Cash is the most common form of payment in the world. It’s easy to do and can help you get you to make your purchases on the net payment. However, digital ways of payment surpass cash handling. But checks are used widely.
One may get his payment in check or arrears from any organization or company. Still, you have to use the checks. Once you get a check, you can deposit it into your account or get the cash. So in this article, we will describe how to cash out a paycheck using different methods.
Different ways to cash a payroll check
There are different ways to cash a check. It depends on your preference and conditions. So we will discuss each that may help you out.
How to cash out a paycheck from your bank using the checking account
When you have received the check, you can go to the bank where you already have an account. Then go to the representative of the bank and follow the steps:
- Ask for the charges of cashing if there are any.
- Endorse the check on the backside. (i.e., sign the check)
- Fill out the payment slip if they ask to and sign it.
- Take your cash, and you are good to go.
Sometimes the banks don’t have enough cash at that moment. They give you a down payment of the check. For example, for a check of $1000, they will give you around $200, and the rest will be deposited into your bank account. To deposit the check in your account, you have to consider that it may take two or three days. Then you can withdraw the cash by using your debit card.
Cash A Check Without A Bank Account
You can also cash your paycheck from the issuing bank if you don’t have a bank account. But they may charge you a fee if you don’t hold a checking account in their bank. It will be some percentage of the check amount. You will receive the payment either in cash or deposited into your account. Depending on the bank service quality, this may take 2-3 business days. You have to go to the writer’s bank and follow the steps:
- Endorse the check with your signature on the backside.
- Present your check before the cashier.
- He will ask for a copy of your National photo ID. It’s for security purposes and safekeeping. So they can keep a record of withdrawals.
- After verification, he will cash your check.
It is beneficial to go to the check writer’s bank. Because they have access to the questioning amount from the writer’s check and will provide you with the total amount immediately.
Cashing a check using cell phones
Many banks provide a facility to cash checks without paying a visit to the bank. It is done by using banking apps. Follow these steps to cash a check by using your cell phone:
- Firstly endorse the check.
- Now upload clear pictures of the front and back of the check through the app.
- Wait for the confirmation message.
Either the amount is shortly deposited to your account, depending upon your bank. Or you have to wait 2-3 business days for the process. Later, you can use your debit card to withdraw an amount from your account.
Cashing a check at an ATM
Many banks have modern ATMs that can instantly provide you with the service. You have to deposit a check at one of your bank’s ATMs. The amount will be instantly transferred to your account or after 2-3 business days. So here is how to do it:
- Insert your debit card into the respective bank ATM.
- Enter the pin to access the menu.
- From there, select the “Deposit Check” service.
- Now insert your check in the check deposit slot.
- Confirm the amount written on the check.
- Now withdraw the amount you want.
You can only cash a check from the ATM of those banks where you have a registered account. Other ATMs may or may not provide this service.
How To Cash Your Check When You Are In A Hurry?
Sometimes when you are in a hurry and need the check to be cashed instantly, you can use the following methods to cash a check.
Cash it from a retailer
You can always cash your check from several retailers or grocery stores. They usually charge less than the writer’s bank. You can either purchase the amount of the check or get the cash instantly.
Some retailers may ask for your Photo ID copy or any identification documents. Moreover, some retailers won’t cash it unless you are their premium member. One safety measure that should be followed while cashing a check is always don’t sign the back of the check unless you need to cash the check.
Check Cashing Stores
Many private companies provide the service of instantly cashing the check. These companies are known for their high charges because they may charge upto 8% of your check amount for instant cash. Because they know they are dealing with customers who need money as soon as possible.
Moreover, it is because they cash the check on risk without verification of the person. They require a copy of a legal identification document for security purposes. So always have it with you when you are using such companies.
Using check cashing apps
You can use check cashing apps when you don’t want to visit the bank in a hurry. The process is simple as that of mobile banking apps.
- Login to the cashing apps.
- Open the check cashing section.
- Take two clear pictures of the front and back of your paycheck.
- Upload them and wait for the confirmation message.
After the verification, the check amount will be transferred to your registered account with the check cashing app. You can withdraw the amount from there using your bank’s debit card.
Some best check-cashing apps
Some check cashing apps are considered best due to their swift response and excellent customer service. These are:
Using A Friends Favor | Handing the check over to someone else
You can ask your friend for this favor if you have good company. You can ask your friend to keep the check, and he will give you the cash for the written amount. It is the best way to cash the check if you are in a hurry.
Safety Measures while cashing a check
There are specific safety measures you must take while cashing a check. It will not only promise smoother service but will also save you from many problems.
- Always verify the person/organization that wrote you the check.
- Check the address and last and first name of the person/ Organization.
- Always ask for cash if you haven’t met the person or encountered the organization.
- Ask for the contact information of the writer in case you have to reach them.
- The check is made through a legitimate bank.
- Check if sufficient funds are in the check writer’s account, which covers your amount.
- Check for the credentials of the check. It is necessary that your name is written correctly on the check and it matches your name on your Valid PHOTO ID. Bank won’t cash the check if your name is written according to your identification document.
- Always look for endorsement details. Check the date and amount and verify if they are written correctly.
- Check for the owner of the account signature. Without the owner’s signature, you won’t be able to cash the check.
- Endorse and sign the backside of the check before you cash it.
- If the check is written in the payee of more than one. All payees have to endorse and sign the backside of the check.
- But if they manage a single joint account, only one can cash the check by signing it individually.
- Try to cash the check on the date it is given to you. Some checks have validity dates. After those dates, you won’t be able to cash the check.
We hope this article has helped you greatly with how to cash out a paycheck. If you have any questions, please let us know in the comments.
Afza Ahmad is a freelance writer specializing in finance and banking. With an in-depth knowledge of the industry, she has written extensively on topics ranging from stock market trends to international banking regulations.