.
Steps to cash a personal check at a bank
- The first step is to visit a bank where you are an account holder, or you can visit the bank of which the check is issued.
- Followed by that, the check needs to be signed by the depositor on the line with X.
- The next step is to show any government-approved id proof to the bank teller if you are not a bank account holder.
- Then submit the check to the bank teller. After the necessary verification, the bank teller will give the cash to the depositor of the check.
Charges for cashing out a personal check:
There are thousands of banks that charge different amounts for providing services like cashing out any personal check. In general, the check gets deposited in the account of the account holder then the person can cash it out by simply from their account using an ATM card. The charges for cashing out vary from bank to bank. Some of the banks and their charges are mentioned below:
For account holders
If you are an account holder, the bank will not charge any fee for the service of cashing out any check, whether it’s personal or business. They may ask for government id proof or can deposit the money directly in the depositor’s bank account, who can cash it out at his/her convenience.
For non-account holders
If you are not an account holder of the bank and want to cash out any check, you need to pay a service fee to that bank. The charges of a few of the banks are:
- Bank of America charges an amount of $8 for each check which amounts to $50 and above.
- Chase also charges $8 per check for all the checks.
- BB&T charges $8 for an amount of $50 and above per check, and it’s free for under $50.
- Capital One is free of cost.
- Citibank is free for all checks under $5000.
- BBVA Compass charges $10 per check.
- Wells Fargo fee is $7.50
- Union Bank charges $10 for each personal check above an amount of $100 and $10 for each business check above an amount of $25
- Regions Bank is free under an amount of $10 and charges 1% of the check amount if the amount is more than $10 with a range of charges where the minimum is $2, and the maximum is $20.
- HSBC Bank is free for personal checks and charges for business checks.
- PNC Bank does not charge any fee under the amount of a $25 check, but it charges 2% of the check amount for any checks greater than $25, where $2 is the minimum.
Cashing a personal check at major retailers or grocery stores
There are many outlets other than the banks that help to cash out the checks, like Walmart and Kmart. For providing these services, they charge service fees which are usually less than $10 per check. The charges of Walmart are $4 per check for any amount up to $1000 and $8 for any amount above it. Kmart charges $1 per check for any amount up to $500. The process is similar to any bank, but you need to show your government id proof which is mandatory.
Conclusion
Personal checks can be cashed out easily from any bank, financial institute, retail store, or grocery store. One can also deposit at the check-in ATM using the bank’s mobile app. All the steps are necessary to follow in order to cash a personal check. For account holders cashing a check is free of cost, but for non-account holders, the charges may vary from bank to bank. Banks like HSBC and Capital One don’t charge any fee for cashing out any personal check.
- Sushmita Dutta