Table of Contents
If you have a bank account, cashing a check is a simple process; you just deposit it and can then use the funds once it’s cleared.
However, about 4.5% of American households don’t have a bank account, according to a recent study from the Federal Deposit Insurance Corporation. They must therefore rely on alternative methods to cash a check. These workarounds can take a bit of time and energy, but can help you access cash if you are in this situation.
Here, you’ll learn about how you can cash a check if you don’t have a bank account or can’t use it for some reason. You’ll find out the pros and cons of each technique, as well as some important information about using checks and checking accounts.
Key Points
• Cashing a check at the issuing bank is a convenient option, but it may not be available at all banks and fees could be charged.
• Cashing a check at a retailer is a convenient option, but it’s important to consider the fees and potential cash limits that may apply.
• Payday lending stores offer check cashing services, but it’s advisable to use them as a last resort due to their high fees.
• Depositing a check onto a prepaid debit card is a convenient option, but it’s important to be aware of the fees and the waiting period for funds to clear.
• Employer-sponsored payroll debit cards provide a convenient way to deposit paychecks, but it’s important to consider any additional fees that may be associated with these cards.
7 Places Where You Can Cash a Check
There are several ways to cash a check if you don’t have a bank account. Some of these alternatives may come with fees or extra legwork. And some may have restrictions on the dollar amount they will cash. Here’s a closer look at the different ways you can cash a personal or business check without a bank account.
💡 Quick Tip: Don’t think too hard about your money. Automate your budgeting, saving, and spending with SoFi’s seamless and secure mobile banking app.
1. Cash the Check at the Issuing Bank
Look at the check to see which bank issued it and if there is a brick-and-mortar branch near you. Sometimes that bank will allow a non-customer to cash a personal check without a bank account if the payee comes in person. The teller can usually determine whether funds are available. The same often holds true for business checks.
• Those that do provide this service often charge a flat fee (say, $8) or percentage of the check amount.
• Some large banks will cash a check under a certain amount, $5,000 for example, without a fee.
• Worth noting: If a bank does collect a fee, it may try to persuade the non-customer to open an account to avoid paying that charge.
2. Cash at a Retailer
Where else can you cash a check without a bank account? Several retailers such as Walmart and some grocery-store chains offer check-cashing services through their customer-service departments, usually for a flat fee based on the size of the check. For instance, at Walmart, there is a $4 fee for checks of up to $1,000 and a $8 fee for those over $1,000.
The amount charged and restrictions on the types of checks cashed will vary, however. For this reason, it’s important to check with each retailer in your area that offers this service to find one that works for your situation.
3. Payday Lending Store
Stand-alone check-cashing and payday-lending stores will cash many types of checks of varying amounts. However, the problem with payday loan check cashing services is that they are often the most expensive, charging a percentage of the check amount as well as a flat fee. For many people, this is best thought of as a last-chance option.
💡 Quick Tip: Fees can be a real drag when you’re trying to save money. SoFi’s high-yield checking account has no account fees, including overdraft coverage up to $50.
4. Prepaid Debit Cards
Some banks and financial institutions allow unbanked consumers to deposit checks directly to a prepaid debit card. Some big banks allow you to use their ATM system to deposit checks onto the card for a monthly service fee.
In other cases, using an app, you can use your smartphone to take pictures of your checks and deposit them into any type of account, including a prepaid card. This is often free, but you may have to wait up to 10 days before the funds from the check are available. In some cases, you can pay a relatively large fee, usually about 2% to 5% of the check value, for quicker access to the funds.
5. Employer-Sponsored Payroll Debit Card
Some large employers have programs that allow you to deposit your paycheck directly onto a reusable debit card. Be sure to look at the various types of fees associated with these cards. You may wind up paying overdraft, ATM, transfer, and inactivity fees in addition to general service fees.
Get up to $300 when you bank with SoFi.
No account or overdraft fees. No minimum balance.
Up to 4.20% APY on savings balances.
Up to 2-day-early paycheck.
Up to $2M of additional FDIC insurance.
6. Sign Your Check Over to Someone Else
Another option would be to sign a check over to a trusted friend or relative. This person could then deposit the check in their account and withdraw the funds, once available, and give them to you.
This is a simple process. Some verification is involved, and then you usually just need to write “Pay to the order of” and the name of the person on the back of the check and then sign it. However, it’s vital that this person can be relied upon to give you the cash.
7. Check Cashing Outlet
If you need to cash a check without a bank account, you could also visit a check cashing outlet. This can be expensive, though: Fees can be around 10% of the check’s value.
Here, consider the pros and cons of each in chart form:
| Method | Pros | Cons |
|---|---|---|
| Cash at Issuing Bank | Convenience | Not all banks offer this; may charge fees |
| Cash at a retailer | Convenience | Fees; may be a cap on the dollar amount that can be cashed |
| Payday Lending Store | Convenience | May charge very high fees |
| Prepaid Debit Cards | Convenience | Fees; wait time for funds to clear |
| Employer-Sponsored Payroll Debit Card | Convenience | Potential fees |
| Sign Over Your Check | Convenience; typically no fees | Must trust person who receives check; must wait for check to clear |
| Check Cashing Outlet | Convenience | May charge very high fees |
What to Consider Before Cashing a Check
To help determine which check-cashing option is best for you, keep the following in mind.
Check Amount
In general, larger checks are harder and more expensive to cash without a bank account than smaller sums. Walmart, for instance, will usually only cash checks up to $5,000 or $7,500.
Check-cashing stores may have similar limits, or higher fees for larger checks. For large checks, depositing into a prepaid debit card may be the best option.
Fees
As we’ve seen above, almost every non-bank checking service entails fees when cashing your check. They can vary widely, with check-cashing and payday-lending stores usually being the most expensive.
It can pay to look for the least expensive alternative in your area, especially if you are able to access the bank that issued the check.
Identification Requirements
To show that the check rightfully belongs to you, you’ll need to show at least one form of government-issued identification, such as a license or passport. With large checks, you may be required to show two forms of ID.
Recommended: How to Write a Check to Yourself
Personal Checks
Personal checks can be more difficult to cash without a bank account than government-issued or payroll checks. Many check-cashing stores won’t accept any personal checks, and retailers may have lower limits on how much they’ll cash, usually a couple hundred dollars.
Here’s one workaround: Ask the person writing you the personal check to send a money order or cashier’s check instead.
Can You Cash a Check Without ID?
To cash a check without ID, you have a few options:
• Check with your bank or the issuing bank and see if they will allow you to cash it without identification or with an alternative method of identification.
• Sign the check over to someone else, have them cash it, and give you the funds.
• Deposit the check (provided you have an account), wait for it to process, and then withdraw the funds.
• Use ATM check cashing, if possible.
Recommended: What Is an E-Check?
How to Cash a Large Check Without a Bank Account
The methods for cashing a large check without a bank account are similar to methods for cashing any other check. You will likely want to be a bit more cautious and double-check the process in advance:
• Sign the check over to a trusted friend or relative
• Visit a check-cashing outlet.
Opening a Bank Account
Cashing a check without a bank account can often be costly and inconvenient. After exploring the options above, you may find that your best option for the long term involves opening a bank account. A bank account makes saving and spending easy, safe and flexible. Some points to consider when opening an account:
• What do you need to open a checking account? You’ll usually need to make sure you qualify for an account, have an ID, and be willing to share basic personal information such as your birthdate, address, phone, social security number, etc. You’ll also need an initial deposit, which can often be as little as $25.
• Keep in mind, most banks have a minimum age to open a bank account; they won’t allow those under 18 to have an account without a parent or guardian as the joint owner.
• If you have a history of banking issues, such as unpaid overdraft fees, you may not qualify for a traditional checking account. Instead, you may want to consider what’s known as a second-chance account, offered by many lenders. These accounts often charge a monthly fee and come with more restrictions than a traditional checking account. That said, many allow solid customers the opportunity to convert to a regular checking account in six months to a year.
The Takeaway
It is possible to cash a check without a bank account. Options include signing the check over to a trusted friend to cash it and give you the funds; seeing if the issuing bank will cash it; using the check to buy prepaid debit cards; and other tactics.
That said, opening a bank account can be a simple process and can provide not just check cashing but the foundation for your daily financial life.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
Can I cash a $5000 check without a bank account?
You will likely be able to cash a $5000 check at a retailer, such as Walmart, or at a check cashing outlet. Inquire about fees, though, before proceeding to be sure you are prepared.
How can I cash a large check immediately?
To cash a large check immediately, try your bank if you have one or the bank that issued the check. You might also be able to cash it by signing it over to a friend or relative who can give you the cash once it clears; buying prepaid debit cards with it; or going to a check cashing outlet.
What bank will cash a check without an account?
It’s often best to go to the bank that issued the check and see if they will cash it. They will be able to verify that the funds are available and may be willing to give you the money.
Photo credit: iStock/AndreyPopov
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOBK0323005