Cashing a Check Cost

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.

• 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.

• 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.

• Patrons can usually cash checks for free at a branch of a bank where they have an account.

• 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.

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

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?

Today's Featured Cost Articles

The hot summer weather has started. How much does central air conditioning cost? We give our advice on where to buy Purell and hand sanitizers. Looking for an indoor pet? Usage of streaming services is skyrocketing. We list the current deals. Staying cool during the summer also means on the road. We cover the cost of car air conditioning.

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

economics Paid: 200.00 ... [more] -rishabh sharda Summer School Cost Cost of painting a car Paid: 1500.00 I've been doing body work and painting cars for nearly 40 years and watch the cost of paint and materials increase drastically. The old saying you get what you pay for absolutely applies to painting a car... [more] -D's Nutz & Bolts Auto Painting Cost Bookkeeping,Payroll,legal issues for llc, and tax prep Paid: 400.00 new business looking for bookkeeper, tax prep , and knowledge of LLC regulations and required tax forms sent out for states requirements (Arizona)... [more] -Bonnie Rose (Owner)/A.Freeman Bookkeeper Cost Clearing land and debi Paid: 300.00 Burnt trailer needs bee tore down and drive way needs to be pushed some trees has falling down... [more] -Jewel singletary Backhoe Cost 1 hour later, no results, no Paid: 1956.00 I was charged already by University Physician Group:$190 for Spiromatry$40 for the test$30 for CO2 Diffuse CapacityI spent $40 on the copayI was later sent a bill for $1,956 additional directly from the hospital and not insurance paid... [more] -Robby E. Pulmonary Function Test Cost Foundation Repair Paid: 22250.00 1800 Sq ft house, 1 level:Diagonal cracks in brick all around the house; exterior right front wall of attached garage appeared to have heaved; patched interior walls were revealed as cracks after purchase; door casings separated at top corn... [more] -Cheney Foundation Repair Cost