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Where Can I Cash a Personal Check Apart from A Bank! Please Help - 10 Ways to Cash Personal Checks

Where Can I Cash a Personal Check Apart from A Bank 

We started The Millionaires Giving Money Blog to connect rich wealthy millionaires and billionaires with people who needed help. Over time this blog has evolved into a place where readers ask unconventional personal finance questions other conventional personal finance blogs try to avoid. Recently a reader who has been with reading the blog for a long time asks the following question which really got me thinking. 
Question: I took your advice and started to invest my money in dividend stock. I now receive dividend checks in my name but sometimes I have trouble cashing the check. I'm on the road most of the time and wanted to know if there are any tried and trusted places where I can cash a personal check besides a bank. Look forward to hearing from you - Emerson 
Congratulations for getting into the habit of investing money in assets that pay income (dividend stocks). I'm happy that my advice is making a difference to your personal finance and you look like you're making headway from poverty into prosperity. I get a lot of questions about cashing personal checks and in this post I will list 10 ways to cash your personal checks safely. I will also be offering some insights to help you make the most out of your money. 

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10 Places to Cash a Personal Check Besides a Bank 

#1: Reinvesting Your Money 

The first point I would make about cashing in your personal check from the dividend company would be to reinvest it instead. By reinvesting your dividends you are compounding your money faster which means your income will grow at a faster rate year after year. If you really need the money then you must of  course cash it. If you don't really need the money and are using it for luxuries you are better off reinvesting it.  

Resources: The Real Power of Dividend Reinvestment
Resources: Dividend Reinvestment Calculator 

#2: Open Multiple Bank Accounts 

You mentioned that you are on the road a lot which is why you don't have access to your bank all the time. One way to get around this would be to open bank accounts under your name with different banks so that you would have more places to deposit your check and then making a withdrawal. If you have a good credit score you will be able to open checking accounts without having a problem. Having multiple bank accounts is the easiest way to get access to funds as its' just a matter of depositing the check and waiting for the funds to clear. 

Resources: How to Improve Credit Score from Bank of America
Resources: How to Quickly Boost Credit Score

#3: Visit Bank Which Issued Check 

Another way to cash a check besides your own bank is to visit the bank which issued the actual check. Sometimes there is a charge for cashing a personal check at the issuing bank. One way to get around this is to use the personal check as a deposit to open your own bank account at the bank which issued the check so that you can avoid these charges and get access to banking facilities with another bank. 

#4: Cashing Personal Checks with Payday Lenders 

Some reputable payday lenders offer a personal check cashing service however these establishments charge a percentage of the value of the check when they cash it for you. There are many reputable payday lenders such as Ace Cash Express, Check 'N' Go and PLS Check Cashers which offer cashing services. These payday lenders are located all over the place so finding one wont be a problem, some of these payday lenders are also open 24 hours a day 7 days a week so there is added convenience if you need the cash fast. 

Nearly all established checking services charge fees in excess of 3% which makes the process rather painful especially if you want to cash a large check. Typical fees for example are as follows. Ace Cash Express and Check 'N' Go charge 3% of the checks value, while KeyCorp charge 1% and United Check Cashing charge 1.5% to 5% depending on the amount and which state you reside in. 

#5: Check Cashing Centers 

Another way to cash your check is to use organizations called Check Cashing Centers. To start do a quick search on Google for Check Cashing Centers with your location. The search should reveal several locations where check cashing is possible. Be sure to check out the reviews because there are a lot of scams when it comes to cashing a check. There is a fee charged for the service so you need to find out which organization charges the lowest fees. 

#6: Gas Stations and Convenience Stores 

More great places to cash a check in are gas stations and convenience stores. Gas stations and convenience stores are located all over the place and most of these organizations offer a check cashing service. The fees charged by gas stations and convenient stores might be higher compared to banks and payday lenders, however, if you need the cash quickly it's a valuable option to have. Typically these fees are both flat rate and percentage based. A typical example of a fee might be $20 for every $1000 cashed or 4% to 8% for higher amounts. 

 #7: Supermarket Cash Checking Service 

Large and medium sized stores such as Wal-Mart and 7-Eleven offer services such as bill paying, personal check cashing and other financial services. Wal-Mart charges are very low so it makes sense to cash a check at Wal-Mart if you really need to. Wal-Mart charges $3 for checks less than $1000 and $6 for checks between $1001 and $5000. Medium sized stores such as 7-Eleven offer a cash checking service for 0.99%. 

Resources: In Store Check Cashing from Wal-Mart  

#8: Cash Personal Check with Prepaid Accounts 

You can cash a personal check for free with prepaid accounts. If you have a low credit score and problems with your credit file which is preventing you from opening a bank account or more bank accounts you could opt for a prepaid account. The typical cost of a prepaid bank account if between $5 and $10. If you do cash a lot of personal checks and you don't have a bank account then it makes sense to use a prepaid account to bank your check. The best prepaid cash checking account is Chase Prepaid Accounts which charge $4.95 per month for using their service.

This post first appeared on Millionaires Giving Money, please read the originial post: here

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Where Can I Cash a Personal Check Apart from A Bank! Please Help - 10 Ways to Cash Personal Checks


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