Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> appliances babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business weddings
CostHelper > Personal Finance  > Taxes & Financial Planning > Cashing a Check

Cashing a Check Cost


How Much Does Cashing a Check Cost?

 
low costBank: Free for Customersaverage costBank: $3-$5 for Noncustomershigh costStandalone Check Cashing Outlet: 1%-12% of Check Amount
post E-mail post Post  

Consumers can have their checks -- personal, payroll, public assistance or tax refund -- cashed at many different locations, with varying fees and levels.

Typical costs:

  • The cost for cashing checks varies, with most states setting limits on how much a business can charge to provide this service. The fee charged is often a percentage of the amount of the check being cashed, and can range from 1%-12%. That's a range of $10-$120 for a $1,000 check. According to directory CheckCashing.com, it's more common to pay fees[1] of 1%-5%. Businesses in some states, such as California[2] , charge as much as 12% for cashing a personal check.
  • Banks often allow noncustomers to cash checks in their branches, but usually for a fee of $3-$5. Those with bank accounts can often have their checks cashed for free at a local branch.
  • According to the Consumer Federation of America's critical position paper[3] on check cashing outlets' rates nationwide, the average cost to cash a payroll check was 4.11% and varies by state: cashing a $500 computer-generated paycheck costs $8.20 in New York, $12.50 in Ohio or $25 in Kentucky.
  • Many check-cashing businesses offer a discounted rate of 1.5%-3% for cashing state public assistance or Social Security checks. That's $15-$30 for a $1,000 check.
  • Often, check-cashing businesses will have a standard check-cashing rate for payroll checks and another, higher rate for personal checks or money orders, typically in the 10% range.
Related articles: Payday Loan, Credit Card

What should be included:
  • The check-cashing procedure is simple: bring the physical check and, usually, a form of photo identification, to a check cashing service or bank, sign the back of the check and perhaps fill out and sign a form accepting the fees. Cash will be in hand within minutes.
Additional costs:
  • Some check-cashing businesses charge a fee to become a member of their service. This is typically a one-time charge of about $10.
  • Some check-cashing businesses charge more -- typically around a 1%increase - to cash a check without proper identification.
  • If a check "bounces," meaning the bank account it's tied to doesn't have sufficient funds to cover it, the check casher could face a bad-check fee of about $20.
Discounts:
  • Patrons can usually cash checks for free at a branch of a bank where they have an account.
Shopping for cashing a check:
  • Local chapters of the Better Business Bureau[4] have details on standalone check-cashing businesses.
  • CheckNGo[5] is one of the largest check-cashing institutions in the nation, and national retailers including Walmart[6] offer in-store check cashing.
  • Each state sets and administers its own laws regarding check-cashing businesses. Check with the state's Attorney General's Office to vet a business.
post E-mail post Post  
CostHelper News


Top 7 Ways to Trim Pet Expenses
Pets, for many, are part of the family; another member that needs love, feeding and treatment, just like anyone else in the household. || Posted September 18 2013


Forgotten Expenses In a Home Addition Budget
Items like construction costs, permit fees or debris removal aren't the only expenses to consider when calculating the total costs of a home remodeling project. || Posted August 5 2013

‣ All CostHelper Blog Posts


What People Are Paying - Recent Comments


 

Comment On Your Experience With Cashing a Check
 
Subject:  *
Amount Spent:  *
Bank or Check-Cashing Outlet: Amount of Check: 
Comments: 
Purchased:  Year: 
City:  * State:  *
 
Information about you:
Email:  * Email addresses are not displayed.
Name:  This is the name we'll display with your post.
me on this computer
*=required field.
 



External Resources:
  1.  www.checkcashing.com/faq/check_cashing_faq/how-much-does-it-cost-to-cash-a-check.htm
  2.  www.la.bbb.org/GIReport.aspx?DocumentID=76
  3.  www.consumerfed.org/pdfs/CFA_2006_Check_Cashing_Study111506.pdf
  4.  www.bbb.org/
  5.  www.checkngo.com/resources/faq/check-cashing/check-cashing-work.aspx
  6.  www.walmart.com/cp/Check-Cashing/632047
More Personal Finance Topics
Check Out All Costs for Personal Finance How Much Does a Traffic Ticket Attorney Cost? How Much Do Funeral Flowers Cost? How Much Do Tax Returns Cost?

Search Thousands of Topics on CostHelper.com

 
Today's Featured Cost Articles

About CostHelper
CostHelper is based in Silicon Valley and provides consumers with unbiased price information about thousands of goods and services. Our writers are experienced journalists who adhere to our strict editorial ethics policy.

CostHelper Community
General Cleaning except windows and VCT
Paid: 0.00
Going rates can vary. However, your best advice is to stay below prices like Service Master or some big franchise charges. In general their help isn't that bright or speaks no English... [more]
-Gary Honey
Office Cleaning Cost
Dental Implants
Paid: 72000.00
Why do full dental implants cost more than purchasing a condominium?... [more]
-Jack Sprat
Dental Implants Cost
Clogged toilet to main line clean out
Paid: 465.00
Came out and pulled toilet ( took a whole 5 minutes)and ran his drain cleaning machine 75ft. to clear out clog which took about 15 minutes or so. Put on new wax ring and toilet back in place... [more]
-
Unclogging a Toilet Cost
Houston Flood
Paid: 450.00
never flooded, not in flood plain but just had 34 inches of rain in 5 days, huge flood 5 minutes away, hoping costs don't increase and that new maps won't include us in flood plain$250,000 building, $100,000 contents, $1250 deductible... [more]
-Thankfully Dry
Flood Insurance Cost
Ear Wax Removal
Paid: 1100.00
Yes, just got the bill! I paid my copay at my visit... [more]
-Michelle S.
Ear Wax Removal Cost
Scamming in Detroit
Paid: 410.00
My husband and I went to a sporting event on the Wayne State Campus. We parked in what was apparently a non-campus location. There were no signs stating that we couldn't park there, so we took advantage of the spot. Bad on us... [more]
-Kris Starosta
Recovering a Towed Vehicle Cost