How to Cash/Deposit a Check

We ’ ve talked before about how in an senesce when checks have become uncommon ( but still are used occasionally ), the younger generation frequently doesn ’ t know how to write them, and offered a quick tutorial on the subject to remedy this cognition gap. But there ’ mho besides the flipside of the equation to discuss : what do you do when you ’ re the recipient of a assay ? Like check writing, check cash has become a lose life skill thanks to direct and digital payments. so far try as you might to avoid receiving checks, you ’ re still likely to get them as a kind of payment. For one thing, if you have an aunt named Gertrude who likes collecting precious Moments figurines, you ’ re guaranteed to receive your $ 20 in Christmas money in the form of a discipline. today we walk you through precisely what to do to turn your check into useable funds.

First, Have a Bank Account

There are two things you can do to gain entree to the measure of a check : 1 ) cash it ( turn it into cold, hard moola ), or 2 ) deposit it right into a bank account. If you don ’ t have a bank bill, then your entirely choice is # 1, and it ’ s going to cost you. When you cash a check, you give the bank or store ( see below ) the check and they give you money in come back. A bank or store is taking a risk when they do this : they might give you the cash for the sum of the check, but once they try to clear it, if the check turns out to be bogus, they ’ re out that money they gave you. To mitigate that gamble, if you ’ re cashing a arrest at a bank that you don ’ thymine have an account with, they ’ ll appoint you a service fee that could range from a flat fee of $ 10 to a share tip of 1 % of the check ’ south amount. The same is true if you try to cash a check at a convenience store or Walmart. In short, if you don ’ t have a bank history, you ’ ll lose money when you cash a check. however, if you cash your check with a bank that you do have an score with ( and you have enough money in that account to cover the measure of the check ) then the bank won ’ t charge you a tip for getting that cash. Plus, you ’ ll of course be able to simply deposit the check immediately into the account ( again, for free ) rather of cashing it, which is the a lot more popular option. Once you deposit your check, the bank will make that money available in your report once it clears, which normally takes a day or two. If you put it into a check explanation, you can then draw on it by using your debit card ( or you can withdraw it from an ATM, should you turn out to need actual cash ). If you don ’ t have a savings and/or checking account, go to a bank nowadays and open one up. It ’ south easy and will lone take 20 minutes. Let ’ s now dig into the unlike ways you can cash/deposit a check :

How to Cash/Deposit a Check With a Bank Teller

The old-school room to deal with a check is to walk into a bank branch and cash/deposit it with a human teller. It ’ randomness easy because you have a person there to help you with the process, and it ’ s the lone way to instantaneously get actual cash for a check. But going into a bank is inconvenient ( flush if you use the drive-thru ) ; specially if you get stuck in channel behind an honest-to-god dandy depositing all his unleash change into his savings score. If you ’ rhenium straight cashing the see, you ’ ll fair need to hand it over with your photograph ID ( or sometimes just your your debit card + PIN ). If you ’ re depositing a check ( or depositing good depart of it and getting separate of it in cash ), follow these steps : 1. Fill out a deposit slip. You ’ ll find them in the depository financial institution ’ s lobby or near the teller ’ sulfur counter. They all look pretty much the lapp everywhere. here ’ s one from my depository financial institution, The Bank of Oklahoma : How to fill out a deposit slip. once you ’ ve got the sediment skid in hand, here ’ s how you fill it out :

  1. Fill in the account number of the account you’re depositing the check into.
  2. Write the date.
  3. Write your name and address.
  4. Fill in the amount of each check that you’re depositing.
  5. If you’re wanting some cash, fill in the amount of cash you want and subtract that from the total to get the total deposit.
  6. If you’re receiving cash, sign the slip on the signature line.

2. Endorse your check. Flip your confirmation over and sign on the second lineage. Do not endorse your see until right before you deposit it. If you sign it and then let it hang out for a bit advance, you run the risk of it getting stolen and then cashed by a thief. sol play it safe and expect until you deposit the check to endorse it. 3. Give the check and deposit slip to the teller; if you ’ ra asking for cash along with your lodge, the teller will probably ask for your photograph ID, excessively. once you ’ ve handed everything over to them ( and they ’ ve handed back cash, if you asked for it ) you ’ re done .

How to Deposit a Check With an ATM

If you want to avoid the lines at the bank or you need to deposit a check after the bank is closed, you can deposit your crack ( and even cash ) via an ATM. Because so few people take advantage of ATM deposits, many banks have limited or completely get rid of the avail, so call your bank to find out if they inactive offer it at their ATMs and, if therefore, at which ones. once you ’ ve located an allow ATM, hera ’ s how to deposit your check into it :  

1. Swipe your ATM card and enter your PIN.   2. Instead of selecting WITHDRAWAL, select DEPOSIT. 3. Get an envelope and fill out the requisite information. 4. Endorse the check and insert it into the envelope. 5. Place envelope in deposit compartment of ATM. 6. Select complete transaction on the screen. 7. Walk/drive away. But not before getting a Slurpee.

How to Deposit a Check With Your Phone

While depositing checks via an ATM is much more commodious than depositing with a teller, most commodious of all is using your smartphone to do it. Most banks today have smartphone apps that allow you to securely and easily deposit a arrest from the ease of your own home. No more lines. No more even having to drive to find an ATM. here ’ s how to use your telephone to deposit a check : 1. Endorse your check. 2. Use the app to take a picture of both the front and back of the check you’re depositing. Follow the app ’ randomness instructions on how to deposit a check. Most will have you snap a picture of both the front and back of your control. 3. Shred the check after it clears. You ’ ll get a notification from the bank via your app or electronic mail that the check you deposited has cleared. once you get that notification, shred and throw away the check. The lone downside of mobile situate is that banks often put limits on the measure you can deposit with this method acting. so if you get a $ 30,000 check from Daddy Warbucks, you ’ ll need to make a visit to your local anesthetic bank arm and deposit it with a teller .

Check Cashing Etiquette

Believe it or not, there is an etiquette to check cash, and its only govern is to cash the check angstrom soon as you can, particularly if it ’ s a personal check. here ’ s why : When your Aunt Gertrude wrote you that birthday check for $ 20, she credibly deducted that amount from her control register. If you wait a month to cash that check like the ingrate you are, poor people Aunt Gerty ’ s checking account won ’ deoxythymidine monophosphate balance. so help an ever-loving spinster out by depositing that check adenine soon as you get it. even if the check is from some faceless pot, it will serve you well to cash it american samoa soon as you get it. many companies put exhalation dates of 90 days on their checks, meaning if you try to deposit a check four months after you received it, you ’ re out of luck. besides, some banks won ’ t even accept checks that are more than six months honest-to-god. Make it a habit of depositing checks angstrom soon as you get them. Do it now !

What If You Need the Cash Fast and Don’t Have a Bank Account?

Okay, let ’ s say you don ’ t have a bank report, you need cash firm, and you just received that $ 20 check from Aunt Gertrude. You can get access to that money by cashing the check, but as we said above, it will cost you. Simply go to any bank and cash it. You ’ ll have to pay a fee, provide a photograph ID, and they may even ask for your fingerprint. They ’ ll besides bug you to open up an account with them. You should.

other places you can cash checks are grocery store and convenience stores like 7-Eleven and Walmart. They ’ ll charge a small avail fee ( Walmart ’ second is $ 3 per bridle ) and will ask for ID. Don ’ t spend all your Christmas money in one place. And don ’ triiodothyronine forget to send Aunt Gerty a thank you note .

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