Search thousands of topics on CostHelper.com

BROWSE ALL TOPICS >> babies & children  cars  consumer electronics health & personal care home & garden personal finance  pets  schools small business sports 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 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 Post    
CostHelper News


7 Must-Have Tailgating Toys
Tailgating is an art form these days -- and a crazy one at that. There is an entire industry that caters to die-hard sports fans, providing all the comforts of home in a parking lot setting. || Posted September 12 2013


Boo! Don't Get Scared by Halloween Store Prices
Some people call me morbid. I call it a playful realism about human life expectancy. Either way, as soon as the local Halloween stores open, I'm in there checking out the inventory. || Posted September 4 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
Teacher was recommended from the schools and D teacher was recommended from the school’s conductor
Paid: 40.00
My son is in middle school and has been participating in his elementary school orchestra for two years. A lot of the kids were getting extra private lessons, and we can tell our son was a little bit behind the other students... [more]
-Ed L.
Violin Lessons Cost
Headstone foundation only
Paid: 995.00
Is this reasonable for just the foundation alone to be installed for a small market? I still have to pay for the market itself and it's installation!... [more]
-D. Jackson
Headstones Cost
TMJ Orthotic
Paid: 5500.00
Dentist made a custom made mouth guard or Orthotic on my lower teeth. It is only supposed to provide temporary relieve about 3-6 months. I have been using it for 8 months with no pain relief... [more]
-Mr
TMJ Treatment Cost
Head Gasket Replacement
Paid: 675.00
Realistically, $600-$700 is a reasonable amount depending on whether you are paying for parts and labor or just labor; and especially dependent on what other parts you are electing to replace when having the head gasket replaced... [more]
-S. William
Head Gasket Replacement Cost
Before and after School Care
Paid: 668.00
We live in the Bay area in California where everything is expensive. I am gratefull to have this so I can work... [more]
-T Lawrence
Before and After School Programs Cost
Shingles vaccination
Paid: 385.00
2019 Scripps charged over 600.00 for this. After Medicare and my part D insurance with blue Shield I paid $385.00 to Scripps. This is for the first vaccination... [more]
-Edie1949
Shingles Vaccine Cost