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


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


7 Lesser-Known Discounts for the 50+ Crowd
As they age, members of the Baby Boomer generation don't like to admit that they're senior citizens, but they love getting discounts. It's kind of a quandary, because some of the best deals available are reduced prices for older folks. || Posted October 21 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
2012 Rav4
Paid: 138.00
146,000 kilometers visiting family inToronto Brother purchased belt for me cost $33.00 (Bridgestone)+installation cost on a Sunday 10 am-1.2 hrs It was fixed guickly.The vehicle seems a lot cooler now... [more]
-Michael V.
Serpentine Belt Replacement Cost
Pedicure cost
Paid: 35.00
Great leg massage, hot towels, hot rocks and oil massage, with yummy scented orange scrub and products. Very relaxing, plus toenails trimmed, cuticles and polish... [more]
-AMP
Manicures and Pedicures Cost
New central air unit
Paid: 12400.00
Is this to much for a 18 seer ac unit plus furnace plus new ducts 4 ducts complete unit and installation... [more]
-Rudy C. Duran
Central Air Conditioner Cost
Frontier Communications
Paid: 60.77
Frontier Communications is the only landline available in the nursing home. The quote is $32.99 per month for just the landline. Nevertheless, there are hidden charges of $22.54 for recovery surcharges, state, and federal taxes... [more]
-Donnelly
Phone Line Cost
TV Mounting Service
Paid: 240.00
We just had them out to do our new OLED TV. We wanted a professional because we tried someone from craigslist a few years back that ended up costing us more in damages. Matt and his partner were amazing... [more]
-Jennifer stolz
TV Installation Cost
Over Charged for Eye Exam for my son
Paid: 435.00
Hello, Thank you for your time. I was wondering if you have any numbers for what would be a fair price for eye exam in Hennepin county, Minnesota... [more]
-Sayid Axmed
Eye Exam Cost